The S&P 500 fell 1.04% to 6,837.75, the Nasdaq Composite dropped 1.13% to 22,627.27, and the Dow Jones Industrial Average decreased 1.66% to 48,804.05 amid tariff concerns and anxiety over AI developments. IBM’s stock declined as fears grew regarding potential disruptions from new AI tools, while Novo Nordisk’s shares fell due to disappointing data on its obesity drug, contrasting with Eli Lilly’s gains in the weight-loss sector. Investor sentiment was also affected by President Trump’s tariff increase announcement from 10% to 15%.
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