S&P 500 Gains and Losses Today: Index Notches 5-Day Win Streak Despite Consumer Sentiment Slide

Major U.S. equities indexes ticked higher on Friday, shaking off a report showing an unexpected drop in consumer sentiment to close out a positive week of trading bolstered by signs of a thaw in U.S.-China trade relations.

The S&P 500 advanced 0.7%, closing higher for a fifth straight day. The Dow rose 0.8%, while the Nasdaq gained 0.5%. Read Investopedia’s full coverage of today’s trading here.

UnitedHealth Group (UNH) shares soared 6.4%, logging the top daily performance in the S&P 500. The stock clawed back some of the heavy losses posted in the prior session amid reports that UnitedHealth’s Medicare Advantage business was the subject of a criminal probe. News of the investigation came on the heels of the insurance giant withdrawing its full-year guidance and announcing the departure of its CEO. Analysts suggested the company could face a costly legal settlement and may need to adjust its Medicare Advantage strategy.

Moderna (MRNA) announced that it has administered the first dose in a Phase 1 trial of an experimental cancer therapy, signaling a step forward for the biotech firm’s oncology portfolio. Moderna shares added 5.1%.

Shares of financial technology firm Fiserv (FI) also staged a partial recovery on Friday, bouncing 4.7% after sinking on Thursday. The volatility came after Fiserv’s chief financial officer offered lackluster growth projections for Clover, the company’s point-of-sale platform.

Semiconductor equipment manufacturer Applied Materials (AMAT) reported lower-than-expected revenue for its fiscal second quarter, pressured by declining sales in China, which fell year-over-year for a third straight quarter. Although net income for the period topped estimates, Applied Materials shares tumbled 5.3%, losing the most of any S&P 500 stock on Friday.

First Solar (FSLR) shares fell 4.2%, reversing a portion of the gains posted by the stock this week as a Congressional proposal included an extension of certain solar tax credits. Before the selloff to close out the week, First Solar stock got a boost from analysts at Wolfe Research, who upgraded the stock to “outperform,” citing the brighter outlook on tax credits.

Shares of chocolate and confectionery giant Hershey (HSY) slipped 2.4% after Piper Sandler reaffirmed its “underweight” rating on the stock. Analysts pointed to elevated prices for cocoa futures, noting that growing price sensitivity among consumers could affect Hershey’s sales. According to Piper Sandler, the chocolatier could adopt a variety of cost-cutting or pricing measures as it seeks to address higher input costs.