Stock Market Today: Nasdaq Cuts Losses As Dow Still Falls Nearly 800 Points; Eli Lilly Hits Sell Signal (Live Coverage)

Market Overview - The Dow Jones Industrial Average fell 785 points, or 1.6%, after initially plunging over 1,100 points, driven by rising oil prices amid concerns of a prolonged conflict with Iran [1][2] - The S&P 500 and Nasdaq composite also experienced declines, with the S&P 500 down nearly 1.4% and the Nasdaq cutting losses to just under 0.3% [1][2] - Oil prices surged nearly 7% to around $79.70 per barrel, contributing significantly to the market sell-off [1][2] Company Performance - Broadcom (AVGO) saw a nearly 5% increase in stock price following a strong earnings report, with adjusted earnings of $2.05 per share on sales of $19.31 billion, surpassing analyst expectations [1][2] - Ciena (CIEN) experienced a significant drop of nearly 13% despite reporting a 111% profit increase to $1.35 per share, attributed to profit-taking after a strong rally [1][2] - Eli Lilly (LLY) shares fell over 3%, marking a fourth consecutive day of losses, and dropped below a key buy point, indicating a defensive sell signal [1][2] Sector Analysis - Financial stocks declined as long-dated U.S. Treasury bond yields rose, with the 10-year bond yield increasing by five basis points to 4.13% [1][2] - Small-cap stocks, represented by the Russell 2000, fell 1.9%, reducing year-to-date gains to less than 4% from a high of 10.2% in January [1][2] - The healthcare sector, including biotech stocks, also faced declines, with the iShares Biotech ETF dropping more than 3% [1][2] Economic Indicators - Initial jobless claims rose to 213,000, slightly above expectations, with the upcoming U.S. nonfarm payrolls and unemployment data anticipated to impact market sentiment [2][3] - The market is closely monitoring geopolitical developments, particularly regarding the situation in Iran, which could further influence oil prices and market stability [3]