A rally in stocks fizzled out ahead of President Donald Trump’s tariff deadline, with the White House demanding drugmakers to slash US prices. Bond yields fell. The dollar rose.
For the first time since April, the S&P 500 wiped out an intraday gain of at least 1%. Trump sent letters to 17 of the world’s largest pharmaceutical companies — including Eli Lilly & Co., Novo Nordisk A/S and Pfizer Inc. Equities lost steam despite solid earnings from a pair of tech megacaps. Microsoft Corp. briefly topped $4 trillion. Meta Platforms Inc. soared 12%. Apple Inc. and Amazon.com Inc.’s results are due after the close.
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