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S&P 500 churns as investors weigh Powell comments, evaluate Nvidia and Tesla

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S&P 500 churns as investors weigh Powell comments, evaluate Nvidia and Tesla

9 Mins Ago

Chewy shares slide another 4%

Chewy shares fell another 4% Tuesday following a near 7% sell-off in the previous session. The volatile trading this week was partly triggered by a Securities and Exchange Commission filing that showed meme stock trader “Roaring Kitty” took a 6.6% stake in the pet food e-commerce retailer.

Meanwhile, Chewy’s share price has also been affected by sales of stock from the private equity firm BC Partners, which is its largest shareholder. Many believe BC could use any rally in Chewy stock to sell more of its stake, putting a temporary ceiling on the shares.

— Yun Li

20 Mins Ago

Lilly, Novo Nordisk shares tumble as Biden, Sanders call for price cuts on blockbuster weight loss and diabetes drugs

Shares of Eli Lilly and Novo Nordisk tumbled 3% each after President Joe Biden and Senator Bernie Sanders called on the drugmakers to cut prices for their blockbuster weight loss and diabetes drugs in an op-ed published by USA Today on Tuesday.

Novo Nordisk’s Ozempic, which treats type 2 diabetes, has a list price of more than $900 a month, while Wegovy, which is used to treat obesity, can cost more than $1,300 for a four-dose package. Both brands contain semaglutide as the active ingredient. Eli Lilly’s tirzepatide, which is sold as Mounjaro for type 2 diabetes and Zepbound for obesity, can run patients as much as $1,100 per month.

“These drugs have the potential to be a game changer for people throughout the world struggling with Type 2 diabetes and obesity. But, as important as these drugs are, they will not do any good for the millions of patients who cannot afford them,” the two Democrats wrote. They added that the cost of the drugs could put severe financial pressure on the U.S. health-care system.

Under Biden’s administration, Medicare has begun to negotiate prices for the program’s costliest drugs. Medicare currently doesn’t cover the cost of medications for weight loss.

Analysts see sales of the drugs reaching more than $100 billion by the end of the decade.

—Christina Cheddar Berk

An Hour Ago

Tesla pops on stronger-than-expected delivery numbers

Tesla shares jumped 4% after the electric vehicle company posted stronger-than-expected delivery numbers for the second quarter.

Deliveries for the period came in at 440,000, topping an analyst estimate of 436,000. Tesla said it produced 411,000 vehicles.

See Chart…

Tesla gains on strong delivery numbers

2 Hours Ago

Stocks making the biggest moves premarket

Check out some of the companies making headlines in premarket trading.

  • Tesla – The electric vehicle stock declined 1.5% before the bell, following a 6% jump during Monday’s session as the company is slated to report second-quarter delivery numbers Tuesday morning.
  • Atlassian Corporation — Shares advanced nearly 2% following an upgrade to overweight from Piper Sandler. Analyst Rob Owens opined that as consumers migrate their data to the cloud, the software stock could find growth. Owens added that the stock’s current price is an attractive entry point for investors.
  • Paramount Global — Stock in the legacy media company climbed more than 3% following news that its streaming arm was in talks with several companies concerning a potential merger. One of the parties involved is Warner Bros Discovery and would potentially see Paramount+ merge with Max, CNBC previously reported.

Read the full list here.

— Brian Evans

4 Hours Ago

Paramount shares rise on news media giant is looking for a streaming partner

Shares of Paramount Global were up nearly 4% in the premarket. CNBC reported Monday that the company is holding talks with other shops about merging its Paramount+ streaming service with another platform. One of the companies interested in such a move is Warner Bros. Discover, according to people familiar with the matter.

15 Hours Ago

May JOLTS report set to release Tuesday

The May job openings and labor turnover survey is set to release Tuesday morning. Economists polled by Dow Jones anticipate the number of job openings last month to have fallen to 7.9 million, down from 8.1 million in April.

The data is due out 10 a.m. ET.

— Sarah Min

16 Hours Ago

Stock futures open flat

Stock futures opened little changed Monday night.

Dow Jones Industrial Average futures fell 9 points, or 0.02%. S&P 500 futures and Nasdaq 100 futures dipped 0.01% and 0.02%, respectively.

— Sarah Min

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