Keep pulling the thread on Closing Bell.
GSK agreed to acquire Nuvalent, a U.S. biotech company developing lung cancer treatments, for $10.6 billion.
The S&P 500 closed down approximately 20 points, or about 0.25%, after being down more than 1% earlier in the session.
The Nasdaq Composite and Nasdaq 100 indexes each closed down by about 1% for the day.
The technology sector of the S&P 500 fell by approximately 1.8%, which was primarily responsible for the index's overall loss.
J.M. Smucker was the top gainer in the S&P 500, with its stock up almost 11% after its fourth-quarter organic sales and adjusted EPS beat expectations.
J.M. Smucker's board is expected to maintain its dividend policy of returning approximately 40% to 45% of its annual adjusted earnings per share to shareholders.
J.M. Smucker plans to lower some coffee prices next year, and as a result, expects net sales to decline between 3% and 4%.
GSK is paying $124 per share for Nuvalent, representing a 40% premium over the company's closing share price on Monday.
Shares of avocado supplier Mission Produce rallied more than 7%, its largest gain in 18 months, after reporting revenue that exceeded expectations.
Mission Produce stated that its fruit supply has normalized and per-unit margins are recovering following an unusually high avocado supply environment in the second quarter.
NVIDIA's stock was down as much as 4.5% during the trading session but pared some of those losses to finish the day in the red.
Marvell Technology's stock, which rose 9.6% yesterday on news it will join the S&P 500, sold off today amid a broader decline in chip stocks.