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Today in the Market (8/8/2023)

Good Evening! On Tuesday, markets declined early but rebounded from a more significant initial drop. This was prompted by concerns over the health of US banks following a warning, as well as unexpectedly poor trade data from China, which caused unease among investors.

The S&P 500 and Dow Jones both declined similarly by 0.42% and 0.45%, while the Nasdaq Composite fell by 0.79%.


The preliminary findings of a study conducted by Novo Nordisk (NOVO-B.CO) have revealed unexpected results, indicating that the weight-loss medication Wegovy may potentially decrease the likelihood of heart attacks and strokes by 20% within a span of five years for certain individuals.

These results have bigger effects too! The observed decrease of 20% in the risk of stroke and heart attack surpassed the initial expectations of experts, thus potentially strengthening the rationale for insurance providers to include coverage for these medications.

Why is that? Currently, the provision of coverage decisions by insurers and employers has been defined by a diverse range of results. Certain insurance providers are implementing the requirement of obtaining prior authorization or dropping the offer of coverage for weight loss medications. However, there are indications suggesting a potential increase in coverage.

A surge across the board! The release of recent news has resulted in an increase in the stock values of Novo Nordisk (NVO), and Eli Lilly (LLY), a manufacturer of Mounjaro, a medication used for the treatment of Type-2 diabetes that has also been associated with weight loss. Both companies experienced a significant increase of over 15% during Tuesday’s trading session.


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According to Professor Lloyd Heinze of Texas Tech University, there has been a significant decrease of 75% in the enrollment of undergraduate students pursuing petroleum engineering since 2014. This decline is significant as petroleum engineering was previously considered a practical and highly sought-after major.

Times are changing… According to the US Department of Education, there has been a decline in the number of graduates entering oil- and gas-related majors, despite the significant increase in oil prices observed between 2016 and 2021. The pandemic’s impact on the oil and gas industry was worsened by the significant layoffs of more than 100,000 employees from March to August 2020, thereby demonstrating the industry’s inherent volatility.

What are some causes? Petroleum engineers have the potential to earn a salary that is 40% higher than that of computer science graduates after completing their undergraduate studies. However, individuals belonging to Gen Z are increasingly leaning towards pursuing career opportunities within environmentally conscious companies and roles. Presently, there exists a sense of anxiety among students regarding the involvement of the fossil fuel industry in the issue of climate change.

In addition… there is a prevailing doubt among students regarding the viability of these profitable employment opportunities in the foreseeable future, given the nation’s transition towards renewable energy sources.

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