Fundamentals remain strong for biopharmaceutical companies heading into the second half of the year, according to Citi, which is calling its top large-cap stocks in the space the “three horsemen.”
Eli Lilly , Gilead Sciences and Vertex Pharmaceuticals continue to be its favorites, with the GLP-1 market driving opportunity for El Lilly and new and approaching launches driving sentiment for Gilead and Vertex, analyst Geoff Meacham said in a note Tuesday.
Eli Lilly leads the pack with its “unparalleled” growth profile among its large-cap biopharma peers, namely due to its market share lead of Zepbound and Mounjaro and the launch of its oral GLP-1, Foundayo, he wrote. Meacham also expects volume inflation due to the Medicare Part D access to G starting on July 1 and continued momentum for its late-stage cardiometabolic pipeline.
— Michelle Fox
While SpaceX has risen up as a darling among the technology trade, Josh Brown says that investors can look beyond Elon Musk’s rocket maker for other opportunities in the market.
“There are a lot of S&P names that are negative on the year, but if we focus on momentum, we are not stuck with, do I buy SpaceX or not. We are no longer stuck in this world of, okay, I have to buy Korea and the five publicly traded memory names,” the co-founder and CEO of Ritholtz Wealth Management said on CNBC’s “Halftime Report” on Tuesday afternoon. “No, there are names in almost every sector hitting my best stock list and hitting 52-week highs, and I think you’re seeing crowding into those names, because this is what people want to do. They want to own the winners right now; that’s just the environment that we’re in. I love the fact, though, that you can find those winners almost every different area of the market that you want to look.”
Brown also highlighted SpaceX as “really a one-of-a-kind asset.”
“Everyone is now very excited about space, and there are other publicly traded ways to quote unquote play space, but there’s only one that involves Elon Musk, and there’s only one with the level of revenue that’s expected here, and it really is — it’s almost like its own planet,” he added. “So I think what we don’t want to do is watch the stock taking out new highs — I guess it’s now the third day in a row since it’s come public — and infer anything about any other area of the market. It’s in its own world; it is impervious to conversations about Hormuz or interest rates or CPI.”
— Lisa Kailai Han
Bank of America upgraded Kilroy Realty Corporation to buy from neutral following improvements in demand dynamics driven by AI. Analyst Jana Galan also hiked her price target to $44 from $42, signaling a 14.7% gain from Monday’s close.
Galan said that AI-driven demand has led to rent growth in select areas, adding she expects leasing momentum to continue into Q2.
“KRC has experienced substantial rent growth in select buildings/submarkets based on this AI-driven demand. While market vacancy is still normalizing post-COVID, the supply pipeline has been effectively shut off, which paves the way for a stronger landlord market with rent growth as available space,” Galan said in a note.
Kilroy Realty is lagging the broader market year to date. The stock is up just 2.6% in 2026, while the S&P 500 has risen 10% in that time.
— Assiatou Hann
The Federal Reserve has an “excess focus” on economic data focused on past trends, according to former member Stephen Miran.
“There’s maybe an excess focus on some backward-looking data,” Miran, now a senior strategist at Hudson Bay Capital, said Tuesday on CNBC’s “Squawk on the Street.”
Meanwhile, there’s “not enough of a focus on … asking the questions: Why is inflation going to be elevated in June, July, September, December of 2027 — not right now?,” said Miran, who used be to a Fed governor.
Miran, who is known for his dovish views on monetary policy, said current drivers of inflation like energy may not impact price growth longer term.
His comments come ahead of Wednesday’s Fed decision. Market participants largely expect the central bank to keep rates unchanged despite President Donald Trump’s push for cuts.
— Alex Harring
Industrials continue to outperform the broader market Tuesday, with the State Street Industrial Sector ETF hitting an all-time high and extending its recent breakout. The move comes as investors continue to rotate into infrastructure, aerospace and defense and electrical equipment names that have benefited from capital spending, grid infrastructure and manufacturing activity.
Leadership within the group has been broad. Hubbell Inc leads the group up more than 7.5% so far this week, while GE Vernova is up more than 5.5% as investors bid up companies tied to grid investment and power demand. Trane Technologies and Eaton have each climbed more than 5% WTD. Honeywell and Caterpillar have each added more than 4% this week, with CAT hitting a new all-time high this morning.
