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Dow Jones Today | US Stock Market Highlights: U.S. stocks weakened on Monday, with Wall Street turning the page on a volatile month as a war-related jump in crude prices revived inflation fears and raised the likelihood of tighter monetary policy. Eli Lilly & Co. plans to acquire privately held Merida Biosciences Inc. for up to $2.88 billion in cash, expanding its presence in autoimmune and allergic diseases as it looks to diversify beyond the weight-loss and diabetes markets that have driven its rapid growth, according to a Bloomberg report. Merida is developing therapies designed to target disease-causing autoantibodies while preserving the immune system’s normal functions. Its lead candidate, MER511, is in early-stage trials for Graves’ disease and thyroid eye disease, conditions where existing treatments do not directly address the underlying causes. The company is also developing a treatment for food allergies, asthma and related conditions. OpenAI on Monday said ChatGPT Ads, the company's advertising business, has reached $1 billion in annualized revenue run rate, as adoption picks up and global expansion rolls out. The company started testing ads in ChatGPT U.S. earlier this year and has steadily expanded to add advertisers and tap into more markets, as it banks on advertising to boost overall revenue growth ahead of a potential IPO. Here are more details: * Starting on Monday, advertisers across India, Europe, the Middle East and North Africa can purchase ChatGPT ads directly via OpenAI's Ads Manager — a tool it has already rolled out in the United States. * Ads Manager has been helpful in drawing small- and medium-sized businesses (SMBs) to advertise on ChatGPT, the company said, adding that SMBs now represent a "material share" of its ads business. * Emarketer AI analyst Nate Elliott said the announcement was "incredibly impressive and terribly disappointing," as the $1 billion annualized revenue run rate suggests OpenAI is falling well short of its $2.5 billion advertising revenue target for 2026. U.S. President Donald Trump is expected to announce a new round of drug-pricing agreements on Monday, a White House official said, part of a push to make healthcare more affordable for Americans. Bayer, Takeda, CSL and several mid-size biotechs are expected to announce deals, The Financial Times reported, citing two people familiar with the matter. - BofA Global Research said in a note Six months into the U.S.-Israeli war with Iran, Washington may find it harder to calm jittery oil markets after U.S. presidents drained the aging Strategic Petroleum Reserve over the last five years. The SPR, which Washington created after the oil crises of the 1970s, holds crude in a series of 60 underground salt caverns along the coasts of Texas and Louisiana. After years of releases by former President Joe Biden and President Donald Trump, the reserve is at its lowest level since 1982, holding just 289.7 million barrels. The level will drop to about 243 million if Trump releases a final batch of 39 million barrels from a March agreement with the International Energy Agency. More than 30 countries agreed then to release a record 400 million barrels, with the U.S. contributing 172 million, in an effort to calm markets after the U.S. and Israel launched the war on Iran on February 28. Wall Street's main indexes opened lower on Monday after military strikes between the U.S. and Iran drove up oil prices, fanning inflation worries as the interest-rate outlook turns more hawkish. The Dow Jones Industrial Average fell 97.4 points, or 0.18%, at the open to 53,462.6. The S&P 500 fell 14.2 points, or 0.18%, at the open to 7,697.52, while the Nasdaq Composite dropped 43.9 points, or 0.17%, to 26,358.559. (Read More) A consumer inflation report earlier this month showed price pressures were mild, but the Personal Consumption Expenditures reading, the Fed's preferred gauge, was hotter than expected. Traders see a nearly 60% chance of a rate hike at the September meeting, according to the CME FedWatch tool, a sharp increase from 41.4% a week ago, after Fed Chair Kevin Warsh said policymakers may need to increase interest rates if inflation doesn't ease to the central bank's 2% target.
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