Stock Market Update

[BRIEFING.COM] A dip from opening highs has narrowed the gains of the Nasdaq Composite (+0.6) and S&P 500 (+0.1%), while the DJIA (-0.3%) trades beneath its flatline.

Within the DJIA, Caterpillar (CAT 415.94, -11.78, -2.75%) faces the widest loss after Morgan Stanley downgraded the stock to Underweight from Equal Weight.

The industrials (-0.3%), financials (-0.2%), and real estate (-0.1%) sectors now trade in negative territory, joining the health care sector (-1.8%) as the four S&P 500 sectors missing out on the early advance.

Eli Lilly (LLY 638.00, -108.37, -14.52%) trades sharply lower in response to results from its weight-loss drug pill trial. Those results, on the surface, were positive, yet they reportedly didn't measure up to the competition, showing a 12.4% weight loss versus 15% for Novo Nordisk A/S (NVO 48.20, +2.82, +6.21%) weight-loss drug pill and an overall dropout rate of 24.4% at the highest dose.

The underwhelming results mask a generally positive earnings report for the company, which beat EPS expectations by $0.71, beat revenue expectations, and raised FY25 guidance.