Market Downturn Amid Tariff and Pharma News

Wall Street experienced a notable downturn as the Dow Jones Industrial Average fell by 330 points, a 0.74% decrease, following President Donald Trump's announcement to delay tariffs on Mexico for an additional 90 days. This decision comes as trade talks continue, aiming to reach a favorable agreement for both parties.

Pharmaceutical Companies Under Pressure

In a move to address rising healthcare costs, President Trump has sent letters to the CEOs of 17 leading pharmaceutical companies, urging them to lower medicine prices. This initiative has put additional pressure on the pharma sector, contributing to the market's overall decline.

Tech and Healthcare Stocks Take a Hit

The Nasdaq 100 also saw a decrease of 0.55%, with ARM Holdings plummeting by 13.44%. The S&P 500 wasn't spared, retreating 0.37% as Align Technology Inc. faced a dramatic drop of 36.63%. Meanwhile, UnitedHealth Group Inc. led the Dow's decline with a 6.25% slump.

Currency Movements

Amid these market fluctuations, the euro gained slightly against the dollar, trading at $1.14199, up by 0.13%.

Earnings Reports on the Horizon

Investors are now turning their attention to upcoming earnings reports from major companies like Amazon, Coinbase, Apple, and Reddit, which are set to be released after the market closes.