S&P 500 Gains and Losses Today: Eli Lilly Soars on Growing Demand for Weight-Loss Drugs

Market Overview - The S&P 500 rebounded by 2.3% on August 8, 2024, marking its strongest daily performance since November 2022, driven by positive jobless claims data that alleviated economic concerns [1] - The technology sector led the market recovery, with the Nasdaq rising by 2.9% and the Dow increasing by 1.8% [1] Company Performance - Monolithic Power Systems (MPWR) shares surged by 11.4% after reporting strong quarterly results, exceeding revenue and EPS expectations due to rising demand for AI power solutions [2] - Parker-Hannifin (PH) shares increased by 10.8%, benefiting from robust demand in its aerospace services segment and surpassing quarterly sales and profit estimates [2] - Eli Lilly (LLY) shares rose by 9.5% following better-than-expected sales and profits for Q2, driven by strong performance from its diabetes and weight-loss treatments, leading to an upward revision of its full-year revenue and earnings outlook [3] - McKesson (MCK) shares fell by 11.3% after missing quarterly sales estimates, attributed to fewer product launches and declining demand for COVID test kits [3] - Monster Beverage (MNST) shares declined by 10.9% due to weaker-than-expected financial results, impacted by slower foot traffic at convenience stores [3] - Warner Bros Discovery (WBD) shares dropped by 8.9% after reporting a nearly $10 billion loss for Q2, which included a significant noncash goodwill impairment charge related to its cable networks [4]