Eli Lilly hits a record high, Rivian tumbles after a new share sale, and all eyes turn to tonight’s Fed minutes. Wall Street traded mixed on Tuesday (July 7). Tech and chip names stayed under pressure, but two stocks stood out by moving in opposite directions.
Eli Lilly (LLY) climbed to a fresh record high, supported by analyst optimism around its GLP-1 portfolio. In contrast, Rivian (RIVN) suffered one of its worst sessions in nearly two years after announcing a new share offering.
Tonight, the focus shifts to the FOMC meeting minutes. Investors want a clearer read on the rate path under new Fed Chair Kevin Warsh.
Tonight's Watchlist 📈
| Stock | Movement | What to Watch |
|---|
| LLY | Record high, +2.9% (US$1,238) | JPMorgan lifts target to US$1,400; GLP-1 momentum from Mounjaro and Zepbound |
| RIVN | Down sharply, around 15% to 18% | Dilution from a ~US$1.2B share sale; how support levels hold |
| PEP | ~US$144, ahead of earnings | Q2 report tomorrow before the open; full-year guidance and FX impact |
Tonight's Catalysts 🧨
Eli Lilly hits a record high
Eli Lilly (LLY) rose about 3% and touched a fresh record high, pushing its market value above $1.1 trillion. The trigger was renewed analyst optimism. JPMorgan’s Chris Schott kept his Overweight rating and raised his price target from $1,300 to $1,400.
The momentum comes from Lilly’s GLP-1 blockbusters, Mounjaro and Zepbound. Starting July 1, the Medicare GLP-1 Bridge program may allow eligible Medicare Part D patients to access Zepbound for no more than $50 a month. The next quarterly report is expected on August 5.
Rivian falls after a new share sale
Rivian (RIVN) dropped sharply after announcing a 75 million-share public offering at $15.50 per share, raising about $1.2 billion before any underwriter option. Issuing new shares increases the share count, which dilutes existing shareholders. That dilution risk dominated the market reaction.
The operating update looked better than the stock move. Rivian held $5.3 billion in cash as of June 30 and delivered 22,559 vehicles in the first half of 2026. Preliminary Q2 revenue is expected at $1.55 billion to $1.65 billion, up from $1.3 billion a year ago.
FOMC minutes take center stage
The Fed releases the minutes from its June 16-17 meeting tonight. At that meeting, the Fed held the target range at 3.50% to 3.75%. The tone was more hawkish than markets expected, with nine officials backing at least one more hike this year.
Investors will be looking for clues on whether the Fed is leaning toward another hike, staying patient, or becoming more data-dependent after recent labor-market cooling.
Pre-Market Pulse 📊
US index futures were little changed heading into the evening session as traders held back before the Fed minutes. The added focus is on PepsiCo (PEP), which reports Q2 results Thursday before the open. Consensus expects earnings around $2.20 per share on roughly $24 billion in revenue, though several analysts have trimmed estimates recently.
For PEP, the market will focus on pricing power, volume trends, full-year guidance, and FX impact.
Macro Note 📝
The rate path remains the main theme. With the Fed holding rates at 3.50% to 3.75% and maintaining a hawkish tone, tonight’s minutes could move risk assets quickly. Any signal that officials remain open to another hike could push yields higher and pressure growth stocks. Oil also remains a watch item as geopolitical headlines keep inflation risk alive.
Conclusion
Tonight offers three different stories on one screen: healthcare strength through Lilly, dilution pressure on Rivian, and a key policy read from the Fed minutes.
If you are tracking all three, the key is separating long-term catalysts from short-term market noise.
PepsiCo tomorrow adds one more data point on consumer demand. Watch the moves, but also watch the market reaction.
What stocks are you watching tonight?
