Stock market today: Live updates

GE Aerospace rose as much as 2% intraday Tuesday, bringing its year-to-date gain to 59%, after renewing CEO Lawrence Culp’s employment contract through at least 2027, and possiby through 2028, according to a filing made late Monday to the Securities and Exchange Commission.

Culp’s previous emplloyment agreement was due to expire August 17, 2024. Culp, who has led GE since 2018, will receive a base salary of $2 million a year, a target annual bonus that’s 200% of the base salary, an annual stock award of $15.25 million starting in 2025 and a one-time equity performance award tied to compound annual growth rate for adjusted earnings per share in the four years through 2027.

“The combination of this performance condition and service conditions is intended to promote the continued alignment of Mr. Culp’s compensation during the term of the agreement with the Company’s long-term value creation,” GE said in the filing.

Chewy shares fell another 4% Tuesday following a near 7% sell-off in the previous session. The volatile trading this week was partly triggered by a Securities and Exchange Commission filing that showed meme stock trader “Roaring Kitty” took a 6.6% stake in the pet food e-commerce retailer.

Meanwhile, Chewy’s share price has also been affected by sales of stock from the private equity firm BC Partners, which is its largest shareholder. Many believe BC could use any rally in Chewy stock to sell more of its stake, putting a temporary ceiling on the shares.

— Yun Li

Shares of Eli Lilly and Novo Nordisk tumbled 3% each after President Joe Biden and Senator Bernie Sanders called on the drugmakers to cut prices for their blockbuster weight loss and diabetes drugs in an op-ed published by USA Today on Tuesday.

Novo Nordisk’s Ozempic, which treats type 2 diabetes, has a list price of more than $900 a month, while Wegovy, which is used to treat obesity, can cost more than $1,300 for a four-dose package. Both brands contain semaglutide as the active ingredient. Eli Lilly’s tirzepatide, which is sold as Mounjaro for type 2 diabetes and Zepbound for obesity, can run patients as much as $1,100 per month.

“These drugs have the potential to be a game changer for people throughout the world struggling with Type 2 diabetes and obesity. But, as important as these drugs are, they will not do any good for the millions of patients who cannot afford them,” the two Democrats wrote. They added that the cost of the drugs could put severe financial pressure on the U.S. health-care system.

Under Biden’s administration, Medicare has begun to negotiate prices for the program’s costliest drugs. Medicare currently doesn’t cover the cost of medications for weight loss.

Analysts see sales of the drugs reaching more than $100 billion by the end of the decade.

—Christina Cheddar Berk

Tesla shares jumped 4% after the electric vehicle company posted stronger-than-expected delivery numbers for the second quarter.

Deliveries for the period came in at 443,956, topping a StreetAccount estimate of 439,000. Tesla said it produced 411,000 vehicles.

Check out some of the companies making headlines in premarket trading.

• Tesla – The electric vehicle stock declined 1.5% before the bell, following a 6% jump during Monday’s session as the company is slated to report second-quarter delivery numbers Tuesday morning.
• Atlassian Corporation — Shares advanced nearly 2% following an upgrade to overweight from Piper Sandler. Analyst Rob Owens opined that as consumers migrate their data to the cloud, the software stock could find growth. Owens added that the stock’s current price is an attractive entry point for investors.
• Paramount Global — Stock in the legacy media company climbed more than 3% following news that its streaming arm was in talks with several companies concerning a potential merger. One of the parties involved is Warner Bros Discovery and would potentially see Paramount+ merge with Max, CNBC previously reported.

Read the full list here.

— Brian Evans

Shares of Paramount Global were up nearly 4% in the premarket. CNBC reported Monday that the company is holding talks with other shops about merging its Paramount+ streaming service with another platform. One of the companies interested in such a move is Warner Bros. Discover, according to people familiar with the matter.

The May job openings and labor turnover survey is set to release Tuesday morning. Economists polled by Dow Jones anticipate the number of job openings last month to have fallen to 7.9 million, down from 8.1 million in April.

The data is due out 10 a.m. ET.

— Sarah Min

Stock futures opened little changed Monday night.

Dow Jones Industrial Average futures fell 9 points, or 0.02%. S&P 500 futures and Nasdaq 100 futures dipped 0.01% and 0.02%, respectively.

— Sarah Min