Midday movers: Nvidia, Eli Lilly rise; BP, Novo Nordisk fall

(Updated - July 9, 2024 11:31 AM EDT)

Investing.com -- U.S. stock futures edged higher Tuesday following the start of two-day testimony from Fed chief Jerome Powell to Congress. Powell said the economy has made considerable progress toward the Federal Reserve's 2 percent inflation goal, and labor market conditions have cooled while remaining strong.

Here are some of the biggest U.S. stock movers today:

• Intel (NASDAQ:INTC) stock fell 0.1% after gaining over 6% in the previous session, while Nvidia (NASDAQ:NVDA) rose 3% and Marvell (NASDAQ:MRVL) was down 1.2%, as stocks linked with AI were mixed.

• Pfizer (NYSE:PFE) (PFE) stock fell 2% after it announced its chief scientific officer Mikael Dolsten would step down after a more than 15-year career at the drugmaker.

• Eli Lilly (NYSE:LLY) stock rose 0.8% and Novo Nordisk (NYSE:NVO) stock fell 1.8% after the publication of a data analysis showing Eli Lilly's treatment Mounjaro leads to faster and greater weight loss than Novo’s popular obesity drug Wegovy.

• Lucid Group (NASDAQ:LCID) stock fell 3% after the EV manufacturer will have to recall over 5,000 of its 2022-2023 Air luxury sedans due to a software error that could cause a loss of power.

• BP (NYSE:BP) ADRs fell 4.1% after the energy giant warned that its second-quarter results will be hit by lower refining margins and it also expects to post an impairment of up to $2 billion.

• Helen of Troy (HELE) stock slumped 30% after the consumer products company reported disappointing first-quarter results and slashed its full-year outlook, amid particular weakness in its beauty and wellness business.

• UiPath Inc. (NYSE:PATH) fell 7% after it announced plans to cut around 10% of its global workforce.

• ServiceNow (NYSE:NOW) declined 3.5%, extending yesterday's fall, after analysts downgraded the stock to "sell" due to concerns about risks to its business in the second half of the year.

Additional reporting by Louis Juricic