U.S. stocks ended mixed on Thursday as markets reacted to a sweeping new round of tariffs imposed by U.S. President Donald Trump on a broad range of U.S. trade partners.
The Dow Jones Industrial Average declined by 224.48 points, or 0.51 percent, closing at 43,968.64. The Standard and Poor's 500 also edged lower, slipping 5.06 points, or 0.08 percent, to settle at 6,340. In contrast, the tech-heavy Nasdaq Composite Index bucked the trend, rising 73.27 points, or 0.35 percent, to finish the session at 21,242.7.
Out of the 11 major sectors in the Standard and Poor's 500, six ended in positive territory. Utilities and consumer staples outperformed, climbing 1.05 percent and 0.73 percent, respectively, as investors rotated into more defensive areas of the market. On the downside, health care and financial sectors led the losses, dropping 1.15 percent and 1.13 percent.
On the economic front, data from the U.S. Labor Department added to concerns about a softening job market. Initial jobless claims for the week ending Aug. 2 rose to 226,000, an increase of 7,000 from the prior week and higher than the Dow Jones forecast of 221,000. In addition, long-term unemployment figures continued to tick upward, adding to investor unease.
Meanwhile, Trump's sharply increased tariffs went into effect on Thursday, targeting imports from trading partners like India.
One of the biggest drags on Thursday was Eli Lilly, which saw its stock tumble 14.14 percent. The sharp decline followed disappointing results from a late-stage clinical trial of its experimental obesity pill, which failed to meet market expectations.
Among large-cap technology names, Apple stood out as the lone bright spot. Its shares jumped another 3.18 percent on Thursday, building on a 5 percent gain the previous day. Shares of Microsoft and Meta Platforms each dropped around 1 percent, while Alphabet, Amazon and Tesla recorded modest gains. Chipmaker Broadcom was also up slightly, while Nvidia managed a fractional gain, though both stocks had given up much of their earlier advances.
U.S. stocks close mixed amid tariff concerns
