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Whale’s Insight: BTC Outperforms Gold In Wartime, AI Tokens Lead Q1 Rotation

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Whale's Insight: BTC Outperforms Gold In Wartime, AI Tokens Lead Q1 Rotation

Bitcoin sign - business graph background. Crypto concept - market volatility.

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BTC is up 1.5% since the Iran conflict began, outperforming equities, gold, and bonds over the same period. Within crypto, AI tokens were the strongest sector in Q1 with TAO surging 125% from its Feb low. The ceasefire rally was fueled by new

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Tech Stocks Will Keep Pushing the Market Higher After the Best Month in Years

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Tech Stocks Will Keep Pushing the Market Higher After the Best Month in Years

Tech Stocks Will Keep Pushing the Market Higher After the Best Month in Years

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Stagflation Already Affecting The Labor Market – The April Labor Report Preview

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Stagflation Already Affecting The Labor Market - The April Labor Report Preview

Stagflation Already Affecting The Labor Market – The April Labor Report Preview

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Weekly Commentary: Gradually Transitioning To Suddenly

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Weekly Commentary: Gradually Transitioning To Suddenly

Weekly Commentary: Gradually Transitioning To Suddenly

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Microcap stocks steal show in April, outpace, Nifty, smallcap, midcaps, largecaps. What’s driving the surge?

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Microcap stocks steal show in April, outpace, Nifty, smallcap, midcaps, largecaps. What’s driving the surge?
The first month of the new financial year delivered an outcome few anticipated—but one that investors certainly welcomed.

Indian equities posted a strong performance in April 2026, with returns accelerating sharply as one moved down the market-cap curve. The Nifty 50 rose 5.8%, while the Nifty 100 advanced 7%. The real outperformance, however, came from the broader markets. The Nifty Midcap 150 climbed 10.7% and the Nifty Smallcap 250 surged 13.4% to 16,731. Leading the rally was the Nifty Microcap 250, which jumped 16.2%.

What makes this performance particularly striking is the backdrop against which it unfolded.

Macro concerns remained firmly in place. Geopolitical tensions, inflationary pressures, currency weakness, and elevated commodity prices continued to dominate the narrative. Foreign institutional investors have been persistent sellers, with cumulative outflows of approximately Rs 1.75 lakh crore in CY26 so far, including nearly Rs 44,000 crore in April alone. Meanwhile, the rupee has remained under pressure, slipping to record lows near 95 per US dollar, weighed down by rising oil prices and sustained capital outflows.

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Geopolitical risks have further intensified with the ongoing Iran conflict, pushing crude prices higher. Brent crude has moved into the $110–125 per barrel range, with occasional spikes beyond that. This has created second-order pressures through higher input costs, stress on trade balances, and risks to energy availability, including potential gas supply constraints.


Yet, despite this challenging environment, business fundamentals across market segments have remained broadly stable.

What’s behind the rally?

Core operating metrics have remained largely unchanged across segments, indicating stability rather than acceleration. Return ratios reflect this trend, with large caps sustaining RoE at around 16.9% and midcaps at approximately 11.3%. Balance sheets also remain steady. Net debt-to-equity ratios have seen little movement—large caps at about 52.5% and midcaps at 22.5%, while small and micro caps have recorded only marginal reductions. Within the smaller segments, nano caps have improved slightly from 49.85% to 48.5%, whereas pico caps have edged up from 37.8% to 38.3%, OmniScience Capital said in a note.
Forward growth expectations remain unchanged across cohorts, suggesting there have been no meaningful revisions to the earnings outlook. In essence, the data indicates that the fundamental position of companies has remained intact, with no significant shift in operating performance during this period.

This creates a clear contrast: while fundamentals have stayed stable, market prices have moved higher. The recent rally, therefore, is not supported by a corresponding change in underlying business metrics, the report added.

April’s performance highlights that market movements do not always align directly with macro conditions or incremental changes in fundamentals. Despite a backdrop that remained largely unchanged, returns across segments were strong.

