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Indexes down: Dow 0.68%, S&P 500 0.36%, Nasdaq 0.48%

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Eli Lilly ( LLY ) up as Novo Nordisk's drug underperforms in trial

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Domino's up after Q4 same-store sales beat

(Updates after markets open)

By Shashwat Chauhan and Ragini Mathur

Feb 23 (Reuters) - U.S. stocks fell on ​Monday with

heavyweight technology stocks leading declines as tariff

uncertainty brewed after President ‌Donald Trump announced a new

15% duty following a Supreme Court ruling that struck down his

broader levies.

The Supreme Court, in a 6-3 ruling on Friday, voided most of

the ⁠tariffs Trump imposed last year, finding that the emergency

law he relied on did not allow the imposition of ⁠tariffs.

Using a different statute, Trump announced first a 10%, then

a 15%, global levy that could ‌last five months while the

administration ‌searches for more durable workarounds.

Trump renewed his condemnation of the Supreme Court on

Monday, vowing to turn to other tariff powers and licenses but

giving no details.

All ​three main stock indexes clocked weekly gains on Friday

as markets ‌took the Supreme Court's decision in stride, with the

Nasdaq snapping a five-week losing streak.

"The market is just experiencing some profit-taking as

traders realize that the relief rally from Friday may be

premature. You simply can't ​bet against Trump. He wants tariffs,

and he's going to ​find a way ‌to implement them," said Thomas

Hayes, chairman at Great Hill Capital LLC.

At 09:55 a.m. ET, the Dow Jones Industrial Average

fell 337.14 points, or 0.68%, to 49,288.83, the S&P 500

lost 25.11 points, or 0.36%, to 6,884.40 and ⁠the Nasdaq

Composite lost 110.54 points, or 0.48%, to 22,775.53.

The consumer discretionary index led declines

among the 11 major S&P ⁠sectors, with Amazon.com ( AMZN ) and

Tesla down around 2% each. The information technology

index also dropped 0.3%.

Earnings from major software firms including Salesforce ( CRM )

and Intuit, whose stocks were hurt by AI

disruption fears, will be on the radar later this week.

The S&P 500 software and services index was

last down 2.9%, having slumped almost 23% so far this year.

Financials dipped 1.5% with private credit firms

including Ares ⁠Management and KKR & ‌Co down the

most.

Helping offset some losses, the healthcare sector

rose 1% as Eli Lilly ( LLY ) advanced ‌3.4% after rival

Novo Nordisk's obesity drug fell short against

Lilly's drug in a Copenhagen trial.

Nvidia ( NVDA ) climbed 1.8% ahead of quarterly earnings ⁠due

on Wednesday. Commentary from the world's largest company by

market capitalization could offer key insight about the AI

sector that has been hit by growing investor skepticism.

High stock valuations and AI disruption fears have lately

pressured technology and other sectors, as investors question if

massive AI spending is paying off.

Among other movers, Domino's Pizza climbed 4.6%

after the fast-food chain beat Wall Street estimates for

fourth-quarter U.S. same-store sales.

Meanwhile, Federal Reserve Governor Christopher Waller said

he was open to keeping rates unchanged in March if February

jobs data shows the labor market has strengthened after a weak

start ​to 2025.

Traders currently expect the Fed to make its next move on

rate cuts in June, according to the CME FedWatch Tool.

Declining issues outnumbered advancers by a 1.33-to-1 ratio

on the NYSE and by a 1.6-to-1 ratio on the Nasdaq.

The S&P 500 posted ​31 new 52-week highs and 13 new lows

while ‌the Nasdaq Composite recorded 49 new highs and 140 new

lows.