Key Takeaways
- Chevron is developing multi-gigawatt power plants for AI data centers.
- Markets showed resilience despite Federal Reserve news but ended the week lower.
- Novo Nordisk shares rose following positive developments for its Wegovy drug.
- Investor sentiment soured on software companies due to advancements in AI.
- BlackRock reached a record $14 trillion in assets under management.
Deep Dive
- The S&P 500, Dow, and NASDAQ composite indices all ended the week lower.
- Major banks reported mixed earnings, with JPMorgan underperforming analyst expectations.
- Goldman Sachs and Morgan Stanley both exceeded their respective earnings expectations.
- Novo Nordisk shares rose following positive developments for its weight loss drug, Wegovy.
- The UK approved a higher dose, with regulatory decisions pending in the U.S. and EU.
- Initial U.S. sales data showed over 4,000 new prescriptions for Wegovy last week.
- BlackRock's assets under management reached a record $14 trillion.
- The growth was driven by both market gains and substantial new client money inflows.
- The firm's fee growth exceeded expectations, contributing to a nearly 6% stock advance.