S&P 500 Slips as Eli Lilly Drops; Nasdaq Hits Another Record Close

U.S. stocks ended mixed on Thursday, with the S&P 500 and Dow slipping while the Nasdaq managed to close at a record high.

Eli Lilly shares sank 14.1% after late-stage trial data for its oral weight-loss drug disappointed investors, despite the company raising its full-year profit and sales forecast. Cybersecurity firm Fortinet also saw a sharp drop, sliding 22% after its revenue outlook fell short of expectations.

Market sentiment cooled as investors digested fresh tariff moves from President Donald Trump. Higher duties on imports from dozens of countries took effect Thursday, pushing U.S. import tariffs to their highest level in a century. Trump also announced his nomination of Stephen Miran to the Federal Reserve board, and reports suggested Fed Governor Christopher Waller is his top choice for Fed Chair.

The Dow Jones Industrial Average fell 224.48 points (0.51%) to 43,968.64, the S&P 500 slipped 5.06 points (0.08%) to 6,340.00, while the Nasdaq Composite gained 73.27 points (0.35%) to close at 21,242.70. This marks the Nasdaq’s 17th record close of 2025, with the S&P 500 achieving its 15th.

Intel shares lost 3.1% after Trump called for the immediate resignation of new CEO Lip-Bu Tan, citing concerns over his ties to Chinese firms. On the upside, Apple rose 3.2% after the administration confirmed that its latest tariff plan on semiconductors would not apply to major U.S. manufacturers or those committed to domestic production.

On the economic front, weekly jobless claims rose by 7,000 to 226,000, the highest in a month and slightly above expectations. Rate cut bets for September remained strong, with markets pricing in a 93% chance of at least a 25 basis point cut from the Fed.

Market breadth was slightly negative, with declining issues outnumbering advancers on both the NYSE and Nasdaq. Trading volume stood at 17.40 billion shares, just below the 20-day average.