Labor market data shows signs of weakness with rising jobless claims and low hiring rates. ADP reports a decline in service sector payrolls in June, potentially impacting BLS data. The Fed may be relying too heavily on government data, which could lead to delayed or insufficient policy responses. Eli Lilly reports strong earnings, exceeding expectations and raising revenue guidance. Despite positive results, the stock fell due to lower-than-expected weight loss results in FDA trials for its obesity drug. Investors view Eli Lilly as having advantages over its competitor Novo Nordisk in the obesity drug market.

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