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CLOSING BELL
Musk Peaces Out (Sortof)

The market pulled back just a smidge to end the short, final trading week of May. The post-tariff pause price action set the S&P 500 for its best May gain for 30+ years, at +6.15%.

Trump and Elon Musk held a goodbye PR event in the White House. Trump said he’s ‘not really leaving,’ and despite Musk’s recent criticism of the GOP tax-and-spending bill, he received a ceremonial key to the White House. Guess that’s what hundreds of millions in political donations ultimately gets you. 👀

Today's issue covers Lung Disease Researchers Are Not Breathing Easy, Inflation Nearly Beaten, But Tariff Talks Kept The Market Interesting, and more. 📰

With the final numbers for indexes and the ETFs that track them, 7 of 11 sectors closed green, with utilities $XLU ( ▲ 1.21% ) leading and energy $XLE ( ▲ 0.35% ) lagging.

S&P 500 $SPY ( ▲ 0.4% ) 5,912

Nasdaq 100 $QQQ ( ▲ 0.24% ) 21,341

Russell 2000 $IWM ( ▼ 0.4% ) 2,102

Dow Jones $DIA ( ▲ 0.21% ) 42,270

COMPANY NEWS
Lung Disease Researchers Are Not Breathing Easy 🫁 

Two separate biopharma firms researching lung diseases keeled over after their treatment test results did not meet endpoint goals.

$SMMT ( ▲ 2.96% ) Therapeutics shares tumbled after its late-stage trial for ivonescimab met the progression-free survival (PFS) primary endpoint but failed to achieve a statistically significant benefit in overall survival.

The drug, tested in combination with chemotherapy for non-small cell lung cancer, showed a positive trend in overall survival but did not meet FDA standards for approval. Summit plans to file a Biologics License Application but has not specified a timeline, as regulators require stronger survival data.

$REGN ( ▲ 0.63% ) shares fell nearly 20% after late-stage trials of itepekimab, an experimental treatment for chronic obstructive pulmonary disease (COPD), only partially met end goals. The disease is commonly known as "smoker’s lung." The AERIFY-1 trial showed a statistically significant 27% reduction in moderate or severe exacerbations at 52 weeks, but the AERIFY-2 trial failed to meet the same endpoint.

Analysts suggest Regeneron and Sanofi may need additional studies before seeking regulatory approval. The good news: trials were conducted during the COVID-19 pandemic, which may have influenced outcomes.

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