The S&P 500 dropped 0.5 percent to 7,620, while the Nasdaq fell 0.6 percent to 26,186.
Eli Lilly (LLY) advanced 1.3 percent after Berenberg upgraded the pharmaceutical company, citing its superior growth profile and extensive drug pipeline as justification for a higher valuation. Etsy (ETSY) rose 3 percent on an Oppenheimer outperform upgrade, highlighting platform improvements that could drive user engagement and merchant success.
Forgent Power Solutions (FPS) gained 9 percent after reporting fourth-quarter revenue and adjusted Ebitda above its May guidance. The power equipment company's backlog increased 256 percent year-over-year, signaling robust future demand.
Dave & Buster's (PLAY) dropped 13 percent after the restaurant and arcade chain reported second-quarter revenue that missed analyst estimates. Enova International (ENVA) fell 18 percent after withdrawing its applications with the Office of the Comptroller of the Currency and the Federal Reserve for the acquisition of Grasshopper Bancorp, raising questions about the company's strategic growth path.
Vera Therapeutics (VERA) jumped 12 percent after providing updated results from a late-stage trial of its recently approved drug for kidney disorder. Waystar (WAY), which provides payment software to health-care organizations, rose 12 percent following reports that the company is exploring strategic options, including a potential sale.
