Stock Market Today: Stocks turn lower on growth worries; UnitedHealth slumps

U.S. stocks turned lower in early Friday trading, putting the S&P 500 into negative territory for the week, as weak private sector activity data offset a modest pullback in Treasury bond yields and solid gains for global stocks tied to a rally in China tech.

Updated at 10:01 AM EST

Slowing growth

S&P Global's February index of private sector business and manufacturing activity slowed notably from the previous month, suggesting some lost momentum for the world's biggest economy heading into the start of the year.

The headline PMI index fell 2.3 points to 50.4, just a shade over the 50 point mark that separate growth from contraction, while the key reading for the services sector, the engine of the domestic economy, fell 2.8 points to 49.7. 

The S&P 500 turned lower following the data release and was last down 18 points, or 0.3%, while benchmark 10-year Treasury note yields fell another 3 basis points to 4.466%.

S&P Global US composite PMI output index drops to 17-month low. I reaffirm my 2025 recession call. pic.twitter.com/z13wYTqAsa— Peter Berezin (@PeterBerezinBCA) February 21, 2025

Updated at 9:36 AM EST

Mixed open

The S&P 500 was marked 5 points, or 0.09% lower in the opening minutes of trading, while the Nasdaq gained 34 points, or 0.17%.

The Dow fell 245 points, all of tied to UnitedHealth's 9.9% decline, and the mid-cap Russell 2000 rose 13points, or 0.58%.

"Investors are climbing a ‘wall of worry’ to some extent, as the Trump administration ploughs its own furrow, delighting some observers and shocking others," said David Morrison, Senior Market Analyst at TradeNation.

"Trump’s tariff threats overhang the market to some extent. But investors have chosen to ignore them for now, believing that they remain a negotiating tool, not just economically, but as leverage for the US President over other issues as well," he added. "Meanwhile, US Treasury yields have ticked lower, with the 10-year back below 4.50% this morning, down from 4.64% last week. This is helping to lift equities generally." 

S&P 500 Opening Bell Heatmap (Feb. 21, 2025)$SPY -0.10%