The S&P 500 opened lower on Monday, retreating from its previous day’s gain due to a strong jobs report last Friday. However, it managed to stay away from its worst levels in the session. The yield on the 10-year Treasury remained relatively unchanged after spiking last week and reaching 4.8% on Monday.
Technology stocks were the biggest losers due to higher interest rates and profit-taking after a strong 2024. Eli Lilly announced plans to acquire Scorpion Therapeutics’ experimental cancer treatment for $2.5 billion, boosting its oncology pipeline.
Eli Lilly CEO Dave Ricks expects the company’s oral weight loss pill, orfoglipron, to be approved in early 2026. The pill has potential due to convenience and manufacturing ease compared to injectable options. Shares of Honeywell rose after Bloomberg reported the company plans to separate its aerospace business from its automation business.
KB Home will release earnings after the closing bell on Monday, while Bristol-Myers CEO Chris Boerner will discuss his company’s latest developments in Jim Cramer’s “Mad Money” interview. The producer price index (PPI) report is key for inflation data this week, followed by the consumer price index (CPI) on Wednesday.
Source: https://www.cnbc.com/2025/01/13/eli-lilly-deal-for-cancer-treatment-updates-oral-weight-loss-pill.html