US stocks closed mixed as Eli Lilly shares fell following disappointing data from its oral weight loss drug.
Eli Lilly shares fell 14.1% after data on its drug orforglipron was released, even though the company raised its full-year profit and sales forecasts.
Fortinet shares fell 22% after the cybersecurity company reported lower-than-expected revenue.
The Dow Jones Industrial Average fell 0.51% to 224.48 points, the S&P 500 rose 0.08% to 5.06 points, while the tech-focused Nasdaq rose 0.35% to 73.27 points.
In other news, President Donald Trump announced that he will nominate Council of Economic Advisers Chairman Stephen Miran to fill the remaining term of Federal Reserve (Fed) Governor Adriana Kugler.
Miran is also expected to hold the position until Jan. 31, 2026, while Trump continues to search for a permanent successor.
Meanwhile, weekly initial jobless claims rose by 7,000 to a seasonally adjusted 226,000, the highest since the week ended July 5 and slightly above the 221,000 forecast by economists surveyed by Reuters.
According to CME's FedWatch, the market now expects a 93.2% chance of the Fed cutting interest rates in September - down slightly from 94.6% previously, but much higher than the 37.7% recorded last week.
Investors are looking at a Bloomberg report that said Fed Governor Christopher Waller is Trump's leading candidate to take over as chairman of the US central bank.
This comes after Trump repeatedly criticized Chairman Jerome Powell and urged him to resign over his dissatisfaction with monetary policy.
Trading volume on US exchanges recorded $17.40 billion compared to an average of $18.23 billion over the full 20 trading days.
