CNBC Daily Open: A 'crazy' summer

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe  here .

End of a run
Wall Street closed lower ending a multi-session winning streak. After an eight-day run-up, the S&P 500 and the Nasdaq Composite climbed 0.2% and 0.3% respectively. The Dow Jones Industrial Average dropped 0.2%, snapping a five-day win streak. Boeing was among the biggest decliners, down 4.2%, after finding defects on engine mounting structures on a 777X test plane. Meanwhile, the yield on the 10-year Treasury was little changed as investors await minutes from the Federal Reserve's July meeting due Wednesday. U.S. oil prices fell below $74 a barrel on demand concerns. 

Diabetes risk cut
Eli Lilly's weight loss drug tirzepatide, used in Zepbound and Mounjaro, reduced the risk of developing Type 2 diabetes by 94% in obese or overweight adults with prediabetes, according to preliminary findings from a long-term study. The trial, which studied over 1,000 participants over 176 weeks, also showed sustained weight loss, with patients on the highest dose losing 22.9% of body weight on average. The results highlight the potential of GLP-1 drugs in delaying diabetes and offering significant long-term health benefits for people with obesity and prediabetes. Eli Lilly's shares rose 3%.

Shein sues Temu
Chinese-linked fast-fashion retailer Shein is suing rival Temu for allegedly stealing its designs and engaging in counterfeiting, intellectual property infringement and fraud. Shein, which filed the suit in Washington D.C. on Monday, is fending off similar allegations from the likes of Levi Strauss