Markets on Edge: Novo, Palantir, and a Rate Storm

Earnings Drive the Day

A heavy earnings calendar is setting the tone on August 4. Palantir reports tonight after the bell. Markets will scrutinise its AI-driven revenue trajectory closely. Vertex Pharmaceuticals also posts after the close. The $121bn biotech is a key watch for drug pipeline sentiment. Marriott reported at midday, giving investors an early read on consumer travel spending. ON Semiconductor also reports after the close — notable given an analyst upgrade to Buy issued today, with a consensus target of $111.38. Tomorrow brings Caterpillar and McDonald's, key reads on industrial demand and consumer health respectively.

Novo Nordisk Shakes Up European Markets

Novo Nordisk dominated European headlines. The Danish pharma giant reported Q2 adjusted sales up 7% at constant exchange rates. Operating profit rose 11% at CER. The company raised its full-year adjusted sales outlook to -6% to 0% at CER. Crucially, improved GLP-1 product sales drove the upgrade. The results were offset by DKK 6.3bn in non-cash impairment charges on pipeline assets. The stock is a key European mover today.

Short Pressure and Options Divergence

Crypto miner IREN continues attracting bears. Short interest hit 33% of free float, up 2.2 points in a week. Borrow availability has nearly vanished at just 1.3% of SI. Meanwhile, INGM — Ingram Micro — shows a notable split. Options sentiment is cautious, yet shares are extremely easy to borrow, with availability at 2,344% of SI. That tension is a live signal for traders.

FT Macro Signals

The FT flagged US currency activism. Bessent's yen intervention signals Washington is willing to scupper trades that push against its interests. BP is selling its $4bn US biogas business as profits more than doubled. HSBC resumed share buybacks after quarterly profits hit $10.1bn.