Stock Market Update

The stock market is on track for a lower opening this week as investors await updates on the state of negotiations between the U.S. and Iran.

Even without this weekend's escalation in geopolitical tensions, a pullback wouldn't be surprising given the major averages' rapid move from near-correction levels to fresh record highs in just three weeks.

In corporate news, Eli Lilly (LLY 925.99, -1.04, -0.1%) is set to acquire Kelonia Therapeutics, and Kelonia shareholders will receive up to $7.00 billion in cash, inclusive of an upfront payment of $3.25 billion, and subsequent payments upon achievement of certain clinical, regulatory, and commercial milestones.