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5 Things to Know Before the Stock Market Opens Tuesday

Cristina Arias | Cover | Getty Images
  • Microsoft is planning for $500 billion in revenue by fiscal year 2030.
  • Eli Lilly's experimental obesity drug could be the most effective one yet.
  • Lordstown Motors filed for bankruptcy protection and sued Foxconn.

Here are the most important news items that investors need to start their trading day:

1. In a funk

The Dow heads into Tuesday on a six-session losing streak, while the other two major indices are coming off a down day. The S&P 500 fell 0.5%, while the tech-laden Nasdaq slipped 1.2%. All in all, though, stocks are on track to finish the month and the quarter higher. Investors will get more economic data to consider Tuesday, as well: consumer confidence and home sales readings are on the schedule. Follow live market updates.

2. Microsoft sees a big future

Microsoft CEO Satya Nadella speaks at the company's Build developer conference in Seattle, May 23, 2023.
Microsoft
Microsoft CEO Satya Nadella speaks at the company's Build developer conference in Seattle, May 23, 2023.

Microsoft aims to more than double its revenue by fiscal year 2030, specifically targeting $500 billion. CEO Satya Nadella laid out that goal in a memo last year that came to light Monday, during a court hearing over Microsoft's nearly $70 billion deal to buy video game giant Activision Blizzard. It was a rare glimpse into the tech giant's long-term goals. Nadella also described a plan to return money to shareholders through dividends and buybacks. "We believe this ambition and approach will help us deliver in excess of 10% annual returns to our shareholders over that timeframe," the CEO wrote in the document, which was dated a little over a year ago.

3. Obesity drug race heats up

Eli Lilly may be on the verge of changing the weight-loss game. The pharma giant released results from a mid-stage trial for its experimental drug retatrutide, and the findings were eye-opening. On average, patients lost more than 17% of their weight, or about 41 pounds, after 24 weeks. After 48 weeks, those numbers jumped to 24%, or 58 pounds. That would likely make the Lilly drug the most effective obesity drug yet, according to experts. And, according to the researchers, there's no indication those results would plateau after 48 weeks, immediately triggering curiosity about a longer trial. Eli Lilly is recruiting for a Phase 3 study now.

4. Lordstown's last legs

U.S. President Donald Trump speaks next to Lordstown Motors employees Michael Fabian and Rich Schmidt while inspecting the Lordstown Motors 2021 endurance truck, an electric pickup truck, on the South Lawn at the White House in Washington, U.S., September 28, 2020.
Carlos Barria | Reuters
U.S. President Donald Trump speaks next to Lordstown Motors employees Michael Fabian and Rich Schmidt while inspecting the Lordstown Motors 2021 endurance truck, an electric pickup truck, on the South Lawn at the White House in Washington, U.S., September 28, 2020.

The saga of Lordstown Motors has taken its ugliest turn yet. The electric vehicle startup, created as the result of national and local political pressure during the Trump administration, filed for bankruptcy protection early Tuesday morning. It also sued Apple iPhone maker Foxconn, which had invested in Lordstown. The struggling EV maker accused Taiwan-based Foxconn in its suit of fraudulent activity, alleging that it failed to live up to promises to invest up to $170 million in the auto company. Lordstown, which makes the Endurance pickup at its Ohio factory, also put itself up for sale.

5. Putin speaks

Russian President Vladimir Putin meets with the country's top security officials in Moscow on June 26, 2023.
Valery Sharifulin | Afp | Getty Images
Russian President Vladimir Putin meets with the country's top security officials in Moscow on June 26, 2023.

Russian President Vladimir Putin on Monday spoke for the first time since the Wagner mercenary group abandoned its short-lived rebellion over the weekend. He sounded and looked angry as he condemned the mutineers as "criminals" and vowed to bring the planners to justice. It was unclear what he meant by that, given that Wagner leader Yevgeny Prigozhin, a previous longtime Putin ally, had already accepted exile to Belarus. Putin's regime has clearly lost credibility on the world stage, given his military's quagmire in Ukraine and the weekend uprising. His address, delivered late at night in Moscow time, doesn't appear likely to help his standing. Follow live war updates.

– CNBC's Alex Harring, Jordan Novet, Annika Kim Constantino, John Rosevear, Christina Wilkie and Elliot Smith contributed to this report.

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