--- title: "US STOCKS-S&P 500 eases with Eli Lilly; Nasdaq manages record closing high" description: "U.S. stocks saw mixed results as the S&P 500 dipped 0.1% and the Dow fell 0.5%, influenced by Eli Lilly's disappointing drug data, which led to a 14.1% drop in its shares. The Nasdaq, however, achieve" type: "news" locale: "en" url: "https://longbridge.com/en/news/252106357.md" published_at: "2025-08-07T21:00:09.000Z" --- # US STOCKS-S&P 500 eases with Eli Lilly; Nasdaq manages record closing high > U.S. stocks saw mixed results as the S&P 500 dipped 0.1% and the Dow fell 0.5%, influenced by Eli Lilly's disappointing drug data, which led to a 14.1% drop in its shares. The Nasdaq, however, achieved a record closing high, up 0.3%. Jobless claims rose to a month-high, and market expectations for a September rate cut remain high. President Trump nominated Stephen Miran for the Federal Reserve, while tariffs on imports increased, impacting market sentiment. Overall, declining stocks outnumbered advancers on both the NYSE and Nasdaq. Eli Lilly falls after late-stage data for oral weight-loss drug Weekly jobless claims rise to highest level in a month Indexes: Dow down 0.5%; S&P 500 down 0.1%; Nasdaq up 0.3% (Updates close with volume, share moves) By Caroline Valetkevitch NEW YORK, Aug 7 (Reuters) - The Dow and S&P 500 eased on Thursday, as shares of Eli Lilly dropped after data from its oral weight loss drug disappointed, while the Nasdaq eked out a record closing high. Just before the session’s end, U.S. President Donald Trump said he will nominate Council of Economic Advisors Chairman Stephen Miran to serve out the remaining term of Federal Reserve Governor Adriana Kugler. Miran is due to serve in the role until January 31, 2026, while Trump continues a search for a permanent replacement. Earlier, investors digested a Bloomberg report that Fed Governor Christopher Waller was Trump’s top candidate for the U.S. central bank’s chair post. Trump has been critical of current Chair Jerome Powell for holding off on cutting borrowing costs. Eli Lilly (LLY.N) , which also raised its full-year profit and sales forecast, fell after the orforglipron drug data. The stock ended down 14.1%. Shares of Fortinet (FTNT.O) also fell, with the stock finishing 22% lower, after the cybersecurity firm gave a revenue forecast below Wall Street estimates. “The market rally is beginning to look a little bit tired here. We ran up on earnings, and of course the market was basically ignoring a lot of the tariff news,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. Trump’s higher tariffs on imports from dozens of countries kicked in on Thursday, raising the average U.S. import duty to its highest in a century. The Dow Jones Industrial Average (.DJI) fell 224.48 points, or 0.51%, to 43,968.64, the S&P 500 (.SPX) lost 5.06 points, or 0.08%, to 6,340.00 and the Nasdaq Composite (.IXIC) gained 73.27 points, or 0.35%, to 21,242.70. 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. Among other decliners, chipmaker Intel (INTC.O) was down 3.1% after Trump called for the immediate resignation of new Intel CEO Lip-Bu Tan, calling him “highly conflicted” due to his ties to Chinese firms. Helping the Nasdaq, Apple (AAPL.O) shares rose 3.2% after the latest tariff salvo from Trump largely exempted industry heavyweights from his threat to impose 100% levy on chips and semiconductors. The U.S. president announced a tariff of about 100% on imports of semiconductors, but said it would not apply to companies that are manufacturing in the U.S. or have committed to do so. Rate cut expectations remained largely the same after the day’s data on the labor market. Weekly initial jobless claims rose 7,000 to a seasonally adjusted 226,000, the highest level since the week ended July 5 and slightly above the 221,000 estimate of economists polled by Reuters, according to the data. Market expectations for a September rate cut of at least 25 basis points from the Fed stood at 93.2%, down slightly from the 94.6% in the prior session and well above the 37.7% from a week ago, according to CME’s FedWatch Tool. Declining issues outnumbered advancers by a 1.01-to-1 ratio on the NYSE. There were 232 new highs and 80 new lows on the NYSE. On the Nasdaq, 1,944 stocks rose and 2,622 fell as declining issues outnumbered advancers by a 1.35-to-1 ratio. Volume on U.S. exchanges was 17.40 billion shares, compared with the 18.23 billion average for the full session over the last 20 trading days. ### Related Stocks - [LLY.US - Eli Lilly](https://longbridge.com/en/quote/LLY.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Jim Cramer Comments On Eli Lilly (LLY)’s Shares After Pfizer CEO’s Remarks | Jim Cramer discussed Eli Lilly and Company (NYSE:LLY) shares, highlighting its prominence as a weight loss drug giant. T | [Link](https://longbridge.com/en/news/266399261.md) | | Eli Lilly flies the pharma flag in tech-heavy $1tn market cap club | Eli Lilly has become the first healthcare company to achieve a market capitalization of $1 trillion, driven by strong sa | [Link](https://longbridge.com/en/news/267218115.md) | | CICC Reaffirms Their Buy Rating on NIO Inc. Class A (9866) | CICC analyst maintained a Buy rating on NIO Inc. 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