Live Markets: Mixed Markets, Dow Extends Losses, UNH
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. […] The post Live Markets: Mixed Markets, Dow Extends Losses, UNH appeared first on 24/7 Wall St..
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%)
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.
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.
The post Live Markets: Mixed Markets, Dow Extends Losses, UNH appeared first on 24/7 Wall St..
