Wall Street stumbled in premarket trading Tuesday ahead of a busy week of inflation reports and the Federal Reserve’s latest interest rate policy decision.
Wall Street stumbled in premarket trading Tuesday ahead of a busy week of inflation reports and the Federal Reserve’s latest interest rate policy decision.
Futures for the S&P 500 shed 0.3% before the bell, while futures for the Dow Jones Industrial Average slid 0.4%.
Eli Lilly shares rose 2.2% before the bell after the company won the backing of federal health officials for its Alzheimer’s drug donanemab. Food and Drug Administration advisers voted unanimously that the drug’s ability to slow the disease outweighs its risks, setting the stage for its full approval later this year.
General Motors got a small lift early after automaker announced that its board approved a $6 billion stock buyback. Its shares rose another 1% and are up more than 32% this year.
Treasury yields came down a bit in the bond market ahead of reports later in the week that will show whether inflation improved last month at both the consumer and wholesale levels.
On Wednesday, the Federal Reserve will announce its latest decision on interest rates. Virtually no one expects it to move its main interest rate then.
