Stock Market Update
31-Aug-26 10:35 ET
Eli Lilly lower after agreement to acquire Merida Biosciences
Dow -418.23
at 53141.76,
Nasdaq -146.41
at 26277.06,
S&P -44.82
at 7666.94
[BRIEFING.COM] The S&P 500 (-0.6%), Nasdaq Composite (-0.5%), and DJIA (-0.8%) are furthering their open retreat as stocks remain mostly lower.
Eli Lilly (LLY 1152.04, -22.56, -1.92%) is firmly lower despite agreeing to acquire Merida Biosciences for up to $2.875 billion in cash and reporting encouraging one-year Phase 3b data for Taltz used with Zepbound in patients with psoriatic disease and obesity. The muted reaction suggests investors view the precision-immunology platform and combination results as potentially valuable long-term opportunities rather than immediate earnings catalysts, particularly because MER511 remains in Phase 1, the acquisition's upfront payment is undisclosed, and the Week 52 analyses were exploratory.
Eli Lilly's loss weighs on the health care sector (-0.7%), which trades broadly lower today and includes several names that have also contributed to the DJIA's underperformance so far. However, the sector is actually one of the best-performing S&P 500 sectors this morning as losses are even wider elsewhere.
