The S&P 500 fell by 0.6%, mainly due to a drop in the consumer discretionary sector. Lam Research, a semiconductor company, reported strong earnings and gained 7.25%, while Seagate Technologies suffered a loss due to weak demand. Tesla's shares dropped 9.7% after disappointing earnings, and AT&T's shares fell 10.4% due to missing market estimates. There were layoffs at Meta and Disney to cut costs, and a bill was proposed to raise the US debt limit.