Wall Street Ends Strong Q3 Amid Mixed Obesity Drug Trial Results from Eli Lilly
The S&P 500 and Nasdaq closed higher on September's final day, marking a strong third-quarter performance despite rising oil prices and bond yields. The AI sector led the rally in both monthly and quarterly returns, with Intel, Meta Platforms, CrowdStrike, Salesforce, and Microsoft among top performers. However, FedEx Freight, Home Depot, Qnity Electronics, and Goldman Sachs lagged behind. Eli Lilly's stock fluctuated after mixed results from a mid-stage trial of its obesity drug EloraTZP, which combines tirzepatide with an amylin receptor agonist. While the combination showed greater weight loss than high-dose tirzepatide alone (23.3% vs 14.8%), it also led to more frequent adverse events, raising concerns about tolerability. Apple's stock rose in a broader tech rally amid reports of strong initial demand for its new iPhone models and foldable devices expected next month.
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Topics: AI stocks clinical trials Fed policy stock market Treasury yields