What’s News in Markets: Amgen’s Prognosis, Quantum Boost, iPhone Makeover
September 12, 2026
AI Summary
5 min read“It wasn’t Amgen’s drug that failed.” That line from this week’s What’s News in Markets captures the surprising chain reaction that hit healthcare stocks hardest. Host Imani Molise walks through a week where inflation fears, rising bond yields, and a single failed drug trial reshuffled the market. The Nasdaq fell two-thirds of a percent, the S&P 500 lost 0.8%, and the Dow dropped 1.6%. But beneath those broad declines, the real stories were in the details—a Swiss drugmaker’s disappointment, a federal bet on quantum computing, and Apple’s most expensive phone yet.
The Drug Trial That Rattled an Industry
Healthcare was the worst-performing S&P sector this week, falling more than 3.5%. The trigger came from Switzerland, not California. Novartis announced that an experimental heart disease treatment had failed a late-stage clinical trial. The drug successfully lowered levels of a type of bad cholesterol called Lp(a), but that biochemical success did not translate into fewer heart attacks, strokes, or deaths. The results raised a fundamental question: does lowering Lp(a) actually prevent cardiovascular problems?
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What you'll learn
- 1 (00:42) **Market Overview** - A rough week for stocks with inflation pressures, oil above $100, and the 10-year Treasury yield climbing near 5%.
- 2 (01:41) **Healthcare Sector Rout** - Healthcare was the worst-performing S&P sector, falling more than 3.5% after a failed drug trial sent shockwaves through the industry.
- 3 (02:49) **Quantum Computing Stocks Rally** - Shares of D-Wave Quantum, Rigetti Computing, and Quantinuum rallied after a federal agency awarded each company $100 million for research and development.
- 4 (04:07) **Apple's Expensive Foldable iPhone** - Apple's new foldable iPhone Duo, priced at $1,999, is the company's most expensive iPhone ever, costing more than some MacBooks.
- 5 Standout Quotes
- 6 "The worst possible outcome for Amgen." — Barclays analyst on the Novartis trial results that threaten Amgen's similar drug program.
- 7 "1999. That's the price in dollars of Apple's new iPhone Duo... It's also Apple's most expensive iPhone ever, costing more than some of its computers." — Imani Molise on the record price point of Apple's first foldable phone.
+ Full timestamped outline available in the app
Show Notes
Why did a failed Novartis drug trial tank Amgen’s shares? And how is taxpayer money funding quantum-computing companies? Plus, will people pay $2,000 for a foldable iPhone? Host Imani Moise discusses the biggest stock moves of the week and the news that drove them.
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