Major indexes were wavering between slight gains and losses early Tuesday afternoon as investors await big earnings reports in the coming days, notably one from AI investor favorite Nvidia (NVDA).
The S&P 500 and Nasdaq Composite reversed earlier losses and were both up fractionally, while the Dow Jones Industrial Average was down 0.2%. On Monday, the S&P 500 and Nasdaq closed lower amid a downturn for chip stocks, while the Dow inched higher to close at a record high.
The big event for markets this week comes after the closing bell Wednesday, when Nvidia will release its quarterly results, amid expectations that the AI chipmaker will once again blow past Wall Street estimates. The stock, which fell more than 2% on Monday, fell again in the opening minutes of trading Tuesday but was up about 1.2% recently. The iShares Semiconductor ETF (SOXX) was up 0.6%.
Among other mega-cap stocks Apple (AAPL), Alphabet (GOOGL) and Meta Platforms (META) were higher, while, Microsoft (MSFT), and Amazon (AMZN) were losing ground.
Eli Lilly (LLY) shares were up about 0.5% after the pharmaceuticals giant announced it would launch single-dose vials of Zepbound, one of the company’s popular weight-loss drugs.
On the economic data front, the latest reading on consumer confidence released Tuesday came in better than expected, while home price data showed that prices are still rising though not at the pace they were earlier in the year. The big number of the week will come Friday, when the government releases the July Personal Consumption Expenditures index, which is the Federal Reserve’s preferred measure of inflation.
Market participants are closely scrutinizing economic indicators for signs of how aggressive the Fed might be as it starts cutting its benchmark interest rate. Fed Chair Jerome Powell said last Friday that the “time has come for policy to adjust,” reinforcing expectations that the central bank will start easing rates at its September policy meeting.
The yield on 10-year Treasurys, which is sensitive to expectations around interest rates, moved to its highest level in a week, to around 3.85% from 3.82% on Monday. Gold prices were down slightly at around $2,550, not far from the record highs set in recent weeks, while bitcoin was down slightly at just under $62,000.
Hims & Hers Shares Sink Amid Lilly Competition
1 hr 25 min ago
Shares of Hims & Hers Health (HIMS) sank in intraday trading Tuesday on new competition for lower-priced weight-loss drugs from Eli Lilly (LLY).
Lilly announced that it would be selling the two lowest doses of its popular injectable obesity drug Zepbound in single-use vials that patients would measure themselves.1
Lilly said those would be priced at half the cost of the pre-filled vials currently prescribed. In addition, the medicine would be sent through the company’s LillyDirect self-pay channel, helping those not eligible for Zepbound’s savings program or without insurance coverage to afford it.
Bryan Bedder / Getty Images for REVOLVE
That was bad news for Hims & Hers Health, which offers direct-to-consumer copycat versions of prescription drugs at reduced prices. In May, it began selling an injectable with the same key ingredient that’s in Novo Nordisk’s (NVO) popular weight-loss treatments Wegovy and Ozempic.
Hims & Hers also said in its recent earnings call that it planned to have one similar to Zepbound “in the near future.”
Hims & Hers shares were down 7% in recent trading, at their lowest level since May.
Eli Lilly Near Record High After Zepbound News
2 hr 57 min ago
Eli Lilly (LLY) reached a key supply milestone Tuesday, announcing the launch of single-dose vials of Zepbound, one of the company’s popular weight-loss drugs.
The vials will be at least half the price of other versions of Zepbound and Mounjaro, Eli Lilly’s other weight-loss drug, along with competitors such as Novo Nordisk’s (NVO) Ozempic and Wegovy. In its standard version, the drugs come in an injection pen that take longer to make because they contain both the medicine and the syringe, while customers will be able to use the easier-to-make vials with any syringe to inject themselves.
The drugs will be available through Eli Lilly’s direct-to-consumer platform LillyDirect, the company’s attempt to the bypass the need for traditional pharmacies by filling prescriptions for its medications online.
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Eli Lilly shares were up 1.5% in recent trading near a record high. The stock has gained 67% so far this year.
Major Index Futures Move Lower Tuesday
4 hr 27 min ago
Futures tied to the Dow Jones Industrial Average were down 0.2%.
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S&P 500 futures were down also down 0.2%.
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Nasdaq 100 futures were off 0.2%.
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