Wall Street stocks head for quarterly gains as Lilly trial data weighs on shares

Traders Union
All News
Financial News
Wall Street quarterly gains

Highlights

S&P 500 is up about 2.6% and Nasdaq about 3% for the quarter, buoyed by tech shares despite rising Treasury yields and easing Fed hike expectations.
Eli Lilly shares fell after mid-stage EloraTZP trial data showed 23.3% weight loss versus 14.8% for tirzepatide alone but with more adverse events, narrowing potential market impact.
Micron is set to report quarterly revenue of $51.07 billion and adjusted EPS of $31.61, with next quarter forecasts at $57.02 billion and $35.40, respectively, after market close.

Market momentum and key company catalysts

As reported by CNBC, Wall Street is extending its quarterly advance on the final trading day of September, with the AI trade helping lift technology shares even as bond markets remain under pressure. The S&P 500 is on pace for a modest monthly gain and is up about 2.6% for the quarter, while the Nasdaq is advancing more than 2% in September and about 3% over the past three months.

Investors are pushing stocks higher even after longer-dated Treasury bonds sell off and send yields up. That move comes despite August personal consumption expenditures price data coming in softer than expected and reducing expectations for a Federal Reserve rate hike at its October meeting.

Eli Lilly shares are turning lower late in the session after the company releases mid-stage trial results for EloraTZP, a combination of investigational amylin receptor agonist Eloralintide and tirzepatide. The study shows stronger weight loss than high-dose tirzepatide alone, 23.3% versus 14.8%, but also more frequent adverse events, raising questions about whether the combination can improve tolerability for obesity patients.

Lilly says many of the most common adverse events occur during dose escalation, and it plans to use an optimized escalation schedule in Phase 3. The data suggests the therapy may ultimately serve a narrower segment of the company's obesity portfolio, while standalone Eloralintide still appears to hold promise as Lilly expands in the market.

Apple outlook and Micron earnings in focus

Apple is trying to avoid a three-session losing streak after gaining 2% in Wednesday's broader tech rally, with investor attention split across several product-related headlines. Bloomberg reports, citing Counterpoint Research data, that Apple could sell about 6 million iPhone Duos when the foldable devices launch next month.

In a separate release dated Tuesday, Counterpoint says initial uptake of iPhone 18 Pro models in China is stronger than that of last year's 17 Pro lineup, although the comparison is incomplete because base-model iPhone 18 devices are due later this year. Bloomberg also reports that Apple is developing a home hub with a 6-inch square display, expanding into a category where Amazon and Alphabet already compete.

The article also points to a potentially faster product launch cadence under CEO John Ternus, who takes over from Tim Cook on Sept. 1 after previously serving as Apple's hardware chief. Elsewhere in the sector, Micron is due to report earnings after the closing bell, with LSEG data showing analyst expectations for quarterly revenue of $51.07 billion and adjusted earnings per share of $31.61, followed by projected revenue of $57.02 billion and adjusted EPS of $35.40 for the quarter ending in November.

Our earlier coverage of Weiss Ratings’ Weiss Tech Breakout service explained how the company is packaging investment research around AI, robotics, and space innovation for retail subscribers. We outlined the service’s three model portfolios and the thesis that these next-generation technology themes could drive a major multi-trillion-dollar growth wave through 2030.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.