Infrastructure names also among the standouts. The Global X US Infrastructure Development ETF hit an intraday all-time high today, with components like Primoris and Valmont each gaining more than 3%. Several PAVE holding notches new 52-week highs, including Valmont, Granite Construction , Rockwell Automation and Woodward .
While aerospace and defense remain largest industry exposure within XLI, the sector’s strength has broadened beyond that theme.
— Nick Wells and Gina Francolla
Professional investors grew slightly less bullish in June while anticipating tighter policy from the Federal Reserve, according to Bank of America’s latest fund manager survey released Tuesday.
Cash levels edged higher to 4.1% while portfolio managers cut allocations to global equities and tech stocks, the latter move coming with respondents saying that semiconductors was the most crowded trade. In fact, the 80% of respondents who cited semis was the highest level in the survey’s history when ranking overbought parts of the market.
The survey’s results come on the eve of Kevin Warsh’s first meeting as Federal Reserve chair.
Expectations were largely for a tougher tone, with no anticipation of a rate cut. Some 55% of respondents see a “hawkish hold” entailing tougher talk about inflation while 33% see a “dovish hold,” which would be a nod toward future policy easing if conditions warrant.
As far as investor fear goes, the biggest “tail” worry is high inflation, cited by 34%, and an artificial intelligence bubble, cited by 28% of respondents.
— Jeff Cox
After its public market debut on Friday, SpaceX options are set to list starting Tuesday, opening a new avenue for traders to forecast the future of the stock.
While options traders have had a heavy interest in both space stocks and AI plays, SpaceX presents a unique company where its valuation is so high — above $2 trillion — but it is still unprofitable.
“It has the TAM of a science fiction novel while the price to earnings-growth ratio of chips is the lowest it’s been in the sector’s history,” said Mike Purves, CEO of Tallbacken Capital Advisors. “But there’s a huge bid in upside calls for anything AI-related and that means the price for protection is higher too – I’d suggest SpaceX will be having that dynamic magnified.”
Observers say to expect SpaceX options to draw speculators’ attention and have high volumes along with elevated implied volatility. Read more here.
— Oliver Renick and Davis Giangiulio
China’s retail sales fell for the first time in more than three years in May, signaling a deepening economic slump, according to data released Tuesday by the National Bureau of Statistics.
Retail sales, a gauge of consumption, declined in May for the first time since December 2022, dropping 0.6% from a year earlier. The Labor Day holiday at the start of May failed to offset the country’s sluggish consumer spending. That figure came in lower than the forecast for no change among economists polled by Reuters.
Industrial output was the lone bright spot, rising 4.5% in May to top estimates of 4.3% growth and rebounding from April’s near three-year low of 4.1%.
The national unemployment rate fell to 5.1% in May, compared with 5.2% in April.
Read more here.
— Anniek Bao

A high school music teacher, a cancer survivor and a new father with two baby boys have been identified by family members as victims of a weekend skydiving plane crash in Missouri that killed 12 people.
According to the Bates county department of emergency management, the aircraft, a Pacific Aerospace P750XL, was carrying nine experienced skydivers, two tandem jumpers and a pilot.
All died when the plane – which had just taken off from the Butler, Missouri, airport south of Kansas City – took an unexpected turn and nosedived into the ground 300 yards from the runway.
Music teacher Dave Hershberger, named as one of the 12 victims, was being mourned by students at Oak Park high school, and Antioch middle school where he also taught, as reported by ABC News affiliate KMBC.
The popular educator, who worked for the North Kansas City school district for 11 years, was also a veteran skydiver whose account on Facebook was filled with images of him on tandem jumps.
Hershberger, who taught band and orchestra, was “not only a passionate educator and talented musician, but one of the kindest humans”, the principals of both schools said in a joint statement.
The mother of Matthew Swope, 39, paid tribute to her son in a Facebook post that requested prayers for his family, including three sisters and two brothers. Dorcie Swope, a widow, said her son “died doing what he loved best”.
KMBC cited friends and family members who said Matthew Swope was a survivor of cancer who had completed more than 750 parachute jumps – and was an “expert” skydiver.
