US Market Update: Drugmaker Tariff Deal, Starbucks Strike Threat, and Tech Stock Losses

US Market Performance

• 📉 Tech stocks are experiencing losses, with all three major indices down between 1% and nearly 2%.
• ⚠️ This market reaction appears to be influenced by strong evidence of a cooling U.S. labor market.

Drugmaker Pricing and Tariff Relief

• 🤝 Drugmakers Eli Lilly and Novo Nordisk have reached an agreement with the Trump administration.
• 💊 In exchange for tariff relief and wider Medicare access, they will cut prices for their weight loss drugs.
• 💰 Medicare and Medicaid patients may see prices as low as $245 per month for drugs like Zepbound, a significant decrease from over $1,000.
• ⏳ The companies' products will receive a three-year grace period from upcoming duties on pharmaceutical imports.

Potential Starbucks Labor Action

• ✊ Starbucks faces a potential massive labor stoppage, with unionized baristas at hundreds of locations in over 25 cities considering a strike.
• 📅 The potential strike is scheduled for November 13th, which coincides with the company's popular Red Cup Day.
• ⏳ Starbucks Workers United has not yet reached a contract with the company, despite employees beginning to organize four years ago.