MARKET HIGHLIGHTS
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market highlights
GOOD WEEK
Perrigo's (PRGO 3.34%) birth control pill, Opill, received FDA approval to be sold over the counter, a significant milestone. This will improve women's access to contraception.
Eli Lilly (LLY 3.60%) is buying Versanis Bio for almost $2 billion. This deal will give Lilly access to a new drug called bimagrumab, which could help people lose weight. Bimagrumab works differently from other weight loss drugs and may give Lilly an advantage in the market. The obesity market is expected to be worth a lot of money in the future.
BAD WEEK
Electric Vehicle (EV) maker Fisker (FSR -7.36%) experienced a significant drop in its stock price following news about financing. The company terminated its distribution agreement with investment banks, J.P. Morgan Securities and Cowen.
State Street (STT -12.08%) a bank and financial services company, experienced a significant drop in its stock price following the release of its second quarter earnings report. The weaker than expected net interest income and a notable decline in total deposits were some of the factors that contributed to the market's negative reaction.
WHAT ELSE HAPPENED
The Federal Reserve is considering raising interest rates, which could lead to higher borrowing costs for personal loans. While existing loans with fixed interest rates won't be affected, new loans may become more expensive.
The Biden administration has announced the automatic forgiveness of $39 billion in student debt for 804,000 borrowers. This relief is a result of fixes made to the student loan system's repayment plans. Previously, some payments were not properly accounted for, causing borrowers to fall through the cracks. The forgiveness is a significant victory for borrowers.
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