The outlet spoke to the father of another victim, who it did not name. “My son was on the plane. He had a new business, two new baby boys and everything was going good for him,” the person said, adding that his son had “been getting into skydiving” and had made up to 500 jumps.
“[It’s] just something he loved to do,” he said. “You just never start the morning thinking you’re going to die, you know. He had two new baby boys. It’s tough.”
At least four of the victims were about to make their final jumps before becoming skydiving instructors, KMBC said. Among them was Will Fischer, 23.
“Nothing can describe the grief I feel … To my annoying little brother, I will miss you forever,” his sister posted on Facebook, according to the Kansas City Star.
Fischer’s friend Kevin Stone, a skydiving instructor in Chicago with whom he made his first jump, told the newspaper he took a group up on Monday in the same type of plane that crashed in Missouri.
“I was breathing a little bit heavier on my first couple loads today [but] I think that if this stopped me from jumping today, Will would be insulted,” Stone said.
“I think that he would consider that an insult to his memory. This was the thing that he loved.”
Other victims were identified as Marcus Miller, also an experienced jumper; and Jen Sharp, who was director of technology for the US Parachute Association, a 41,000-member group for skydiving enthusiasts.
“Jen was a remarkable force whose passion for the skies was matched only by her dedication to the people in our sport,” the group’s executive director, Albert Berchtold, said in a tribute on its website.
“Her loss leaves an unfillable void in our office, our community, and our hearts. We are incredibly grateful for the years of laughter, innovation, and friendship we shared with her.”
KMBC gave the names of Nick Nash, Mike Shanahan, Dane Cordes and Dustin McKinney, among the other victims.
A National Transportation Safety Board (NTSB) investigation into the cause of the crash was continuing on Tuesday, with preliminary findings expected in the coming weeks. A full report was not expected until at least 2027.
The Associated Press reported that the NTSB has said in past investigations that weak oversight of the skydiving industry can allow problems with poor aircraft maintenance to go unnoticed.
The agency also cited an incident from the same Butler airport in May 2024 in which six skydivers and a pilot safely parachuted from a plane that went on to crash with nobody left onboard.
The NTSB said after a 2019 crash that killed 11 people in Hawaii, that the Federal Aviation Administration’s regulatory system was not robust enough to ensure the safety of skydiving flights.
In the crash on the island of Oahu, investigators found that the wing of the plane was twisted during a previous incident several years earlier and was never repaired.
The Associated Press contributed reporting

Snap is finally launching augmented glasses for the public. Specs, which Snap describes as “a wearable computer built into see-through augmented reality glasses,” will cost $2,195. You can preorder a pair of Specs now at specs.com with a $200 refundable deposit, and Snap says they’re expected to ship “this fall” in the US, UK, and France.
This is a big moment for Snap: The company made a big entry into smart glasses with its original Spectacles in 2016, and the company has been toiling away on nonpublic AR versions of Spectacles over the past few years. CEO Evan Spiegel promised the company would launch consumer AR glasses in 2026 and even turned its smart glasses team into a separate business.
The company says that Specs are “fully standalone, with no puck and no tether.” (Which is perhaps a jab at Apple’s Vision Pro, which is tethered to a separate battery pack.) They’ll be offered in two sizes, a 47mm model weighing 132g and a 52mm model weighing 136g, and will have removable inserts that Snap says will support “a wide range of prescriptions.”
You probably won’t mistake Specs, with their wide, bold frames, for any of Meta’s smart glasses — Snap clearly picked a design that it wants to stand out. (They’re not my style — I don’t think I can pull off the “snow goggles, but fashionable” look — though maybe Jony Ive might like them.) They have visible light and infrared cameras, and while the Specs are recording, a little LED bar will glow in the middle of the glasses.
Both of the lenses will be able to show you content, and Snap says that its display system is powered by a “proprietary liquid crystal on silicon technology” that offers a 51-degree field of view and can show 16 million colors. The lenses can also go from clear to tinted in 10 seconds, Snap says.
The Specs have two Snapdragon processors onboard, and while Snap isn’t specifying exactly which ones they are, the company says that one is focused on “computer vision” while the other is focused on running AR Lenses. “Together, they enable fast hand tracking, low latency, and responsive interactions that help digital content feel anchored in the real world,” Snap says.
