TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, May 21.
Related: Ozempic success story: 'Weight-loss drugs, costs and my health'
Full Video Transcript Below:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors are preparing for earnings out of Nvidia and Target, as well as more insight from the Federal Reserve. Several policymakers are on the speaking circuit this week - and the group will release minutes from its may meeting on Wednesday. Investors are betting with near certainty the fed will hold rates steady at its upcoming meeting in June.
In other news, Nestle unveiled plans for a frozen-food brand specifically designed for those taking weight-loss drugs like Ozempic and Wegovy. Vital Pursuit will consist of pre-packaged, portion-controlled options including whole grains, pastas, sandwiches, and pizzas - each meal costing just under 5-bucks.
Watch More Videos:
- New dyslexia treatment aims to overcome biggest hurdle in cognitive healthcare
- How this YouTuber built a huge audience by playing slots
- Yes, there are fewer chips in the bag: Shrinkflation, explained
Nestle said in a statement “we’re leveraging our deep understanding of consumers and nutritional science to stay ahead of the trends that are shaping consumer behaviors.” Demand for so-called GLP-1 medications, like Ozempic and Wegovy, have soared as celebrities like Oprah Winfrey and social media influencers show off stunning weight loss.
Morgan Stanley predicts by 2035 some 31.5 million Americans will be taking the new class of drugs. That’s 9 percent of the total population. The food industry has taken notice. People who take GLP-1 typically see a change in eating habits including fewer meals, smaller portions, and less desire for all those sugary and fatty foods we crave, but are no good for waist lines. Nestle says vital pursuit will begin hitting store shelves in the final months of this year.
That’ll do it for your daily briefing. From the New York Stock Exchange, I'm Conway Gittens with TheStreet.
Related: Veteran fund manager picks favorite stocks for 2024
