There’s a new narrative forming around why food and beverage stocks are falling in the market.
The theory is that Ozempic and similar weight loss drugs becoming more popular will potentially cause Americans to buy fewer high-calorie snacks and fast foods.
It all began when Walmart’s U.S. CEO told Bloomberg that its data showed customers taking Ozempic bought less food in its stores.
However, they purchased other items as those taking the drug spent more overall.