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The key takeaway is that there has been no material change in business performance to explain the sharp price movement. Over time, equity returns are driven by underlying fundamentals, while shorter-term price moves can occur independently of them.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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The growing market from GLP-1s

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The growing market from GLP-1s
How GLP-1s are helping the hair care industry

When Branneisha Cooper first began taking GLP-1 injection Mounjaro in late 2022, she heard online that she could experience temporary hair thinning and prepared for the worst.

But it would take about a year before she began noticing her hair falling out in clumps. Cooper said it was especially shocking because she has always had thick hair.

“I was really hoping it wouldn’t happen,” Cooper, 29, told CNBC. “What my provider had told me is that since you’re on the medication that’s allowed you to lose weight at a faster rate, that’s what can cause hair loss.”

Desperate to counteract the side effect, Cooper said she began prioritizing protein in her diet, taking vitamins intended to help her hair and investing in haircare products meant to stimulate the scalp to foster growth.

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She’s one of a growing number of GLP-1 users experiencing temporary hair loss from the drugs, creating a new market for hair treatment products amid the weight-loss drug craze.

Cooper took to social media for support, where she found scores of other GLP-1 users experiencing the same thing. While the discourse was less frequent at the beginning of her weight-loss journey, the rise of GLP-1s has meant that more people are flocking to her page to commiserate and strategize.

“There has been an increase of people wanting to know how to tackle it, but it’s also a lot of people who are wanting to know how they can possibly prevent it, and that’s just something that I don’t have the answer to,” Cooper said.

According to Gallup, the use of GLP-1 drugs has more than doubled since early 2024. The KFF Health Tracking Poll found that roughly one in every eight U.S. adults, or nearly 13%, are currently taking a GLP-1 drug.

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By 2030, JPMorgan estimates that roughly 25 million Americans will be on a GLP-1, up from just 5 million in 2023.

Profit amid loss

Many GLP-1 users have seen significant results in losing weight. But the drugs come with a multitude of side effects, too.

Zepbound, manufactured by pharmaceutical giant Eli Lilly, advertises common side effects on its website that include hair loss, nausea and vomiting, fatigue and more. Mounjaro, also a Lilly drug, warns of similar side effects, along with Novo Nordisk‘s Ozempic. Wegovy also includes hair loss in its possible side effects.

It’s a risk that’s common with any type of significant weight loss because of the body’s changes, according to Dr. Heather Woolery-Lloyd, a dermatologist and the chief medical advisor for haircare brand Nutrafol.

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“When you are losing weight, either through a GLP-1 or any other type of weight loss, you may be taking in less nutrients, less protein, and the weight loss itself can be a stressor,” she told CNBC.

Those consumers have been increasingly seeking out solutions to ease the physical process, according to Circana. The Chicago-based market research firm estimates that GLP-1 households spend approximately 30% more on beauty products than non-GLP-1 households.

“Hair loss solutions continue to be a standout growth segment in hair care, sustained by prolonged consumer stress since the pandemic and GLP‑1 medication usage emerging as an incremental tailwind,” said Larissa Jensen, Circana’s beauty industry advisor. “Many GLP‑1 users report temporary hair shedding, which is translating into increased demand for at‑home growth treatments, scalp serums, and supplements.”

The hit to a GLP-1 user’s self-confidence from the hair loss can mean even more stress, according to Woolery-Lloyd.

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In her practice, she said she’s seen a noticeable increase in patients coming in specifically with hair thinning concerns, many of them because of GLP-1 side effects. Woolery-Lloyd said the last time she saw an influx of patients with these concerns was during the pandemic, due to unexpected amounts of stress on the body.

The hair loss from GLP-1s is one of the most significant side effects that the beauty industry is watching, according to Audrey Depraeter-Montacel, Accenture’s global beauty industry lead.

“GLP-1s have not just changed the way people lose weight, but the way consumers expect beauty and personal care to address the situation,” she told CNBC, adding that it’s not a “one size fits all” solution.

Depraeter-Montacel called the size of the GLP-1 market “unprecedented” and said the business opportunity for the hair treatment market with this growing population sets the scene for innovation.

