The U.S. Commodity Futures Trading Commission has blocked prediction market Kalshi from canceling trades to comply with a Michigan court order, escalating a conflict between federal and state oversight of sports-related event contracts.
The U.S. Food and Drug Administration has approved Celcuity's first-ever drug, Revtorpyk, for a specific type of advanced breast cancer, based on trial data showing a significant reduction in disease progression.
Investors are focused on Wednesday's economic calendar, which features the Producer Price Index for an update on wholesale inflation and the EIA's weekly report on crude oil inventories. The Federal Reserve's Beige Book will also be released, providing an anecdotal snapshot of the U.S. economy.
A slate of bellwether companies, including semiconductor giant ASML, investment bank Morgan Stanley, and healthcare leader Johnson & Johnson, are scheduled to release their quarterly financial results on Wednesday, July 15.
Financial and semiconductor giants like Goldman Sachs and Lam Research rallied in Tuesday trading, while chip designer Arm fell. Electric vehicle maker Lucid Group was the day's biggest loser, with its stock plummeting over 46%.
Shares of industrial supplier Fastenal fell after its second-quarter earnings report revealed a significant drop in gross margins, raising investor concerns about profitability despite revenue that surpassed analyst expectations.
A U.S. federal judge has dismissed a proposed class-action lawsuit against Apple over child sexual abuse material on its iCloud service, ruling the company is shielded from liability by Section 230 of the Communications Decency Act.
Goldman Sachs lowered its rating on the eVTOL manufacturer to Neutral from Buy and slashed its price target, citing a longer-than-expected timeline for the commercial deployment of its aircraft.
Lucid Group stock recovered from a 55% plunge after the EV maker called bankruptcy rumors 'completely false,' though it confirmed it is working with a restructuring adviser to improve operations.
