In this video recap, the S&P 500 closed down slightly, with the communication services sector seeing significant losses from movie and television media companies. Paramount Global's abysmal earnings report prompted a "sympathy play" where other entertainment companies were sold off. There were also difficulties in the regional banking sector, with PacWest Bancorp and Western Alliance Bank shares selling down heavily. Other news includes Shopify cutting staff and selling its logistics business, Microsoft financing AMD's expansion into AI processors, and US officials investigating possible market manipulation of bank equities. Earnings reports were mostly positive, with Apple's announcement of a share buyback and strong iPhone sales, and Moderna reporting much better-than-expected revenue. However, Lyft reported weaker than expected revenue forecasts, causing a significant sell-off.