Utility stocks plunge on wildfire liability fears; biotech and share supply issues also weigh on market.

Utility stocks Edison International and PG&E Corporation fell sharply after California lawmakers passed wildfire legislation without expected liability protections, exposing utilities to costly claims. Edison dropped over 23%, nearing its 52-week low, while PG&E hit a new intraday 52-week low, reflecting investor concern over wildfire-related risks. Other declines included biotech firm Tectonic Therapeutic, Fundrise Innovation Fund due to accelerated share restrictions expiration, and Herbalife despite reaffirmed financial guidance, showing market sensitivity to company-specific factors and regulatory changes. These events highlight how legal, operational, and supply issues can drive stock volatility.