You can also expect up to four hours of battery life on a charge, which Snap says accounts for things like “audio and video playback, AI assistance, Bluetooth notifications, and more.” The Specs come with a charging case that Snap says will offer four more charges for a total of 20 hours of battery. During his keynote at the AWE 2026 conference, CEO Evan Spiegel noted that you can charge the Specs with a cable that snaps magnetically to the side of the glasses — and if you plug in the other side of that cable to something like a phone, computer, or a gaming device, you can stream content from those devices and display it on your Specs.
Specs could be interesting, but we haven’t tried them ourselves yet, so we can’t vouch for what it’s like to actually use them day to day. And we don’t know how Specs actually hold up as a product that sits in between something like Meta’s Ray-Ban smart glasses, which have been a hit, and the Vision Pro, which has not.
Nowadays, there are a lot more smart glasses than when Snap first launched Spectacles. The new Specs are launching a year after Meta’s smart glasses with a single display, though Meta hasn’t publicly launched AR glasses yet despite showing off a model it didn’t sell in 2024. And as my colleague Victoria Song recently wrote, most smart glasses still don’t make sense, not to mention the problem that there are growing privacy concerns about smart glasses. Despite all that, Snap is pushing forward with its Specs launch, so we’ll see how they fare when they’re finally available.

Toy Story 5 is in theaters on June 19.
Woody, Buzz and the gang are back in theaters for Toy Story 5, a fourth sequel to Pixar’s flagship franchise that proves no matter how well you wrap up a story, there’s always room for more. This time, the now-very-antique toys are faced with their most dangerous challenge yet… screen time.
But how necessary was this sequel? And how can the brain trust at Pixar successfully pull these toys out of the attic again? To find out, I took both my film critic hat and my kids (7 and 11) to a press screening of Toy Story 5.
What’s the best Toy Story movie?
Toy Story
Toy Story 2
Toy Story 3
Toy Story 4
I’m waiting to see Toy Story 5 before I answer!
Right off the bat I can say that the movie does Pixar proud in the visual department. It isn’t quite the revolutionary jump in graphics that Toy Story 4 had over its predecessors, but the usual Pixar bump is there. In fact one scene that starts with an establishing shot of the sky and trees and a school bus had me thinking for a split second that they’d actually shot some real footage for the film before kids from the uncanny valley came running into frame.
My son had a quote about that as well… “better grafics.” He almost got it. To be fair, he took my notebook in the middle of the theater and wrote it in the dark, so there’s a chance he knows how to spell it right.
My kids were very excited to tag along to this press screening, but less so when I started asking them questions on the ride home. My daughter, who just finished fifth grade, said it was starting to feel like homework, and I had to remind her that this was, in fact, my job and yeah, it’s a little like homework.
For starters, it’s difficult to talk about Toy Story 5 without a heavy dose of context for the entire franchise. Obviously it’s a sequel and there are four movies worth of story to keep in mind, but more than that this is a franchise that has had two separate occasions to wrap up in a pretty satisfying way. There are crowds of people who would agree it should have just been a trilogy, ending on Bonnie’s porch at the end of Toy Story 3. And while Toy Story 4 started the conversation of “why are we still doing this” for some, it defied the odds and put a decently neat bow on the franchise again, and with even more finality.
So “why do we need a Toy Story 5?” is a bigger question here than it has been even for other long-running franchises. That is, fair or not, the hole that this movie was starting in for me. For my kids, though? Not so much. In fact, their least favorite entry in the franchise is the widely beloved Toy Story 3. But my daughter had a very interesting reason for that – one that leads me back into this review proper.
First and foremost, a Toy Story movie, and I would argue a Pixar film in general, needs to be fun, and Toy Story 5 certainly trots out some fun moments. The animation style of Bonnie’s imagination and the scenarios she concocts while playing with her favorite toys is maybe the strongest of any such sequence in the whole series. And from a battalion of stranded next-gen Buzz Lightyears trying to find their way back to Star Command to forgotten toys wasted in the wake of tech, there are plenty of memorable laughs. Conan O’Brien in particular is hilarious as Mr. Smarty Pants, a potty-training assistant.
