U.S. equities fell on Monday after President Donald Trump said he’s raising his global tariffs to 15% following the Supreme Court’s decision to strike down the president’s “reciprocal” tariffs.

Novo Nordisk stock fell as much as 15% Monday after it said its next-generation weight loss drug didn’t meet its key goal of showing that it wasn’t inferior to Eli Lilly’s rival drug, in the latest blow to the Danish drugmaker, whose stock is trading at a multi-year low after a series of disappointing announcements.

The experimental drug, CagriSema, didn’t achieve its primary endpoint of demonstrating non-inferiority on weight loss when compared to Eli Lilly’s rival drug tirzepatide after 84 weeks, Novo said in a statement Monday morning.

Tirzepatide is the active ingredient in Lilly’s mega-blockbuster medicines Mounjaro and Zepbound, which have overtaken Novo Nordisk’s semaglutide, sold as Ozempic and Wegovy, in U.S. prescriptions.