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Wall Street follows European stocks lower as Fed looms

NEW YORK (Reuters) -U.S. stocks followed their European counterparts lower on Tuesday and crude prices fell as investors parsed economic data and girded themselves for a series of central bank decisions, including an expected rate cut from the Federal Reserve. Bitcoin forged new record highs and benchmark U.S. Treasury yields steadied ahead of what is expected to be a "hawkish cut" from the U.S. central bank. "There's profit taking ahead of the Fed meeting," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.

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Why Is Diabetes-Drug Developer Biomea Fusion Stock Trading Lower On Tuesday?

On Tuesday, Biomea Fusion Inc. (NASDAQ:BMEA) revealed topline results from the ongoing COVALENT-111 study of icovamenib in patients with type 2 diabetes (T2D). Icovamenib was investigated in three different dosing arms with a primary follow-up after 26 weeks: Arm A at 100mg QD (once daily) for 8 weeks, Arm B at 100mg QD for 12 weeks, and Arm C at 100 mg QD for 8 weeks and 100mg BID (twice daily) for 4 weeks. Also Read: FDA Removes Clinical Hold On Biomea Fusion’s Early-Stage Trials For Potential

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