Check back for updates throughout the trading dayU.S. stocks were little-changed in early Tuesday trading, 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 9:40 AM EDTModest dipThe 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%.S&P 500 Opening Bell Heatmap (Aug. 20, 2024)$SPY -0.01%?$QQQ -0.05%?$DJI -0.11%?$IWM -0.23%? pic.twitter.com/NCKaSM0nic— Wall St Engine (@wallstengine) August 20, 2024
Updated at 8:02 AM EDTWeight-loss gainsEli 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. Eli Lilly's results boost the case for long-term use of the obesity drug Zepbound. https://t.co/NYDgOxzfxt— STAT (@statnews) August 20, 2024
Stock Market TodayStocks 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.
The S&P 500 has rallied from its early August low to withing just 1.05% of its recent record high. Michael M. Santiago/Getty Images
Treasury bond yields are reflecting those bets, as well, with rate-sensitive 2-year notes holding at 4.057% and benchmark 10-year note yields pegged at 3.873% heading into the start of the New York trading session. The U.S. dollar index, which tracks the greenback against a basket of six global currency peers, was marked 0.05% lower at 101.832, the lowest since late December. Related: For Kamala Harris, stars align as recession risks fade and inflation slowsOn Wall Street, stocks look set for a muted open, with futures contracts tied to the S&P 500 indicating a 3-point advance while those linked to the Dow Jones Industrial Average are priced for a 9-point decline. The tech-focused Nasdaq, meanwhile, is called 23 points higher.Stocks on the move include Lowe's (LOW) , which slipped 0.1% after the home improvement retailer cut its full-year profit forecast following a stronger-than-expected second-quarter earnings report.Boeing (BA) shares fell 0.9% The planemaker paused test flights of its 777-9 jet after finding structural issues with a component during maintenance checks. Palo Alto Networks (PANW) , meanwhile, jumped 2.22% after the cybersecurity group topped Wall Street earnings forecasts and lifted its 2024 profit forecast. PANW looks to benefit from the fallout from CrowdStrike's (CRWD) software update chaos. More Wall Street Analysts:Analysts reboot Amazon stock price targets after earningsAnalyst reboots Rivian stock price target on updated plansAnalysts reboot Arm Holdings stock price target following earningsIn Europe, stocks were largely tracking U.S. futures with the Stoxx 600 slipping 0.09% despite dovish comments on rate cuts from ECB Governing Council member Olli Rehn. Britain's FTSE 100 was down 0.68% in London.Overnight in Asia, the Nikkei 225 rose 1.8% on the session in a follow-on move from last night's rally on Wall Street, while the regional MSCI ex-Japan benchmark edged 0.32% higher into the close of trading.Related: Veteran fund manager sees world of pain coming for stocks
