Stock Market Today: Stocks steady amid best win streak since November

Check back for updates throughout the trading day

U.S. stocks edged lower Tuesday, following on from the longest Wall Street winning streak since November. Investors continue to ride the market’s August recovery amid fading recession bets and the prospect of Federal Reserve interest-rate cuts.

Updated at 11:36 AM EDT

Micron slip

Micron Technology MU shares are back in the red, extending their post-earnings slump to around 30%, even as analysts at Wolfe Research reiterated their ‘overweight’ rating and $200 price target on the AI memory chip maker.

“Our price target is based on approximately 10x $20 earnings power, which is largely in line with Micron’s ~11x historical normalized multiple,” said Wolfe’s Chris Caso. “Micron is expecting ASPs to continue rising through CY25.”

Micron shares were last marked 0.85% lower in late-morning trading and changing hands at $107.70 each.

Updated at 9:40 AM EDT

Modest dip

The S&P 500 was little-changed from last night’s close in the opening minutes of trading rising less than a point. The Nasdaq was also muted, rising just 1.5 points.

The Dow, meanwhile, was marked 90 points lower, thanks in part to a 2.6% decline for Boeing, while the small-cap Russell 2000 slipped 3 points, or 0.15%.

Updated at 8:02 AM EDT

Weight-loss gains

Eli Lilly (LLY) shares moved higher in premarket trading after the drugmaker unveiled details from a study that showed its tirzepatide-based weight-loss treatments sharply reduced the risk of diabetes in overweight or obese patients.

Lilly said weekly injections reduced the risk of developing type-2 diabetes by 94% for patients in final results from the three-year study. They were first released as part of Lilly’s attempt to get FDA approval for Zepbound and Mounjaro in 2022.

Eli Lilly shares were last marked 1.65% higher in premarket trading to indicate an opening bell price of $938.10.

Stock Market Today

Stocks extended their recent winning streak to an eighth session last night, with the S&P 500 rising 0.97% to take the benchmark to within just 1.05% of the all-time high it printed on July 16.

Stronger-than-expected data on consumer spending, job creation and business activity have combined to drive bets that the economy will avoid recession between now and year-end. Traders are anticipating quarter-point rate cuts from the Fed at each of its three upcoming meetings.