WSJ What’s News - What’s News in Markets: Novo Tumbles, Meta Soars, Apple Sells

Episode Date: August 2, 2025

Is Novo Nordisk losing its lead in the weight-loss market? And what caused Meta’s shares to jump? Plus, why did shoppers rush to buy Apple’s iPhones? Host Francesca Fontana discusses the biggest stock moves of the week and the news that drove them. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Hey listeners, it's Saturday, August 2nd. I'm Francesca Fontana for the Wall Street Journal, and this is What's News in Market, our look at the biggest stock moves of the week and the news that drove them. Let's get to it. It's August, so you know what that means. It's tariff update time. So, as we know, Friday, August 1st, was the big day as far as the deadline for imposing levies, which, as President Donald Trump said this week, will go into effect

on August 7th. Separately, Trump said he hiked tariffs on Canada to 35% effective August 1st. Investors also had a weak jobs report to digest on Friday, with investors ramping up bets that the Federal Reserve will now be more inclined to cut rates to support the economy. On a weekly basis, the Dow ended up losing 2.9 percent, which was its worst week since early April, when Trump laid out his Liberation Day tariffs. The S&P 500 fell 2.4 percent. And the Nasdaq fell 2.4% and the NASDAQ fell 2.2%.

First up, Novo Nordisk may be losing its lead in the weight loss market. The Danish maker of Ozempik and Wegovi cut its guidance on Tuesday and announced a new chief executive officer, effective August 7. This appointment of a new leader comes as Novo struggles to return to its heyday of rapid growth, to protect its market share against brand name competitors like EY Willie, and to take on compounding pharmacies that make knockoff versions of its drugs. Novo's shares dropped 22% on Tuesday and ended the week down a whopping 33 percent. Next up, members of the Magnificent Seven made some magnificent moves during the week.

Facebook parent MetaPlatforms on Wednesday both posted quarterly sales and net income that beat expectations. And it reported revenue growth of 22%. So, a strong showing as its ad business continues to fuel Meta's artificial intelligence ambitions. Meta shares jumped 11% on Thursday and notched a weekly gain of 5.2%. Meanwhile, Microsoft posted strong results, bolstered by cloud computing and massive AI demand, and the turnout lifted Microsoft's market value above $4 trillion, making the tech giant the second ever company to reach the milestone valuation. Microsoft shares closed roughly 4% higher on Thursday and on the week ended 2% higher. American shoppers had a big appetite for Apple's iPhones ahead of potential tariff-related price hikes.

The tech giant on Thursday said its iPhone sales rose by over 13% last quarter. So an exemption for smartphones from reciprocal tariffs on China is expected to lapse soon. And Apple could also face steep import taxes for iPhones made in India, especially after President Trump announced new levies on the country on Wednesday. Chief executive Tim Cook said Apple's tariff costs

will rise to about $1.1 billion in the July to September period. Last quarter, levies cost Apple about $800 million. And on Friday, Apple shares fell 2.5%. And now you know what's news in markets this week. You can read about more stocks that moved on the week's news in the score, my column in the Wall Street Journal's Exchange section. Today's show was produced by Zoe Kolkin with supervising producer Michael Kosmetis.

I'm Francesca Fontana. Have a great weekend and I'll see you next Saturday.