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By Staff Reporters

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Earnings season picks up: The Q2 reports will come fast and furious this week from companies including Bank of America, Tesla, major airlines, and American Express. But the most tea is expected to be spilled by Netflix, which will give an update on its password-sharing crackdown and discuss how the Hollywood strikes are impacting its business.

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A new study reports Eli Lilly’s Alzheimer’s drug slowed cognitive and functional decline for people with early stages of the disease. The data, published Monday in the Journal of the American Medical Association, found the experimental drug Donanemab slowed decline by 35% compared to a placebo group based on a measure of daily activities such as driving, managing finances and talking about current events. Researchers also shared the data at the Alzheimer’s Association International Conference in Amsterdam.

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Lilly said it submitted an application for traditional Food and Drug Administration approval earlier this year and expects the agency will act before the end of the year.

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Finally, technology shares were among the strongest performers yesterday, with the Philadelphia Semiconductor Index (SOX) surging over 2% to its highest level since January 2022. Smaller companies also performed well, with the small-cap focused Russell 2000 (RUT) up over 1% to end at a five-month high. Financial shares remained robust following mostly better-than-expected results from big banks last week. Here is where the major benchmarks ended:

• The S&P 500 Index was up 17.37 points (0.4%) at 4,522.79; the Dow Jones Industrial Average  was up 76.32 points (0.2%) at 34,585.35; and the NASDAQ Composite was up 131.25 points (0.9%) at 14,244.95.
• The 10-year Treasury note yield (TNX) was down about 2 basis points at 3.805%.
• CBOE’s Volatility Index (VIX) was up 0.14 at 13.48.

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