Stock Market News: S&P 500 slides, Eli Lilly’s buys Dice, missing sub latest

Former Nissan chief Carlos Ghosn has filed a $1 billion lawsuit against the automaker
and roughly a dozen unnamed individuals in Beirut after spending time in a Japanese prison, Lebanese officials said Tuesday.

Filed last month, Ghosn’s lawsuit accuses Nissan and the individuals of defamation and by “fabricating charges” that had him arrested in November 2018. Charges included breach of trust, misusing company assets for personal gains and violating securities laws by not fully disclosing his compensation.

The Biden administration will rely on the chairman of Google parent Alphabet, John Hennessy, and four other tech professionals for the research and development of new computer chips, the Commerce Department is expected to announce Tuesday, according to Reuters.

Rivian Automotive and Tesla inked a deal for access to the Elon Musk-run company’s Supercharger network for electric vehicles (EVs).

Rivian, which is based in Irvine, California, said Tuesday morning that access to Tesla’s network will initially come through adapters for its EVs. Those adapters will roll out “as early as spring 2024,” according to the electric vehicle maker.

Hyundai Motor CEO Jaehoon Chang said Tuesday the automaker is considering making its vehicles more compatible with Tesla’s North American charging standard.

With the EV maker’s superchargers accounting for roughly 60% of available U.S. fast chargers, both Ford and General Motors have already made deals with Tesla to harness its charging technology, now referred to as the North American Charging Standard.

Eli Lilly is paying $2.4 billion for DICE which sent shares of the biotech company higher. The acquisition will give the drug maker a larger foothold in the auto immune disease category.

“In combination with its novel technology and expertise in drug discovery, DICE’s talented workforce and passion for innovation will enhance our efforts to make life better for people living with devastating autoimmune diseases,” said Patrik Jonsson, executive vice president, president of Lilly Immunology and Lilly USA, chief customer officer. 

U.S. stocks fell across the board as investors returned from the long weekend. The Dow Jones Industrial Average fell over 300 points led lower by Intel and Boeing. The S&P 500 also fell with energy stocks leading the declines as oil fell over 2% to the $70 per barrel level.

Americans are saddled with credit card debt but some states are fairing better than others. A new survey breaks down the areas with the highest and lowest debt levels.

Two passengers on OceanGate’s missing Titanic touring submarine are a father and son from one of Pakistan’s richest families.

Lawmakers are demanding answers over reports the IRS is becoming more aggressive with house calls on taxpayers.

Chinese retail giant Alibaba, founded by billionaire Jack Ma, is shaking up the C-suite.