Lilly Holds Up Amid Drug Stock Declines; Boeing Reports Mixed Delivery Results
Drug stocks faced pressure on Tuesday as Novartis reported setbacks in multiple Phase 3 trials for a drug targeting lipoprotein(a), leading to an 11% drop in its shares. Amgen also fell nearly 9%, dragging down the Dow Jones Industrial Average, while Eli Lilly saw only a modest decline of about 2%. JPMorgan reiterated Lilly as one of their top U.S. large-cap biopharma picks due to strong obesity drug growth and promising pipeline developments. Boeing reported mixed delivery results in August with total aircraft deliveries falling slightly compared to the same period last year and July's numbers, though there were signs of improvement for its 737 Max jets. Analysts noted that Boeing is on track to meet its full-year delivery targets by September. Despite recent stock volatility tied partly to oil prices, no order cancellations have been reported in August. The market remains cautious ahead of key inflation data releases later this week—PPI and CPI—which could influence the Federal Reserve's policy decisions.
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