This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeon Monday as Treasury yields retreated from their highs. Investors awaited the release of corporate earnings from tech giants includingearlier this month.
Markets had an eventful start to the week, with just enough optimism ahead of Big Tech earnings reports to help the Nasdaq close higher for the first time in five sessions. Deal making was also at play on Monday as Chevron bet big on buying Hess to compete with larger rival Exxon Mobil.highs in Treasury yields and worries about how that stands to affect the American economy. Some analysts think the benchmark 10-year yield could still have further room to run.
The rapid rise in yields"should accelerate an already weakening economic picture that is masked by higher rates," said Canaccord Genuity chief market strategist Tony Dwyer.next year. Unlike more focused software companies, Microsoft"has full geographic coverage across all industry verticals," UBS analyst Karl Keirstead said, and that makes Microsoft less susceptible to downturns in any one sector or region. Alphabet is also set to report quarterly results Tuesday afternoon.
Wall Street analysts also made fresh calls on what is quickly becoming one of this year's hottest segments in pharmaceuticals – Most analysts predict the sales of weight loss drugs such as Wegovy and Mounjaro could easily exceed $100 billion. Citi most recently raised its sales estimates for such drugs to $71 billion by 2035, up from its prior estimate of $55 billion. Still, that's conservative compared to Guggenheim's expectations of $150 billion to $200 billion in sales.
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