Global Stock Markets Plummet Amid Recession Fears

Eli Lilly faces investor scrutiny as it prepares to report its second-quarter results, amid concerns of pricing pressures on its weight loss drug Zepbound, similar to those experienced by competitor Novo Nordisk with Wegovy. Novo Nordisk's disappointing quarterly results led to an 8% drop in its shares and triggered a 3% decline in Eli Lilly's stock, despite a year-to-date increase of 32%. The overall stock market is experiencing turbulence, with the Dow, Nasdaq, and S&P 500 collectively losing 1,600 points recently, driven by fears of a recession and sharp declines in major tech stocks. The Nikkei index in Japan saw its worst single-day drop in nearly 30 years, closing down 12.4%. Amid these market challenges, Hurricane Debby has also caused significant flooding in Florida, further complicating the economic landscape. Despite the tumult, some analysts caution against panic, suggesting that recession fears may be overblown.