"Market Turmoil: Tesla Slides, Chip Leader Plunges Ahead of Fed Data"

Major stock indexes closed lower after the release of the Federal Reserve's Beige Book, which showed slight fiscal expansion in 10 out of 12 Fed districts. Tesla's board set a shareholder vote to reinstate CEO Elon Musk's $56 billion pay package, while chip player ASML plunged on disappointing first-quarter sales. Nvidia fell to its 50-day moving average, and United Airlines soared more than 17% after announcing first-quarter results. Trucking stocks suffered broadly, and the yield on the 10-year Treasury note plunged 7 basis points to 4.58%.