US stocks inched lower on Tuesday, extending the slight drop from the previous session and trackingTreasury bonds amid fresh concerns over the independence of the Federal Reserve and new threats of tariffs.
The three main equity indices were marginally below the flatline. President Trump started the process to fire Fed Governor Cook on allegations of mortgage fraud, extending the President's efforts to influence FOMC members amid persistent calls that interest rates should be over two percentage points lower. The dented demand for risk for equities, even if the dollar and long-maturity bonds fell.
On the corporate front, chips were mixed and Nvidia was marginally higher ahead of its earnings results tomorrow after the bell, set be a catalyst for volatility in the heavyweight tech sector for a benchmark in artificial intelligence demand.
In the meantime, Eli Lilly shares were over 3% higher after test results showed its new obesity pill helped patients lose 10% of their body weight.
Source : Trading Economics
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