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“On the life science side, we are seeing a lot of pharma brands raising funds to go after innovation and new solutions,” she said. “So a lot of money has been raised in the name of this opportunity, which I think confirmed that there is definitely a commercial opportunity here as investors put dollars in this on both sides.”

Consumers who will be buying into the GLP-1 hair treatment market are also sticking around, Depraeter-Montacel said. Because hair treatment products often take a few months to begin showing results, these customers are expected to be highly loyal.

Tapping into the market

Brands are taking notice. In early April, Ulta CEO Kecia Steelman told Yahoo Finance that the company is seeing more consumers buying hair treatment products as part of the GLP-1 craze.

Redken, a haircare company owned by L’Oreal, created an entire hair treatment line specifically for consumers with thin hair called the Acidic Grow Full System.

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“We wanted to ensure the Acidic Grow Full System range was tested on this specific population of GLP-1 users, as they may have unique hair care needs,” Mounia Tahiri, Redken’s U.S. general manager, told CNBC. “[It] was tested on current GLP-1 users who, when using the products, immediately noticed their hair looked fuller and felt thicker.”

Tahiri said the company also saw a rise in Google searches for hair loss and weight-loss drugs and plans to continue innovating its hair treatment products as the GLP-1 population grows.

Nutrafol CEO Cindy Gustafson told CNBC the haircare brand is similarly seeing increased demand for hair health products.

“While we don’t break out performance tied to GLP-1 use, growth overall is being driven by increased awareness and a shift toward personalized, clinically supported solutions,” she said.

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Gustafson said the company expects this growth to continue as more people begin taking GLP-1s and searching for products to prevent or counteract hair thinning.

KeraFactor, another scalp health company, told CNBC that it’s seeing 100% growth year-over-year in its direct-to-consumer store because of an increased interest from GLP-1 users.

“We saw a lot of [hair loss] during Covid, so that was actually the first kind of spike of patients that came to KeraFactor, and then after Covid, it kind of settled,” Lauren Bartholomeusz, the company’s chief commercial officer, told CNBC. “And then now, we’re seeing that rise again with the GLP-1 craze.”

Bartholomeusz said KeraFactor has shifted the way it treats patients to now come from a more preventative perspective to get ahead of the possible hair loss while taking the drugs.

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For Cooper, the 29-year-old GLP-1 user, there may be light at the end of the tunnel.

She’s experimented with many hair products over the past three years of taking weight-loss drugs, hoping for her hair to return to its former thickness.

“I’ve been paying more attention to it for about a year, and I’ve been noticing it’s returned,” Cooper said. “A lot of people, they get nervous when they have the hair shedding, because it’s like, ‘Oh, I’m going to be bald for eternity.’ But the hair comes back, so that was what let me have peace with it. But it was scary.”

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Most Viewed Business News Articles, Top News Articles

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The Economic Times
Trump's Inauguration Day: What to expect

Trump’s Inauguration Day: What to expect

Donald Trump’s second term as US President will begin with his inauguration on Monday. He plans to sign numerous executive orders and hold a campaign-style rally. Several foreign leaders are invited, and outgoing President Joe Biden will attend. The events are largely funded by Trump’s inauguration committee.

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Taiwan President arrives in Eswatini after blaming China for cancellation of prior trip

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Spirit Airlines ceasing operations after federal government bailout fails

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Spirit Airlines reaches deal to exit bankruptcy by early summer

Spirit Airlines announced early Saturday it is ceasing operations effective immediately after a bailout from President Donald Trump failed to materialize.

“It is with great disappointment that on May 2, 2026, Spirit Airlines started an orderly wind-down of our operations, effective immediately,” the carrier said in an online statement early Saturday morning. “To our Guests: all flights have been canceled, and customer service is no longer available.”

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“We are proud of the impact of our ultra-low-cost model on the industry over the last 34 years and had hoped to serve our Guests for many years to come,” the statement continued.

The carrier had been seeking a $500 million lifeline from the federal government, but the deal could not be finalized in time due to financial complications, the Wall Street Journal reported.

