economy
What's behind Eli Lilly's down-and-up day after last week's post-earnings surge
Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.
TL;DR
- Stocks declined amid concerns over the war in Iran and a jump in oil prices.
- Interest rates increased as the likelihood of a year-end Fed rate hike rose.
- Eli Lilly's stock initially fell on news of a liver failure case associated with its drug Foundayo.
- The company stated that the adverse event was not reasonably related to Foundayo, leading to a stock recovery.
- Foundayo is reportedly not cannibalizing sales of Lilly's existing injectable drugs and is expected to perform well.
- Several companies, including Palantir, Onsemi, and Pinterest, are set to report earnings.