Wall Street stumbled in premarket trading today ahead of a busy week of inflation reports and the Federal Reserve’s latest interest rate policy decision, according to the Associated Press. 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.
General Motors got a small lift early today after the automaker announced that its board approved a $6 billion stock buyback.
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.
In other dealings, U.S. benchmark crude oil fell 12 cents to $77.62 per barrel in electronic trading on the New York Mercantile Exchange. Oil is down 12.8% since early April, and lackluster demand has given drivers some relief at the gas pump as the summer travel season gets into gear. Brent crude, the international standard, fell 11 cents to $81.52 per barrel.
The U.S. dollar inched up to 157.07 Japanese yen from 157.04 yen.
