The Dow and S&P 500 eased on Thursday as shares of Eli Lilly fell after disappointing data for its oral weight loss drug. Meanwhile, the Nasdaq managed a record closing high. U.S. President Donald Trump nominated Council of Economic Advisors Chairman Stephen Miran to serve out the remaining term of Federal Reserve Governor Adriana Kugler.
Eli Lilly’s stock ended down 14.1% after the company released late-stage data for its oral weight loss drug, which disappointed investors. The Dow Jones Industrial Average fell 0.5%, while the S&P 500 lost 0.1%. In contrast, the Nasdaq Composite gained 0.3%.
Trump’s tariffs on imports from dozens of countries also had an impact on the markets. The average U.S. import duty rose to its highest in a century. However, Apple shares rose 3.2% after Trump largely exempted industry heavyweights from his threat to impose a 100% levy on chips and semiconductors.
The S&P 500 has hit 15 record closing highs this year, while the Nasdaq has posted 17 all-time closing highs so far in 2025. Market expectations for a September rate cut of at least 25 basis points from the Fed remained largely the same.
Weekly initial jobless claims rose to a seasonally adjusted 226,000, the highest level since the week ended July 5. Rate cut expectations stood at 93.2%, down slightly from the prior session and well above the 37.7% from a week ago.
Source: https://www.reuters.com/business/sp-500-eases-with-eli-lilly-nasdaq-manages-record-closing-high-2025-08-07