Nvidia Rises, Novartis Slumps 11% After Phase 3 Setbacks, Boeing August Deliveries Fall

According to CNBC, stocks fell at the start of the holiday-shortened week as higher oil prices and bond yields pressured the S&P 500 and the Nasdaq, while chip names and other AI infrastructure stocks extended last week’s rebound after the announcement of the Nvidia Blackwell-trained OpenAI GPT-6 Astra model. Nvidia hit session highs early in the day and was only a few dollars below its May record before reversing to trade down nearly 2% in afternoon trading. Healthcare shares also weakened after Novartis reported setbacks across several Phase 3 drug trials, including a study of a medicine aimed at lowering lipoprotein(a) to reduce cardiovascular events; the trial lowered Lp(a) but did not significantly improve cardiovascular outcomes, and Novartis fell 11%. Amgen dropped about 9% and was the biggest drag on the Dow Jones Industrial Average, while Eli Lilly fell 2% after JPMorgan reiterated it as one of its three top ideas in U.S. large-cap biopharma alongside Gilead and AbbVie. Boeing said Tuesday that August deliveries fell to 51 aircraft from 57 a year earlier and 53 in July, while 737 Max deliveries totaled 41, down one from a year ago but up two from July. Jefferies said Boeing’s 418 year-to-date deliveries through August represent 63% of its full-year estimate of 659, and it expects September to be the first month of rollouts closer to a targeted 47 per month rate.