In fact, the trio of new characters – including Smarty Pants, the kids-first digital camera Snappy, and Atlas, a map device that’s, for some reason, a hippo – were my daughter’s favorite characters in the entire movie, and I can’t really argue with that. They’re a blast. (They also do one of my favorite Toy Story things, which is questioning their own existence in a legitimately terrifying way.)
However, on the balance this movie may be more of a downer than it was fun. There’s a maudlin sense of dread that hangs over most of the first half of the movie, where a real sadness revolves around Bonnie and her inability to make friends that can meet her where she’s at. Now, this was something that my daughter and I had an interesting conversation about. After Bonnie’s parents get her Lillypad (Greta Lee), her first tablet nervously purchased as a way to help her connect with all the other kids in her orbit who already have one, Bonnie’s online dynamic in a chat group goes pretty immediately bad. My kid and I talked about who was to blame for it – the bullies who were being mean, or Lillypad, who served as an easy conduit, providing access to Bonnie for the bullies. She actually blamed Lillypad, saying, “It’s important to know who good people are in real life.”
There’s wisdom beyond her 11 years in that, and I’m proud of her, but also she agreed it was the iPad’s fault, so joke’s on her – she’s getting less screen time from now on. Meanwhile, my 7-year-old son said, “I like how the tech took over,” so… I guess for sure less screentime for him too.
And, to finally get back to my daughter’s point, the other thing a Toy Story movie needs is a good villain. To quote her thoughts on Toy Story 3… “I hated that the villain was just evil the whole time.” I thought that was an interesting take because Lillypad, for her part, is doing what she thinks is best for Bonnie which, based on the conversation my daughter and I had, makes placing the “villain” label on her a little more difficult. She’s a stand-in for the idea of technology causing kids to grow up too fast, not necessarily the antagonist in and of herself.
Now, I think that’s in the Pro column for this movie, as some of the franchise’s best moments are from villains who see the error of their ways and are big enough to pivot. I would argue Tom Hanks’ Woody actually represents the best version of that in the original Toy Story because he was straight-up the bad guy of that movie, but that’s probably a different article.
Toy Story films also need a relatable phase of life at their center – something universally experienced, like growing up, leaving home or letting go. These are all things just about everybody can relate to without any extra direction from the filmmakers, and Toy Story 5, for at least the first half, is very much missing that universality. Growing up with social media is a modern and I suppose widely relatable experience that wasn’t around 30 years ago when the first Toy Story came out. But instead of being about “remember how it can be difficult to be a kid?”, a lot of Toy Story 5 is more focused on “kids these days and their screens, amirite?” The difference there is that Toy Story 5’s statement feels like it’s the filmmakers’ telling us about it instead of letting us get there emotionally ourselves. The result is an out of touch-ness that is, quite frankly, surprising to see from Pixar. For a lot of the film’s runtime Toy Story, very uncharacteristically, doesn’t have much to offer to the conversation about young people’s relationship to their screens and there’s not a lot of the real emotional stakes this series has been trading in for four movies prior to this.
To be fair it doesn’t let parents off the hook either. As a remote worker myself, I felt properly seen and criticized by a scene where a parent is just shouting “you’re muted” while parked in his home office on zoom. It’s difficult though to take the critique too seriously coming from Pixar, a company sprung from the same Steve Jobs that brought us the iPad in the first place. But that also might just be me being defensive. But I followed up about this scene with my kids and if it reminded them of me, to which my son said “oh 100% totally. It wasn’t funny because it was work.” So the movie does have its finger on the pulse of human connectivity in, lo, these modern times to some extent.
I know I’ve been more negative than not about this movie for like 1500 words now, but really the second half of Toy Story 5 is much better. A lot of what I like about it and how the movie lands gets into some spoiler territory, so it’s just harder to get into detail about it. Before I attempt to though, I feel like I have to call out everybody’s favorite cowboy. This movie did not need Woody. It’s a testament to the job the franchise has done of ending in a satisfying way twice now that he feels so tacked on in this one. In fact, it’s enough to make me wonder if he wasn’t even in the early drafts of the movie, until an exec got hold of it and said, “put the cowboy in, you maniacs.”
