05:06 PM EDT, 08/07/2025 (MT Newswires) -- Equities closed mixed Thursday as President Donald Trump's new tariffs took effect, while traders parsed the latest corporate results.

The Dow Jones Industrial Average fell 0.5% to 43,968.6, while the S&P 500 was down 0.1% at 6,340. The Nasdaq Composite rose 0.4% to 21,242.7. Among sectors, utilities led gainers, while

health care saw the biggest drop.

Trump's sweeping new tariffs on imports from several trading partners went into effect Thursday as the US leader's deadline for countries to strike deals expired.

"We've said it before, and we'll say it again: this 7 August date does not mark the end of the tariff saga, and higher tariffs on individual countries could still be imposed," Inga Fechner, senior economist at ING, said in a report published Thursday.

On Wednesday, Trump reportedly said he will implement 100% tariffs on semiconductors manufactured outside the US, unless companies commit to building chips in the country.

"Retaliation remains limited for now, but the risk is rising," she said. "If deals collapse or unilateral changes from the US side persist, expect more aggressive responses from affected countries. The trade landscape is shifting -- and not necessarily in favor of global stability.

US Treasury yields were higher, with the 10-year rate adding 1.1 basis points to 4.24% and the two-year rate increasing one basis point to 3.73%.

Trump, who has repeatedly pushed for cuts in Fed policy rates, said Thursday he has picked Stephen Miran, who is chair of the Council of Economic Advisors, to replace Fed Governor Adriana Kugler, whose resignation takes effect Friday.

Miran will fill the vacant Fed board seat until Jan. 31 next year, Trump said in a social media post, adding that search for a permanent replacement will continue.

Atlanta Fed President Raphael Bostic said Thursday that there's still a possibility that policymakers will reduce their benchmark lending rate once this year, Bloomberg News reported.

In company news, Apple ( AAPL ) late Wednesday announced plans to invest an additional $100 billion in the US and bring more of its supply chain and advanced manufacturing to the country. The iPhone maker's shares climbed 3.2%, the top gainer on the Dow.

Eli Lilly ( LLY ) on Thursday raised its full-year outlook and reported stronger-than-expected second-quarter results. The company's stock declined 14% as data on its investigational weight-loss pill seemed to disappoint investors. Lilly was the second-worst performer on the S&P 500.

Crocs ( CROX ) shares plunged 29% after the shoemaker said it expects third-quarter revenue to fall year over year. The company opted against reinstating its full-year outlook amid cautious consumer spending behavior.

DoorDash ( DASH ) shares advanced 5.1%. The food delivery company late Wednesday swung to higher-than-expected earnings in the second quarter as it beat Wall Street's expectations for revenue.

US Foods ( USFD ) shares declined 5.3% as the foodservice distributor's second-quarter revenue fell short of Wall Street's views, while it confirmed on Thursday takeover interest in rival Performance Food Group ( PFGC ) . Performance Food ( PFGC ) was down 0.1%.

In economic news, weekly applications for unemployment insurance in the US rose more than expected, while continuing claims reached the highest since November 2021, government data showed.

The data followed last Friday's Bureau of Labor Statistics data that showed the economy added fewer jobs than projected in July, while gains in the previous two months were revised sharply lower. The unemployment rate moved up to 4.2% from 4.1% in June.

"The recent revisions to the payroll data show a much slower trajectory of job growth over the past three months than what was previously understood to be the case," Jefferies Chief US Economist Thomas Simons said in a note.

West Texas Intermediate crude oil was down 0.9% at $64.77 a barrel in Thursday late-afternoon trade.

Gold was up 1.1% at $3,469.7 per troy ounce, while silver rose 1.5% to $38.45 per ounce.