Tech Stocks See Tepid Bounce, Eli Lilly Gains Momentum Amid Obesity Drug Expansion
Stocks edged higher on Monday as investors looked to rebound from last week's tech sell-off and found some support in chip stocks. The iShares Semiconductor ETF (SOXX) is set to end a nine-day losing streak — its worst since May 2006 — though the rally remains modest, with CoreWeave turning negative for the day. Meanwhile, Eli Lilly continues gaining traction as new data from Bank of America's physician survey supports growth in the obesity drug market. The firm raised its price target on Lilly shares to $1,397 and noted that oral GLP-1 drugs like Foundayo are attracting a large share of patients who have not previously used such treatments. The broader market remains cautious with defensive sectors losing ground as money flows into semiconductors. Oil prices rose slightly, pushing up Treasury yields amid inflation concerns.
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