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Live Markets: Mixed Markets, Dow Extends Losses, UNH
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Key Points
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The Dow Jones Industrial Average is extending yesterday’s losses with a 200 point decline on UNH worries.
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United Health Group is reportedly being investigated for alleged falsified accounting records.
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Meta Platforms has regained its momentum amid reports of compensation changes.
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Market Sell-Off Hits Dow, Tech Leaders
Stocks are digging deeper into the red on fears about an economic slowdown in 2025. The Dow Jones Industrial Average spiraled as much as 800 points in what is sure to be its worst performance of this year so far. United Health Group sparked the sell-off and remains the worst performer in the Dow today.
The Nasdaq Composite isn’t too far behind the Dow with a 400 point, or 2% decline, while the S&P 500 is down 1.6%. The defensive consumer staples sector is the sole category trading in the green, including packaged foods maker Conagra Brands (NYSE: CAG), with a 4.3% gain.
The technology leader board is flashing red, with nearly all of the Magnificent 7 stocks losing ground in the wide-based market sell-off. Apple (Nasdaq: AAPL) is eking out a slight gain on news that the company has chosen to build its plant production site in the U.S. instead of Mexico.
Here’s a look at the damage to tech leaders as the markets await a key earnings report out of Nvidia (Nasdaq: NVDA) next week.
Amazon (Nasdaq: AMZN) is down 3.3%.
Meta has erased this morning’s gains for a 1.6% drop.
Tesla (Nasdaq: TSLA) is sinking a steep 4.8%.
Alphabet (Nasdaq: GOOGL) is falling 2.7%.
Microsoft (Nasdaq: MSFT) is down 1.79%
Nvidia is falling 3.6%.
Outside of tech, shares of Hims & Hers (NYSE: HIMS) are getting knocked down amid reports that the weight-loss-drug shortage is over. The stock has shaved off nearly 25% of its value today for a market cap of $11.1 billion.
Cocoa High
There are some stocks bucking the downward trend today. Among them is Hershey (NYSE: HSY), perhaps in a sign that consumers will be looking to indulge in comfort food amid any economic slowdown. Mondelez (Nasdaq: MDLZ) expects cocoa prices to soar by 50% on rising demand. That stock is gaining 4% on the day.
The markets are trading mixed out of the gate on the heels of yesterday’s Walmart (NYSE: WMT)-ignited sell-off. Today’s culprit is UnitedHealthcare (NYSE: UNH), which is pressuring the Dow Jones Industrial Average and extending the index’s losses by another 300-plus points. United Health Group is spiraling by 8.5% this morning on reports of a U.S. Department of Justice (DOJ) probe.
According to the Wall Street Journal, United Health, the biggest healthcare company in the U.S., is being investigated for alleged fraud amid the questionable reporting of patient diagnoses that would bolster the size of payments for Medicare-related reimbursements. In December, United Health lost CEO Brian Thompson to a targeted shooting.
Most all sectors of the economy are trading in the red today with the exception of utilities and telecom.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 378.44 (-0.86%)
Nasdaq Composite: Down 28.89 (-0.15%)
S&P 500: Down 21.35 (-0.34%)
Market Movers
In addition to UNH, the U.S. DOJ has also reportedly launched an investigation into CrowdStrike (Nasdaq: CRWD), sending shares of the company 2% lower. This probe is tied to CrowdStrike’s $32 million transaction with Carahsoft involving the delivery of cybersecurity services to the IRS.
Celsius Holdings (Nasdaq: CELH) is skyrocketing by 26% on the day in response to its Q4 results and its announced $1.8 billion acquisition of Alani Nutrition.
Meta Platforms (Nasdaq: META) has recaptured its gains after a brief pause, rising about 1% on the day so far. The company as green-lighted a plan for bonuses of up to 200% for its executive suite. The company has also cut its stock options for staff even as its shares hover at all-time high levels.
Cryptocurrency exchange Coinbase (Nasdaq: COIN) is rising 2.7% on news that the U.S. SEC plans to drop its case against the company after charging it with selling unregistered securities and failing to register its decentralized finance staking program, charges described by CEO Brian Armstrong to CNBC as “bogus.”
Apple (Nasdaq: AAPL) shares are fractionally lower. According to The Information, Apple has plans to swap Qualcomm (Nasdaq: QCOM) modems with its own to power the iPhone.
Transportation stocks are moving this morning, with the Dow Jones Transportation Average (DJT) down 2.1% on the day.
Alibaba Group (NYSE: BABA) is extending this week’s earnings-fueled gains by tacking on another 5% today.
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