Hi readers,
Today, we have some interesting developments in the stock market. Let's dive in!
First, let's talk about Birkenstock's recent IPO. Unfortunately, the sandal-maker didn't have a great start. After pricing the offering in the middle of its expected range, the stock ended the day nearly 13% below its IPO price. It seems like open-toed footwear is not the best investment right now.
On a more positive note, the broader market held its ground. Major stock indexes closed with gains, with the S&P 500 rising 0.4% and the Nasdaq Composite picking up 0.7%.
In the pharmaceutical sector, Eli Lilly and Amgen were among the top gainers on the S&P 500. Novo Nordisk's clinical trial showed promising results for its diabetes drug, Ozempic, which could delay the progression of kidney disease. This news has boosted the prospects for both Eli Lilly and Amgen.
Lastly, let's take a look at the Dow Jones Industrial Average, which added 66 points to close up 0.2% at 33,805.
Stay tuned for more updates!
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