TLDR

MARKET RECAP → The S&P 500 (VOO) rose Friday, capping its fifth straight gain and a strong week, as investors shrugged off weak consumer sentiment and lingering inflation concerns.

TARIFF TALK TANKS CONFIDENCE →📉 Consumer sentiment cratered in May, with inflation fears spiking and 75% of respondents blaming tariffs—because nothing says economic optimism like higher prices on everyday goods.

NOVO NORDISK CEO STEPS DOWN AMID OBESITY DRUG SHAKEUP → Novo’s CEO exited as shares tumbled over 50% and obesity drug momentum fizzled—competition heated up, trial results flopped, and Wall Street wasn’t feeling the weight loss hype. 💊 

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TODAY’S TOP NEWS

Tariff Talk Tanks Confidence

📉 Consumer confidence slipped again. The University of Michigan’s consumer sentiment index fell to 50.8 in May, down from 52.2 in April—its second-lowest level on record—fueled by rising inflation worries and economic uncertainty.

💸 Inflation fears flared. Year-ahead inflation expectations surged to 7.3% from 6.5%, while long-run expectations edged up to 4.6%. The spike coincided with widespread concern over new tariffs, mentioned by nearly 75% of survey participants.

🛑 Tariffs stole the spotlight. Despite a late-breaking 90-day tariff truce between the U.S. and China, most responses were logged before the announcement. Investors and Fed watchers are now eyeing the May 30 final sentiment reading to assess if this pause boosted public optimism.

TODAY’S TOP NEWS

Novo Nordisk CEO Steps Down Amid Obesity Drug Shakeup

🧪 Novo Nordisk announced CEO Lars Jørgensen will step down after eight years, amid slumping shares and fierce obesity drug competition. Shares dropped another 2.3%, down over 50% since mid-2024, while Eli Lilly gained on the news.

📉 The leadership change follows weak sales for Wegovy, disappointing trial results for successor drug CagriSema, and growing pressure from cheaper compounded alternatives. The company trimmed its sales outlook for 2025.

🔄 Board Chair Helge Lund said strategy remains unchanged, but the shake-up reflects “recent market challenges.” Ex-CEO Lars Rebien Sørensen will join the board to steady investor sentiment during the transition.

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