Eli Lilly's weight loss pill gets first European approval -- plus, oil holds back stocks

U.S. stocks slid Tuesday as investors weighed uncertainty around an Iran deal and the reopening risk for the Strait of Hormuz. The S&P 500 was down 0.4% and headed for a second straight down day after a record close Friday, while U.S. oil prices rose to above $83 a barrel after dipping near $81. Eli Lilly also gained momentum: the U.K. approved its oral GLP-1 weight-loss drug Foundayo, giving it its first European regulatory approval. Foundayo is semaglutide’s “catch-up” rival to Novo Nordisk’s oral Wegovy, though Foundayo’s orforglipron is taken without food or water restrictions. Quarter revenue was $98 million, below estimates.