Stocks Sink as Investors Digest Fed Statement, and Eli Lilly’s Breakthrough for Alzheimer’s 5/3/23

Major markets closed near their lows of the day after central bank chair Jerome Powell ruled out rate cuts in the near future, as inflation remains stubbornly high. Stocks were initially volatile after the latest rate hike, but the S&P closed down 0.7%. Meanwhile, shares of Eli Lilly hit another all-time high after positive results for its Alzheimer’s drug. What it could mean for the company and investors. Fast Money Disclaimer