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Eli Lilly ( LLY ) falls after late-stage data for oral weight-loss

drug

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Weekly jobless claims rise to highest level in a month

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Indexes: Dow down 0.5%; S&P 500 down 0.1%; Nasdaq up 0.3%

(Updates close with volume, share moves)

By Caroline Valetkevitch

NEW YORK, Aug 7 (Reuters) - The Dow and S&P 500 eased on

Thursday, as shares of Eli Lilly ( LLY ) dropped after data from its

oral weight loss drug disappointed, while the Nasdaq eked out a

record closing high.

Just before the session's end, U.S. President Donald

Trump said he will nominate Council of Economic Advisors

Chairman Stephen Miran to serve out the remaining term of

Federal Reserve Governor Adriana Kugler.

Miran is due to serve in the role until January 31,

2026, while Trump continues a search for a permanent

replacement.

Earlier, investors digested a Bloomberg report that Fed

Governor Christopher Waller was Trump's top candidate for the

U.S. central bank's chair post.

Trump has been critical of current Chair Jerome Powell

for holding off on cutting borrowing costs.

Eli Lilly ( LLY ), which also raised its full-year

profit and sales forecast, fell after the orforglipron drug

data. The stock ended down 14.1%.

Shares of Fortinet ( FTNT ) also fell, with the stock

finishing 22% lower, after the cybersecurity firm gave a revenue

forecast below Wall Street estimates.

"The market rally is beginning to look a little bit tired

here. We ran up on earnings, and of course the market was

basically ignoring a lot of the tariff news," said Peter

Cardillo, chief market economist at Spartan Capital Securities

in New York.

Trump's higher tariffs on imports from dozens of

countries kicked in on Thursday, raising the average U.S. import

duty to its highest in a century.

The Dow Jones Industrial Average fell 224.48

points, or 0.51%, to 43,968.64, the S&P 500 lost 5.06

points, or 0.08%, to 6,340.00 and the Nasdaq Composite

gained 73.27 points, or 0.35%, to 21,242.70.

The S&P 500 has hit 15 record closing highs this year,

while the Nasdaq has posted 17 all-time closing highs so far in

2025.

Among other decliners, chipmaker Intel ( INTC ) was down

3.1% after Trump called for the immediate resignation of new

Intel ( INTC ) CEO Lip-Bu Tan, calling him "highly conflicted" due to his

ties to Chinese firms.

Helping the Nasdaq, Apple ( AAPL ) shares rose 3.2% after

the latest tariff salvo from Trump largely exempted industry

heavyweights from his threat to impose 100% levy on chips and

semiconductors.

The U.S. president announced a tariff of about 100% on

imports of semiconductors, but said it would not apply to

companies that are manufacturing in the U.S. or have committed

to do so.

Rate cut expectations remained largely the same after the

day's data on the labor market.

Weekly initial jobless claims rose 7,000 to a seasonally

adjusted 226,000, the highest level since the week ended July 5

and slightly above the 221,000 estimate of economists polled by

Reuters, according to the data.

Market expectations for a September rate cut of at least 25

basis points from the Fed stood at 93.2%, down slightly from the

94.6% in the prior session and well above the 37.7% from a week

ago, according to CME's FedWatch Tool.

Declining issues outnumbered advancers by a 1.01-to-1 ratio

on the NYSE. There were 232 new highs and 80 new lows on the

NYSE.

On the Nasdaq, 1,944 stocks rose and 2,622 fell as

declining issues outnumbered advancers by a 1.35-to-1 ratio.

Volume on U.S. exchanges was 17.40 billion shares,

compared with the 18.23 billion average for the full session

over the last 20 trading days.

(Additional reporting by Nikhil Sharma and Pranav Kashyap in

Bengaluru; Editing by Maju Samuel and Aurora Ellis)