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Hey listeners, it's Saturday, August 2nd.

I'm Francesca Fontana for the Wall Street Journal, and this is What's News and Markets.

Our look at the biggest stock moves of the week and the news that drove them.

Let's get to it.

It's August, so you know what that means.

It's tariff update time.

So, as we know, Friday, August 1st was the big day

as far as the deadline for imposing levies, which, as President Donald Trump said this week,

will go into effect on August 7th. Separately, Trump said he hiked tariffs on Canada to 35% effective

August 1st.

Investors also had a weak jobs report to digest on Friday, with investors ramping up

bets that the Federal Reserve will now be more inclined to cut rates to support the economy.

On a weekly basis, the Dow ended up losing 2.9%, which was its worst week since early April, when Trump laid out

his Liberation Day tariffs. The S&P 500 fell 2.4%. And the NASDAQ fell 2.2%. First up, Novo Nordisk

may be losing its lead in the weight loss market.

The Danish maker of Ozembic and Wegovi cut its guidance on Tuesday and announced a new chief executive officer, effective August 7th.

And this appointment of a new leader comes as Novo struggles to return to its heyday of rapid growth, to protect its market

share against brand-name competitors like Eli Willie, and to take on compounding pharmacies

that make knock-off versions of its drugs. Novo shares dropped 22% on Tuesday and ended the week

...