S&P 500 eases with Eli Lilly; Nasdaq manages record closing high
Thu August 7, 2025 5:00 PM
All three indexes started the day well into the black, especially tech where the Nasdaq reached another record high, but then all quickly began a decline, the S&P and Dow almost immediately in the red, the Dow heading to a 3-digit loss, and the Nasdaq bouncing back into the black at the 11th hour for a modest gain. There are several things that could trigger today’s sell off, not the least of which were dozens of new tariffs that took effect today, plus Trump’s choices for replacing the departing Fed Gov.
There was also a report from Reuters nominating Fed Gov Waller to be the new Chair come January. Another big drag is attributed to Eli Lilly and the disappointing data on its new weight loss drug. Or it could be just plain rally fatigue as mentioned by today’s expert that, until today, the market was more or less ignoring the tariff news. Job claims came in 5,000 over estimates but the odds of a September rate cut now stand at 93.2%, way over the 37.7% from just a week ago. At 17.4 billion, volume is getting closer to the 18.2 average.
DJ: 44,193.12 +81.38 NAS: 21,169.42
+252.87 S&P: 6,345.06
+45.87 8/6
DJ: 43,968.64 -224.48 NAS: 21,242.70
+73.27 S&P: 6,340.00
-5.06 8/7
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