S&P 500 and Nasdaq 100 end the week with fresh record closing highs

Ozempic, the popular diabetes drug made by Novo Nordisk, used to be short hand for an entire class of diabetes and weight-loss medications. Not anymore.

According to Google Trends data, as of January more people in the US are searching for Eli Lilly’s weight loss shot, Zepbound, than Ozempic. At the same time, interest in the word “Ozempic” now sits roughly on par with searches for “peptides," a catch-all term for a booming, loosely regulated category of experimental supplements.

The numbers hint at a cultural shift: Ozempic is no longer the only word people reach for when they think about weight-loss drugs. The market — and the vocabulary around it — is fragmenting.

This shift also reflected in sales numbers. For several quarters now, Lilly's diabetes and weight loss drugs have outsold Novo's and that gap is expected to widen this year.

It’s a rough day out there, with the pain in the crypto markets being felt among select subgroups of US equities. Shortly before 2 p.m. ET on Wednesday here’s a snapshot of where some of the worst pinches are.

There is some overlap between some of these baskets, for instance bitcoin treasury company Strategy figures both in the “bitcoin sensitive” and “meme” basket. But in general it’s just a pretty ugly day for some of the more speculative corners of the stock market.