What a week. The markets surley have not taking the summer holidays just yet.

The Numbers: The S&P 500 closed down 2.36% for the week, with the Nasdaq losing 2.17%. Not your typical summer malaise, but rather a recalibration driven by investors reaction to the tariffs.

The tariff tango: People are getting tired of the tariff drama. Trump's modified tariffs kick in August 7th, sending all three major U.S. indexes closing down. It will take some time before the markets fully absorb the impact, but for now, it looks like the US consumers are the ones who will have to pay. Yale`s budged lab suggests that the tariffs will cost an average US household about $2,400 in 2025. The tariffs now represent the highest effective rate since 1933, bringing the overall U.S. tariff rate to 18.4 percent

Figma IPO: Figma turned collaborative design from a nice-to-have into a must-have, and its safe to say wall street noticed, and they left clues.. about 250%. one of 2025`s biggest IPO pops, exploding to 250%(!) after pricing $33 per share. The offering was oversubscribed by 30x, mostly driven by Figma's impressive metrics: 13 million users, 46% revenue growth, and rare profitability for a high-growth tech company. I mean what is not to love about the fact that anyone can be a designer? But reality quickly set in, and the shares have since tumbled over 25% from their highs to around $89 as valuation concerns emerged. The debut might signal a broader IPO market recovery? Lets stay patient.

The Novo Nordisk Debacle: Novo Nordisk $NVO ( ▼ 0.45% ) shares plunged 23% and wiped out 60 billion(!) euro after thy named the new CEO Maziar Mike Doustdar, and cut full-year guidance, with the stock marking its worst-ever weekly loss with a decline of more than 30%. Novo now expects full-year sales growth of 8% to 14%, down from a prior target of 13% to 21%. This wasn't just about one pharma stock, it's a reminder that even the most coveted growth stories (hello, GLP-1 darlings) can face reality checks. Smart players was already questioning Wegovy's long-term pricing power. And the discussion weather the Novo stock is now on sale is on.

Is the market getting bubbly? The American dollar as well as the S&P500 has been our go-to darling for predictable investments for decades. The stocks are highly priced and the dollar are loosing its stand as the go-to currency. This naturally raises the question, are we in a bubbly market environment right now? A question that is quite hard to answer in brief, so i will come back to you with a dive on the topic shortly.

Wealth managers perspective: Europe and the US are different in so many ways, and this adds one to the list. The way the european markets' calmly absorbed a €60 billion single-stock wipeout, stands in stark contrast to America's concentration-dependent, algorithmically-amplified ecosystem. In Europe, Novo's guidance cut became a footnote, and the reaction in the markets where barely noticeable, while a comparable like $JNJ ( ▲ 2.04% ) wipeout would dominate headlines for weeks, and likely cause much bigger market effects.

This weeks health digest (no pun intended) is Mckinsey`s findings from the future of wellness survey highlighting emerging wellness trends. That Gen-Z and Millennials priorities wellness more than the boomers are no news to me. Gut health and energy seems to be the hot topic, and in fact IBS has 28% increased reports compared to 2017. The gut-brain connection isn't just wellness TikToks anymore, it's driving real behavioural change.

This is showing up as protein-packed everything, cognition- or sleep enhancing mocktails and similar. Going forward, the products likely to be most successful are not healthier alternatives to existing offerings (such as better-for-you candy), but those that exist at the intersection between supplements and food. So if you have a wellness entrepreneur inside of you, maybe now is the time.

And of course Gen-Z demands science backed everything. Unlike the boomers, they do not swallow ads promising some farfetched results, and the days of the wellness snake oil have passed.