Stocks Fall as Software Weakness, Tariff Risks Weigh | Closing Bell

Market Overview - The trading day ended with significant declines across major indices, with the S&P 500 down approximately 70 points (about 1%) and the Dow Jones Industrial Average falling over 800 points (1.7%) [6][7] - The Nasdaq composite lost about 258 points (1.1%), while the Russell 2000 dropped around 43 points (1.6%) [7] Sector Performance - Defensive sectors such as consumer staples, healthcare, utilities, energy, and real estate showed resilience, with some indices in the green [8] - In contrast, sectors like financials, discretionary, and industrials faced declines, with tech stocks collectively down 1.1% [9] Notable Stock Movements - Eli Lilly's stock rose by approximately 4.8% due to positive news regarding its competitive position in the obesity drug market and FDA approval for a new product label [10][11] - Caelyx (ticker: ACLX) surged by about 77% after Gilead Sciences announced plans to acquire the company for up to $7.8 billion [12][13] - Domino's Pizza experienced a gain of about 4% after reporting higher-than-expected comparable sales [14] Declines in Specific Stocks - DoorDash's stock fell over 6% following a report from Santorini Research highlighting potential risks from AI to various economic sectors [16] - Gap's shares dropped about 6% after news of increased U.S. tariff rates, making it one of the worst performers among retailers [18] - IBM's stock plummeted 13%, marking its largest one-day decline since 2000, after a competitor's announcement regarding AI capabilities [19] Bond Market Reaction - The bond market saw a notable shift, with the 10-year yield down about five basis points, indicating a move towards bonds as investors reacted to market conditions [21]