You could lift Woody straight out of the movie and there would only be two differences. Number 1, the movie would be maybe two minutes shorter. He’s got no business to do off on his own that affects the plot in any meaningful way. And number 2, it would actually help out Buzz (Tim Allen). This movie wants so badly to be a two-hander between Buzz and Jessie (Joan Cusack), and it almost pulls it off. But when Woody comes back and starts hatching plans, it takes away Buzz’s agency. Buzz could’ve taken a next step into responsibility, adulthood, leadership, whatever box needed to be ticked for one of those universally relatable life phases that Toy Story has always hung its hat on. Instead, he just kinda keeps following orders and it feels like an opportunity was missed in favor of rehashing some of his and Woody’s old dynamic.
Now, again, pretty much all of my issues with this film are in its first half, but I think that’s also in part because I was dreading how they were going to attempt to stick the landing. But happily, the second half of the movie manages it a lot better than I’d feared.
From the midpoint of the movie, Toy Story 5 really starts to nail the things Pixar does best. It’s adventurous, with well-choreographed and stylish action, and just a lot funnier. The heart of the movie finally shows up to deal with things like what it means to really make meaningful connections or the distinction between games and actually playing. Woody also starts to fade into the background, leaning into more of a comic-relief role than being front and center, and, surprise surprise, the film is better for it.
Most importantly, after all the hemming and hawing about “what’s to be done with tech,” the film finally takes a stand. It’s not an overly ambitious one, or even one that will surprise you, but it was very necessary to walk out of the theater feeling good about it. Ultimately, Toy Story 5 does have something to add to the conversation beyond old guys shaking their fists at clouds about “kids and their tablets these days.”
But speaking of kids and their tablets, mine apparently have not had enough of Toy Story. I asked them what they’d like to see in a Toy Story 6 and my son just started yelling about needing Spoony to join Tony Hale’s Forky and his knife bride Karen Beverly (Melissa Villaseñor). He kept getting louder and doing different goofy voices every time my daughter would try to chime in. But finally she was able to articulate just wanting more Toy Story. Couldn’t get more detail out of her than that. Maybe it’s the idea that she, like Andy or Bonnie or, it would seem, Pixar, just can’t bear the idea of leaving these toys behind.

Donald Trump’s $14.2m bid to turn the Lincoln Memorial reflecting pool from what the US president described as a “filthy” and “dirty” site into a “beautiful” monument has encountered a hitch.
The water is green again.
Days after the renovation was finished, algae has frustrated Trump’s attempt to transform the shade of the pool to “American flag blue” in time for the country’s 250th birthday.
The reflecting pool – one of Washington DC’s most historically symbolic attractions, and the scene of Martin Luther King’s 1963 “I have a dream” speech – has been one element of Trump’s efforts to recondition the country’s capital during his second presidency.
A no-bid contract to waterproof and repaint the site, which dates back over a century, raised eyebrows. It was awarded to a Virginia-based company, Atlantic Industrial Coatings, which had previously carried out work on a swimming pool at one of the president’s golf clubs.
The administration had claimed “residual” algae would be cleared in the immediate aftermath of the renovation. But it has proliferated amid warm weather.
The US Department of the Interior has claimed in recent days that the installation of a water treatment system which a spokesperson described as “nanobubbler technology” would help address the algae issue.
“The nanobubbler technology has successfully destroyed the algae bloom that has plagued every pool reopening since 1922,” a spokesperson told the Guardian on Tuesday. The spokesperson claimed the pool had been “broken and disgusting” days after a project that took place while Barack Obama was president.
“Now, due to deploying the advanced nanobubbler technology, the algae is dead and being vacuumed up as we speak,” the spokesperson added. “We thank President Trump for fixing the reflecting pool for good.”
In a 5 June post on his Truth Social platform, Trump claimed the renovation he ordered of the reflecting pool would stand the test of time. “This was not a paint job,” he said. “This was highly sophisticated material, industrial strength, that could last for 100 years, applied by very talented people.”
Administration officials have repeatedly claimed that other presidents tried and failed in years gone by to beautify the pool with “extremely costly” projects.
While Trump initially put the cost of this latest effort at about $1.8m, it quickly rose beyond $14m.
National Park Service employees were seen using skimmers on Monday in a bid to clean algae from the reflecting pool and return to it to the intended hue.