Apple is trading at an intraday all-time high stock price of $263.50 as of 11:45 am EST, after an upgrade from Loop Capital to a Street high price target of $315 and following positive sales growth indicators for its iPhone 17.
Apple’s all-time close was $259.02 on December 24, 2024, the same day as its last intraday high. Analysts expect iPhone revenue to return to growth this year and next.
Eli Lilly released late-stage trial results for its next-generation GLP-1 shot, retatrutide, showing the drug helped patients lose more weight than anything currently on the market.
Patients taking the highest dose of retatrutide, 12 mg, lost 16.8% of their body weight after 40 weeks, more than its current best-seller, tirzepatide. The results also showed significant reduction in blood sugar levels.
The stock was flat in premarket trading following the news.
Lilly's tirzepatide, sold under the brand names Zepbound and Mounjaro, is currently the most-sold drug in the world. The company's sales have now outpaced its top-rival, Novo Nordisk, which was the first to bring a GLP-1 to market but has seen sales decelerate as competitors have muscled in.
Still, some expect Lilly's winning streak may not last forever. Analysts at HSBC gave the stock a rare downgrade earlier this week, citing a crowded market among other factors.
Often seen as safe havens through times of uncertainty, precious metals aren't proving that way today, as oil prices spike amid escalations in the Iran war, compounding inflationary concerns and sending the SPDR Gold Shares ETF and iShares Silver Trust down 3.4% and 6.6%, respectively, at 6:55 a.m. ET.
Although the Fed kept rates steady yesterday, as was universally expected, officials raised their forecasts for inflation — a move which seems to have spooked investors, who had already been taking risk off the table in recent weeks. With Brent crude north of $114 per barrel this morning, investors look to be bracing for further inflationary shock and are dumping gold and silver, as implied odds of a Fed rate cut in June plummeted on prediction markets from 60% on February 23rd, to just 16% this morning.
The shiny metal slump is already weighing on mining stocks like Anglogold Ashanti, Newmont, Wheaton Precious Metals, and Agnico Eagle, which are all plunging in premarket trading.
After a relentless rise into the print, a stunning beat — 21% on revenue and 36% on adjusted EPS — wasn't quite enough to keep the momentum going.
