The three major US stock indices closed lower, with the Dow Jones Industrial Average down 0.74%, the Nasdaq down 0.03%, and the S&P 500 down 0.37%. Popular technology stocks saw mixed gains and losses, with Meta gaining over 11% and Microsoft rising nearly 4%, though its market capitalization fell below $40,000. Arm fell over 13%, Tesla fell over 3%, and Google and Broadcom fell over 2%. Semiconductor equipment and materials, and weight loss drug stocks saw the largest declines, with Novo Nordisk down nearly 6%, KLA-Tencor down nearly 5%, ASML down over 3%, and Eli Lilly and Pfizer down over 2%. Design software giant Figma saw its stock price surge 250% on its first day of trading.