Shares of Eli Lilly and Novo Nordisk dropped Friday, after President Donald Trump said his administration aims to cut the cost of brand name GLP-1 weight loss drugs to $150 per month, a fraction of their current list price.

“In London, you’d buy a certain drug for $130 and even less than that … $88 as of… a month ago. And in New York, you pay $1,300 for the same thing,” Trump said during a Thursday afternoon event about in vitro fertilization at the White House. “Instead of $1,300 you’ll be paying about $150 and they’ll be paying $150 so we’re going to pay the same thing.”

Asked by a reporter what drug he was referring to, Trump replied, “I was referring to Ozempic or … the fat loss drug.”

At that point, Centers for Medicare and Medicaid Administrator Dr. Mehmet Oz interjected and stressed that the administration has not yet agreed to GLP-1 price reductions with drugmakers.

“We have not negotiated those yet … We’re going to be rolling these out over time, the GLP category of drugs, which includes Ozempic have not been negotiated yet,” Oz said.

Just a week ago, Oz had said that the administration was “in the middle of a lot of action” with price discussions with weight loss drugmakers.

Eli Lilly shares closed 2% lower Friday, while Novo Nordisk’s stock fell 3% in U.S. trading. Meanwhile, shares of Hims & Hers Health — which sells much cheaper compounded GLP-1s — plunged more than 15%.

Eli Lilly and Novo Nordisk were among 17 of the largest U.S. pharmaceutical companies that received letters from the Trump administration following the president’s executive order on so-called most-favored nation pricing, demanding that businesses bring U.S. drug prices in line with those in other developed nations.

Pfizer and AstraZeneca have signed on to the president’s initiative, striking drug pricing deals with the administration. But Trump and Oz’s comments make it clear the administration is looking to get the weight loss drugmakers on board.

Boeing has won regulator approval to ramp up production of its best-selling 737 Max jetliners to 42 a month, a milestone for the manufacturer nearly two years after the Federal Aviation Administration capped its output after a midair near-catastrophe.

In January 2024, the FAA restricted Boeing to building the planes at a rate of no more than 38 a month — though it had been below that level at the time — after a door plug from a nearly new 737 Max 9 blew off from an Alaska Airlines flight as it climbed out of Portland, Oregon.

Boeing failed to reinstall key bolts on the door plug before it left the factory, a National Transportation Safety Board report found. The 737 Max returned and landed safely, but it put the company back into crisis mode just as leaders were expecting a turnaround year.

The FAA said Friday that it would still oversee Boeing’s production. “FAA safety inspectors conducted extensive reviews of Boeing’s production lines to ensure that this small production rate increase will be done safely,” the agency said in a statement.

Boeing said it would work with its suppliers to increase production.

“We appreciate the work by our team, our suppliers and the FAA to ensure we are prepared to increase production with safety and quality at the forefront,” Boeing said Friday in a statement.

An increase in output is key to the company’s turnaround after years of problems, since airlines and other customers pay for the bulk of an aircraft when they receive it. CEO Kelly Ortberg, named last year to stabilize the top U.S. manufacturer, said last month he expected to soon win FAA approval to raise output to 42, with other increases planned for down the line.

“We’ll go from 42 and then we’ll go up another five, and we’ll go up another five,” Ortberg told a Morgan Stanley investor conference in September. “We’ll get to where that inventory is more balanced with the supply chain, probably around the 47 a month production rate.”

The change shows the FAA’s softening tone and increased confidence in Boeing after years of restrictions. Last month, the agency said it would allow Boeing to again sign off on some of its aircraft itself before they’re handed over to customers, instead of that responsibility falling solely with the FAA.

The Max program was crippled following two crashes of the planes in 2018 and 2019, which killed all 346 people on the two flights. The aircraft was grounded for nearly two years. Covid also hurt production, followed by supply chain problems and, last year, a labor strike at Boeing’s main factories in the Seattle area.

Boeing hasn’t posted an annual profit since 2018. But it has increased output, and its deliveries of new planes are on track to hit the highest rate since that year.

Boeing is scheduled to release quarterly results on Oct. 29.

— CNBC’s Phil LeBeau and Meghan Reeder contributed to this report.

Big banks including JPMorgan Chase and Goldman Sachs had just finished taking victory laps after a blockbuster quarter when concerns emerged from an obscure corner of Wall Street, sending a collective shiver through global finance.

Regional bank Zions late Wednesday disclosed a near total wipeout on $60 million in loans after finding “apparent misrepresentations” from the borrowers. The next day, peer Western Alliance said that it had sued the same borrower, a commercial real estate firm called the Cantor Group, for alleged fraud.

The result was a sudden and deep selloff among regional banks, drawing comparisons to the churn of the 2023 banking crisis that consumed Silicon Valley Bank and First Republic. This time around, investors are focused on a specific type of lending made by banks to non-depository financial institutions, or NDFIs, as the source of possible contagion.

“When you see one cockroach, there are probably more,” JPMorgan CEO Jamie Dimon said this week. “Everyone should be forewarned on this one.”

Concerns over credit quality had been simmering for weeks after the September collapse of two U.S. auto-related companies. JPMorgan, the biggest U.S. bank by assets, this week reported a $170 million loss tied to one of them, the subprime auto lender Tricolor.

But it wasn’t until a third case of alleged fraud around loans made to NDFIs that investors were jolted into fearing the worst, according to Truist banking analyst Brian Foran.

“You now have had three situations where there was alleged fraud” involving NDFIs, Foran said.

Dimon’s comments “really resonated with people who were like, ‘Oh, man, the tide went out a little bit, and now we’re seeing who was lacking their swim trunks,” Foran said.

But it turns out, banks are a major source of funding for non-bank lenders: commercial loans to NDFIs reached $1.14 trillion as of March, per the Federal Reserve Bank of St. Louis.

Bank loans made to non-bank financial firms were the single fastest-growing category, rising 26% annually since 2012, according to the St. Louis Fed.

“The surge in NDFI lending was really because all these different regulations added up to say there are a bunch of loans banks can’t do anymore, but if they lend to someone else who does them, that’s OK,” Foran said.

“We really don’t know much about these NDFI books,” Foran said. “People are saying, ‘I didn’t know it was so easy for a bank to think they had $50 million in collateral and find out they had zero.'”

Part of what’s spooking investors is that, while some of the loan losses disclosed by regional banks have been relatively small, they’ve been near total wipeouts, said KBW bank analyst Catherine Mealor.

“NDFI lending, because of the collateral involved, typically has a higher loss rate, and the losses can come very quickly and out of nowhere,” Mealor said. “It’s really hard to wrap your mind around these risks.”

Mealor said investors have been inundating her with questions around the level of NDFI exposures in her coverage universe, the analyst said. Firms including Western Alliance and Axos Financial are among those with the highest proportion of NDFI loans, according to an August research note from Janney Montgomery.

Still, regional banks are benefitting from an improving interest rate environment and rising mergers activity, which underpin valuations, Mealor said, adding she thinks this week’s stock selloff was an “overreaction.”

“You want to avoid companies that show up high in the screen for NDFI loans,” she said. “There are plenty of high-quality companies in the KRX that are trading at a massive discount.”