The S&P 500 fell 0.1% on Thursday, while the Dow dropped 224 points, or 0.5%, as early gains unraveled amid renewed trade tensions under President Trump. The Nasdaq 100 managed a modest 0.3% gain, initially buoyed by semiconductor stocks after Trump announced a 100% tariff on imported chips - excluding US-based manufacturers. However, sentiment quickly deteriorated on broader trade concerns. Investors also weighed reports that Fed Governor Christopher Waller could be Trump’s pick to lead the Federal Reserve, fueling expectations of a September rate cut. On the corporate front, Eli Lilly shares tumbled 14.1% after disappointing results from an obesity drug trial, while Intel fell 3.1% following Trump’s call for the company’s CEO to resign—both moves adding to the market’s decline. Apple shares bucked the trend, rising 3.2% after the company announced a $100 billion US investment plan, adding to prior commitments.