Wall Street stocks ended mixed on Thursday, lifted by Eli Lilly and Apple, as investors weighed progress in U.S. trade negotiations with Japan against concerns about the interest rate outlook.

Market Snapshot

The S&P 500 climbed 0.13% to end the session at 5,282.70 points. The Nasdaq declined 0.13% to 16,286.45 points, while the Dow Jones Industrial Average declined 1.33% to 39,142.23 points.

Market Movers

Nvidia - Nvidia fell 2.9% on Thursday, extending losses. The company lost $188 billion in market value during Wednesday’s session, after it said would record a$5.5 billion charge in the first quarterafter the U.S. Department of Commerce said Nvidia would need a license to export its H20 processors to China and other countries. The stock has fallen three of the last five trading sessions and, coming into Thursday, had declined 24% this year.

Alphabet - Alphabet fell 1.4% after a federal judge ruled the company’s Google unit had violated antitrust law through its dominance of two online advertising markets. Google’s regulatory affairs executive, Lee-Anne Mulholland, asserted that the company would challenge the ruling. “The Court found that our advertiser tools and our acquisitions, such as DoubleClick, don’t harm competition,” Mulholland said in a statement. “We disagree with the Court’s decision regarding our publisher tools.”

Hertz Global - Hertz skyrocketed 44.3%, building on the previous session’s 56% surge. The gains came after Bill Ackman’s Pershing Square disclosed a 4% stake in the rental-car company.

UnitedHealth - UnitedHealth cratered 22.4% after first-quarter adjusted earnings at the giant health insurer missed analysts’ expectations and the company cut its 2025 guidance. The stock had its worst session in 25 years, according to Dow Jones Market Data. UnitedHealth expects adjusted earnings in 2025 in the range of $26 to $26.50 a share, down from its previous guidance of $29.50 to $30 a share, provided in December.

The change was partially driven by “heightened care activity indications within UnitedHealthcare’s Medicare Advantage business,” as utilization rates of physician and outpatient services were higher than expected in the quarter, the company said.

CVS Health, Humana - Other stocks in the health insurance sector were falling. CVS Health and Humana were down 1.8% and 7.4%, respectively.

Eli Lilly - Eli Lilly soared 14.3% after the pharmaceutical company said it successfully completed a Phase 3 trial for its new orforglipron pill. Orforglipron is a GLP-1 receptor agonist that works similarly to diabetes treatments like Ozempic. Data collected during the trial showed the pill was as safe as injectable GLP-1 medicines currently on the market.

AMD - AMD fell 0.9% amid a selloff in chip stocks. The chip maker ended the session down 7.4% on Wednesday after the U.S. government said it would require licenses for the export of AMD’s MI308 AI chips.

TSMC - U.S.-listed shares of TSMC were flat after the Taiwanese chip maker reported a 60% jump infirst-quarter profitand said so far it hasn’t suffered a hit from tariffs.

“Moving into second quarter 2025, we expect our business to be supported by strong demand for our industry-leading 3nm [nanometer] and 5nm technologies. While we have not seen any changes in our customers’ behavior so far, uncertainties and risks from the potential impact from tariff policies exist,” said Wendell Huang, TSMC’s chief financial officer.

Tesla - Tesla was flat Thursday after declining 4.9% on Wednesday. Shares of the electric-vehicle company have plunged 40% this year, with the U.S.-China trade war and inflation weighing on investor sentiment as of late.

American Express - American Express fell 0.6%. First-quarter profitrose 6% from a year earlier and topped analysts’ forecasts as the credit card company’s cardholders, who tend to be affluent, increased spending.

Charles Schwab - Charles Schwab rose 0.6%. The company reported record revenue of $5.6 billion in the first quarter, topping expectations of $5.5 billion. Earnings of $1.04 a share beat analysts’ estimates of $1.01. Schwab said it pulled in core net new assets of $137.7 billion in the quarter, showing strong growth.

D.R. Horton - D.R. Horton stock was up 3.2%, even though the nation’s biggest home builder missed estimates for fiscal second-quarter earnings and sales expectations. It also reduced its full-year guidance as home buyers sat on the sidelines. Shares rose after the company reported a gross home-building margin of 21.8%—the midpoint of its quarterly guidance range—despite a drop in orders and home-building revenue.

Alcoa - Alcoa fell 7% after the aluminum producer reported first-quarter adjusted profit that handily topped Wall Street estimates but revenue of $3.37 billon that missed forecasts of $3.51 billion. Alcoa said it incurred about $20 million in costs on tariffs related to imports of aluminum from Canada after a 25% tariff on global imports of steel and aluminum went into effect in mid-March. It expects tariff costs to increase to $90 million in the second quarter.

Netflix - Netflix was scheduled to reportfirst-quarter earningsafter the closing bell Thursday. Shares rose 1.2% heading into the report.

Market News

Trump Says He Is Reluctant to Keep Raising Tariffs on China

President Donald Trump said he was reluctant to continue ratcheting up tariffs on China because it could stall trade between the two countries, and insisted Beijing had repeatedly reached out in a bid to broker a deal.

Trump, speaking to reporters in the Oval Office on Thursday, said officials he believed represented the Chinese leader Xi Jinping had sought to start talks. But he repeatedly sidestepped direct questions about whether he and Xi had been in direct contact.

Still, Trump on Thursday expressed confidence about a deal that would include trade concessions and a deal for the sale of TikTok’s US assets.

Trump Blasts Fed Chair Powell, Saying His "Termination Cannot Come Fast Enough"

 President Donald Trump on Thursday ratcheted up his criticism against Federal Reserve Chair Jerome Powell, calling for his “termination” for not cutting interest rates quickly enough. His comments come one day after the central bank chief delivered a stark warning about the effect of Trump’s sweeping tariffs on the economy.

Trump’s first comments on Powell came early in the day, in a social media post. But the president continued ripping into the Fed chief later Thursday, in an Oval Office meeting, piling on political pressure for Powell to lower interest rates.

Ahead of an expected rate decision Thursday by the European Central Bank, Trump lashed out at the Fed leader, saying the US central bank is lagging behind. The ECB later announced it is cutting interest rates for the seventh time in the past year.