Concerns over tariffs continued to pressure U.S. markets, leading to a midday decline in key equity indices. The Nasdaq dropped by over 1%, while both the Dow Jones Industrial Average and the S&P 500 also experienced losses. Adobe (ADBE) led the decliners in the S&P 500, following its guidance announcement which cast doubts over its strategy to capitalize on artificial intelligence technologies.

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Shares of UiPath (PATH) plummeted to a historical low after the software automation company issued a forecast that highlighted potential setbacks from reduced federal spending and overarching global economic challenges. Similarly struggling were the shares of Sunnova Energy International (NOVA), tumbling amidst speculation that it may seek bankruptcy to manage its debt burden.

Conversely, Intel (INTC) saw its shares rise after announcing Lip-Bu Tan, formerly of Cadence Design Systems (CDNS), as its new CEO. In the commodities sector, Newmont (NEM) and other gold mining firms saw stock prices increase, aligned with gold reaching record high prices as investors flocked to the precious metal amid market uncertainties.

Dollar General (DG) experienced a share price boost after surpassing revenue projections, driven by increased sales in food and essential goods. Meanwhile, oil futures recorded a dip, and the 10-year Treasury yield remained stable. The U.S. dollar appreciated against the euro and pound but weakened versus the yen, while major cryptocurrencies displayed varied trading behavior, noting a 2% dip in bitcoin.

Source: IndexBox Market Intelligence Platform