Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+1.1%), and DJIA (+0.1%) continue to trade higher at midday. 

While corporate newsflow has been on the lighter side today, Hims & Hers Health (HIMS 17.70, -5.32, -23.11%) is plunging to multi-year lows this morning after facing a dual threat of aggressive legal action and a significant regulatory crackdown. The telehealth provider is reeling from a major lawsuit filed by Novo Nordisk A/S (NVO 49.04, +1.40, +2.95%) over its compounded versions of Wegovy and Ozempic, which coincides with a weekend FDA announcement targeting non-FDA-approved GLP-1 drugs. This combination of events has spooked investors by threatening to dismantle HIMS' primary growth engine and resetting the company's long-term valuation.