The major US stock indices a closing lower on the day.
The Dow industrial average was the worst performer with a decline of -1.91%. The top 10 decliners for the day:
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UnitedHealth Group (UNH): −5.78%
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Nike (NKE): −4.12%
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American Express (AXP): −3.43%
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IBM (IBM): −2.28%
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Apple (AAPL): −2.31%
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Visa (V): −2.33%
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Salesforce (CRM): −2.01%
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Goldman Sachs (GS): −2.15%
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Boeing (BA): −2.15%
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Caterpillar (CAT): −2.00%
UnitedHealth shares fell sharply following a report alleging the company made secret payments to nursing homes to reduce hospital transfers, potentially endangering patient health. Although UnitedHealth stated that the U.S. Department of Justice found the allegations factually inaccurate and chose not to pursue the case, investor concerns persisted. Compounding the situation, the company is facing a DOJ criminal investigation into potential Medicare fraud, the abrupt resignation of CEO Andrew Witty, and the withdrawal of its 2025 financial guidance. These developments have collectively contributed to the stock reaching a five-year low.
A snapshot of the closing levels shows.
- Dow Industrial Average -816.80 points or -1.91% at 41860.44. The index high was still negative by -237.97.
- S&P index fell -95.85 points or -1.61% at 5844.61. At session highs the index was modestly lower
- NASDAQ index-270.07 points or -1.41% at 18872.64. At session highs the index was up 98.70 points..
For the broader S&P index, some of the big declines included:
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UnitedHealth Group (UNH): −5.78%
Plunged on DOJ investigation and CEO resignation concerns. -
Blackstone Inc. (BX): −4.65%
Financials under pressure, with rising yields impacting alternative asset managers. -
KKR & Co. (KKR): −4.60%
Private equity names sold off in response to macro tightening fears. -
T-Mobile US (TMUS): −4.31%
Dropped after reports of regulatory scrutiny and subscriber growth concerns. -
Palantir Technologies (PLTR): −3.99%
Extended pullback from recent highs amid profit-taking in high-beta tech. -
Wells Fargo (WFC): −3.09%
Financials dragged lower by weaker loan growth outlook and rate pressures. -
Thermo Fisher Scientific (TMO): −3.74%
Dropped on weaker-than-expected life sciences demand and sector pressure. -
Uber Technologies (UBER): −3.48%
Underperformed as cyclical and tech-exposed names were broadly sold. -
Bristol Myers Squibb (BMY): −3.84%
Healthcare weakness and pipeline concerns pressured the stock. -
NextEra Energy (NEE): −3.86%
Utilities fell as bond yields rose, reducing their defensive appeal.
This article was written by Greg Michalowski at www.forexlive.com.
