FDA Delivers Big Rheumatoid Athritis Disappointment for Eli Lilly and Incyte
When drugs are expected to get FDA approval and show positive data but don't, the underlying stocks of drug and biotech companies can see harsh punishment.
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Stock Market Live December 11, 2025: S&P 500 (SPY) in the Red After Nearing Record Highs
Live Updates
Newest firstRoyal Caribbean Stock Up $18 a Share
Along with recovering markets, cruise stocks are exploding higher.
Royal Caribbean (RCL), for example, is up about $18 a share after announcing a $2 billion share buyback program and a $1 dividend, which is payable on January 14, 2026, to shareholders of record as of December 26, 2025.
Going along for the ride, Carnival (CCL) is up about $1.60 a share. CCL is also up on a Stifel buy rating ahead of fourth-quarter numbers. Norwegian Cruise (NCLH) is up $1.20.
Dow Jones Now at Record Highs
Markets are attempting to shrug off Oracle’s news.
At the moment, the Dow is up about 441 points. The S&P 500 is down by about 10 points, as the tech-heavy Nasdaq attempts to push higher from a bigger morning dip.
The Dow saw a substantial boost after Visa, for example, was upgraded by analysts at Bank of America to a buy rating. The firm says Visa is trading at its lowest multiple in 10 years and has a strong and defensible moat with strong fundamentals.
Meanwhile, the Nasdaq is struggling with AI names after Oracle’s disappointing report.
Wall Street's Tom Lee Sees S&P 500 Hitting 7,700
Fundstrat’s Tom Lee sees another strong year ahead for stocks.
In fact, he says the S&P 500 could rally to 7,700 by next year. He also believes the “Wall of Worry” is now just a tailwind for markets. Lee also continues to like tech stocks, especially those tied to artificial intelligence and cryptocurrencies. In addition, he points to a new Federal Reserve chair replacing Jerome Powell as a catalyst.
“New Fed = dovish policy = positive for stocks in 2H,” he wrote, as quoted by CNBC, adding that “fed futures [are] not pricing in ‘new dovish Fed.’”
Live coverage has ended. The full story is below.
Full Coverage
The story so farJust yesterday, markets celebrated the latest quarter-point cut from the Federal Reserve, which lowered rates to a range of 3.5% to 3.75%.
With that, the S&P 500 closed up at 6,886. The SPDR S&P 500 ETF (SPY) closed at $687.57.
The central bank also announced that it would again purchase short-term bonds, thereby driving down short-term yields. It also removed language that the labor market “remained low.” That could mean the central bank may be more likely to ease to support the jobs market and not care as much about sticky inflation. At the same time, we may only see one cut next year.
Markets exploded on the news.
Today, markets are in the red thanks to Oracle earnings.
At the moment, shares of Oracle (NASDAQ: ORCL | ORCL Price Prediction) are down about 13% after Oracle posted revenue of $16.06 billion, which is less than the $16.21 billion analysts were expecting. Software revenue was. $5.88 billion, which missed estimates for $6.06 billion.
However, despite the news, analysts are still bullish.
Wells Fargo, for example, has an overweight rating with a $280 price target. Bank of America has a buy rating and a price target of $300. Barclays has an overweight rating with a price target of $310 a share. UBS has a buy rating with a $325 price target.
Obesity Stocks are Gaining Big Momentum Again
Eli Lilly (NYSE: LLY) just reported that its next-generation drug delivered what may be the highest weight loss yet in a late-stage trial – and even helped cut back on knee arthritis pain.
As noted by CNBC, “The highest dose of the drug helped patients with obesity and a type of knee arthritis lose an average of 23.7% of their body weight at 68 weeks, when analyzing all participants, including those who discontinued treatment. When evaluating only patients who stayed on the drug – essentially the best-case scenario – the highest dose delivered 28.7% weight loss on average.”
This follows news from Structure Therapeutics (NASDAQ: GPRC), which rocketed after unveiling topline data for its GLP-1 drug aleniglipron, which topped competing offerings from Eli Lilly and Novo Nordisk.
Fueling more excitement, BMO Capital raised its stock price target to $130 with an outperform rating. As noted by Investing.com, “The price target increase follows the release of positive Phase 2b data for Structure’s lead asset Aleniglipron, according to BMO Capital. BMO Capital has increased its probability of success in obesity for the drug to 70% from the previous 55%, bringing its peak adjusted sales forecast in the indication to $3.8 billion by 2035.”
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Ian Cooper
Ian Cooper is a veteran market analyst and investment strategist with more than 20 years of experience covering stocks, commodities, and macro trends. Since 1999, he has helped investors identify market opportunities using a blend of technical analysis, fundamental research, and market sentiment.
He is the creator of the ADD News Flow Strategy, which focuses on trading market reactions to major news events and investor psychology. Cooper was also among the analysts who warned about the 2008 financial crisis and major financial institution collapses ahead of the broader market.
Before joining 247 Wall St., Cooper wrote extensively for InvestorPlace and other financial publications, covering market trends, trading strategies, and investment opportunities.
