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U.S. equity indexes were mixed by midday Thursday, with the Dow falling nearly 400 points as UnitedHealth Group (UNH) shares dropped sharply. The Nasdaq and S&P 500 posted slight gains.
UnitedHealth led losses on the Dow and S&P 500 after cutting its forecast due to rising costs, dragging down other insurers like Humana (HUM), Elevance Health (ELV), and CVS Health (CVS).
Key Points:
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Dow drops nearly 400 points; Nasdaq, S&P 500 edge up
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UnitedHealth drags insurers lower after cutting forecast
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Nvidia, AMD, Broadcom fall on China export concerns
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Eli Lilly jumps on strong drug trial data
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Netflix gains ahead of earnings report
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Crude oil, Treasury yields, and dollar rise
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Cryptocurrencies mostly trade higher
U.S. stocks were mixed by midday Thursday, with the Dow tumbling nearly 400 points, pulled down by a steep drop in UnitedHealth Group (UNH). The insurer slashed its forecast due to rising costs, dragging peers like Humana, Elevance Health, and CVS Health lower. Meanwhile, the Nasdaq and S&P 500 inched higher, supported by gains in other sectors.
Tech stocks struggled as Nvidia, AMD, and Broadcom extended losses following warnings of revenue hits from new China export restrictions. Eli Lilly led S&P 500 gainers after strong results for its weight-loss drug orforglipron, while rival Novo Nordisk fell on a BMO downgrade. Netflix rose ahead of its earnings release, viewed as resilient to tariffs. Crude oil and 10-year Treasury yields increased, the dollar gained against the euro and yen, and cryptocurrencies mostly rose.
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