Key Takeaways
- Eli Lilly (LLY) reported Phase 2b trial results for EloraTZP, showing up to 23.3% weight loss (54.1 lbs) at 48 weeks, significantly outperforming its own blockbuster drug tirzepatide (14.8%).
- President Trump is set to announce a $200 billion investment from South Korea into the U.S., which includes funding for eight nuclear power plants and the Alaska LNG project.
- The Chicago PMI surged to 58.8 in September, far exceeding estimates of 51.0 and signaling a robust expansion in the manufacturing sector.
- U.S. Crude Oil Inventories rose by 922,000 barrels for the week ending Sept. 25, defying analyst expectations of a 710,000-barrel draw.
- Apple (AAPL) is rumored to launch a $2,000 foldable iPhone (dubbed "iPhone Duo") with projected sales of 6 million units in 2026.
Eli Lilly’s "Triple Agonist" Breakthrough
Eli Lilly (LLY) announced landmark results from its Phase 2b trial of EloraTZP, an investigational combination of eloralintide and tirzepatide. Participants with obesity and type 2 diabetes achieved an average A1C reduction of 2.9%, compared to 2.4% for those on the maximum 15 mg dose of tirzepatide. Following these results, Lilly plans to initiate Phase 3 studies by the end of 2026 using an optimized escalation schedule.
Trump and South Korea’s $200B Energy Deal
The White House confirmed that President Trump will formally announce a massive $200 billion strategic investment from South Korea today. The package is headlined by the construction of eight nuclear power plants and a $22.3 billion gas-fired plant in Texas. This deal is part of a broader trade agreement that lowered U.S. tariffs on South Korean goods to 15% in exchange for commitments in shipbuilding and energy infrastructure.
Manufacturing and Economic Indicators
The Chicago PMI delivered a significant upside surprise, jumping to 58.8 in September from a previous reading of 47.1. This move back into expansionary territory suggests a sharp turnaround in regional manufacturing activity. Conversely, the Atlanta Fed's GDPNow model revised its Q3 growth estimate down to 3.74% from a previous 5.02%, reflecting a cooling outlook for the broader economy despite the manufacturing bounce.
Energy Markets: Inventory Build Defies Forecasts
The U.S. Department of Energy (DoE) reported a surprise build of 922,000 barrels in crude oil inventories, contrasting with an expected decline. Distillate stocks fell by 2.25 million barrels, a much larger draw than the 75,000-barrel increase forecasted. Gasoline inventories also decreased by 1.68 million barrels, while refinery utilization dropped by 1.5%, indicating a slight tightening in refined product supply despite the raw crude build.
Tech and Global Developments
Rumors surrounding Apple’s (AAPL) entry into the foldable market intensified, with reports suggesting a $2,000 "iPhone Duo" could sell 6 million units despite its high price point. In global news, Panama's government has recommended the orderly closure of First Quantum Minerals' (FM) Cobre Panama mine, citing that the state will not bear the costs of the shutdown. Meanwhile, Israel's Defense Minister characterized a thwarted incident aboard a FlyDubai flight as a "jihadist terror attack" attempt.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.