TED CRUZ POURS COLD WATER ON TRUMP ADMINISTRATION PLAN TO BAIL OUT SPIRIT AIRLINES: ‘TERRIBLE IDEA’

Spirit Airlines planes in Florida.

Spirit Airlines airplanes at Fort Lauderdale-Hollywood International Airport in Fort Lauderdale, Florida. (Eva Marie Uzcategui/Bloomberg via Getty Images)

Leading up to the statement from the airline, Spirit was responding to customers concerned about upcoming trips on X in a seemingly optimistic manner despite reports of the looming shutdown.

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“The most important thing to know is that Spirit continues to operate and offer high-value travel options,” the airline wrote in response to many.

Trump said earlier Friday that the U.S. gave Spirit Airlines a final bailout proposal to aid the beleaguered carrier.

“We’re looking at Spirit. If we can help them, we will, but we have to come first,” Trump said. “If we could do it, we’d do it, but only if it’s a good deal.”

Spirit did not immediately respond to FOX Business’ request for comment on what the potential change could mean for flights and travelers.

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spirit airlines

Passengers check in for their Spirit Airlines flights at O’Hare Airport on March 10, 2026, in Chicago, Illinois.  (Scott Olson/Getty Images / Getty Images)

Spirit has been seeking a lifeline from the U.S. government to the tune of $500 million, though the Wall Street Journal reported earlier Friday that the airline is preparing to end operations after a deal could not be reached between certain bondholders and the government.

Sources later said the administration had proposed $500 million in financing in exchange for warrants equivalent to 90% of Spirit’s equity. There had been disagreements inside the Trump administration over whether and how to fund the bailout, the report said, citing people familiar with the matter.

Not all Spirit bondholders were on board with the deal, the report added.

WHAT A GOVERNMENT STAKE IN SPIRIT AIRLINES COULD MEAN FOR PASSENGERS AND THE INDUSTRY

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Meanwhile, major carriers are making plans if the carrier shuts down.

United Airlines and American Airlines said they are ready to assist Spirit passengers. American also said it has capped ticket prices on routes where it directly competes with Spirit to help limit disruptions.

“To help customers whose travel may be disrupted, we immediately implemented fare caps on Main Cabin tickets for Spirit routes where we also offer nonstop service,” American said, according to Bloomberg Law.

Frontier Airlines said it is also prepared to accommodate travelers, emphasizing “low-cost” options if Spirit ceases operations.

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“We are ready to support customers who may be impacted if Spirit Airlines ceases operations, with a focus on helping people continue their travel plans with low-fare options,” Frontier wrote on X.

RISING FUEL COSTS THREATEN SPIRIT AIRLINES’ BANKRUPTCY EXIT PLAN: REPORTS

Trump speaks to reporters in front of Marine One

United States President Donald Trump speaks to the press before departing the White House for Florida on May 1, 2026, in Washington, DC. (Celal Gunes/Anadolu via Getty Images / Getty Images)

Ticker Security Last Change Change %
FLYYQ SPIRIT AVIATION HOLDINGS INC 1.045 -0.35 -25.36%

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Spirit declined to comment on ongoing discussions.

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“Spirit is operating as usual,” a company spokesperson told Fox News in an email.

In a post on X, Sen. Elizabeth Warren praised the decision as “a Biden win for flyers.”

“I’ve warned for months that a [JetBlue-Spirit Airlines] merger would have led to fewer flights and higher fares,” she wrote. “[The Department of Justice Antitrust Division] and [Department of Transportation] were right to stand up for consumers and fight against runaway airline consolidation. This is a Biden win for flyers!”

Reuters contributed to this report.

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Markets Rebound As Geopolitical Shocks Follow A Familiar Script

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This Week's Market Wrap: Earnings Fireworks, Oil Shocks, And A Stubborn Economy

Markets Rebound As Geopolitical Shocks Follow A Familiar Script

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OPEC+ agrees in principle on small oil output quota hike without UAE, sources say

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OPEC+ agrees in principle on small oil output quota hike without UAE, sources say


OPEC+ agrees in principle on small oil output quota hike without UAE, sources say

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