Lilly perseveres in a bad day for drug stocks
Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.
TL;DR
- Rising oil prices and bond yields pressured the S&P 500 and Nasdaq.
- Chip stocks and AI infrastructure extended their rebound following positive news from Nvidia.
- Novartis experienced significant stock decline after Phase 3 drug trial failures, impacting Amgen and other companies developing similar medications.
- Eli Lilly's stock was less affected due to its strong obesity drug pipeline, with analysts reiterating it as a top investment idea.
- Boeing's August aircraft deliveries dipped year-over-year and month-over-month, though deliveries of the 737 Max showed improvement.
- Upcoming inflation readings (PPI and CPI) and the Federal Reserve's policy meeting are key market focuses.
- CNBC Investing Club provides trade alerts and follows specific trading protocols for its members.