Equity Markets Close Mixed Amid Trump's Semiconductors Tariffs, Jobless Claims Data

04:21 PM EDT, 08/07/2025 (MT Newswires) -- US benchmark equity indexes closed mixed on Thursday, after investors evaluated President Donald Trump's comments on semiconductor tariffs and the rise in weekly jobless claims.

The Nasdaq was up 0.35% to 21,242.70 while the S&P 500 declined 0.1% to 6,340.00. The Dow Jones Industrial Average fell 0.5% to 43,968.64. Among sectors, healthcare paced decliners, and utilities led the gainers.

US Treasury yields were higher, with the 10-year rate increasing 2.2 basis points to 4.25% and the two-year rate gaining 2.4 basis points to 3.74%.

September West Texas Intermediate crude oil fell 0.9% to $63.76 a barrel on Thursday.

President Donald Trump suggested a potential carveout from upcoming semiconductor tariffs, saying companies could avoid the proposed 100% punitive import levy by committing to build manufacturing facilities in the US.

Fed Governor Christopher Waller is emerging as a top candidate to serve as the central bank's chair among Trump's advisers as they search for a replacement for Jerome Powell, Bloomberg reported, citing people familiar with the matter.

Trump advisers are impressed with Waller's willingness to base policy on forecasting, rather than current data, and his deep knowledge of the Fed system as a whole, the people told Bloomberg.

In economic news, initial jobless claims rose to 226,000 in the week ended Aug. 2 from an upwardly revised 219,000 in the previous week, compared with expectations for 222,000 in a survey compiled by Bloomberg.

Consumer expectations for growth in one-year US inflation rose to 3.1% in July from 3% in the previous month, according to a survey released by the New York Federal Reserve Bank on Thursday. The median inflation expectations growth for three years stood at 3% for the third consecutive month, but accelerated to 2.9% from 2.6% for the five-year period.

In company news, Becton, Dickinson (BDX) was the top gainer on the S&P 500, up 8.9%. The company posted higher fiscal Q3 adjusted earnings and revenue, and raised its fiscal 2025 adjusted earnings guidance.

Zimmer Biomet (ZBH) shares were up 8%, the second-top performer on the S&P 500. The company's adjusted earnings and revenue beat expectations in Q2, and it revised its 2025 earnings outlook upwards. Evercore ISI and BTIG raised the price target on Zimmer stock.

Fortinet (FTNT) shares sank 22%, the worst S&P 500 performer, after Rosenblatt and Morgan Stanley downgraded the cybersecurity company. Fortinet's (FTNT) anticipated firewall refresh cycle is about 40% to 50% complete and no longer remains a near-term catalyst, Morgan Stanley said in a note on Thursday.

Gold was up 0.6% to $3,453.10 per troy ounce, and silver rose 0.8% to $38.22 per troy ounce.

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