S&P 500 Gains and Losses Today: UnitedHealth Stock Ails as Results Fall Short

Major U.S. equities indexes ticked lower on Thursday, failing to gain ground a day after soft inflation data and an upbeat start to earnings season helped drive a strong rally.

The S&P 500 slipped 0.2%, ending a streak of three straight positive trading sessions. The Dow was also down 0.2%, while the tech-heavy Nasdaq Composite fell 0.9%.

UnitedHealth Group (UNH) shares dropped 6.0%, posting the heaviest daily loss in the S&P 500, following the healthcare giant’s first earnings release since last month’s fatal shooting of insurance unit chief Brian Thompson. Although quarterly profits came in ahead of expectations, UnitedHealth reported lower-than-expected revenue. An increase in medical costs also contributed to a year-over-year uptick in the firm’s medical cost ratio, which compares medical expenses to total revenue.

Shares of US Bancorp (USB) plunged 5.6%. The move lower came after the financial services firm reported mixed quarterly results, topping adjusted profit estimates but falling short of forecasts for its net interest margin, a key measure of a bank’s effectiveness in lending its capital.

Texas Instruments (TXN) shares sank 5.1% after reports that China’s Commerce Ministry is launching an investigation into the legality of U.S. subsidies for chipmakers that create competitive challenges for Chinese products. With a focus on lower-end semiconductors like power and analog chips, Texas Instruments could face repercussions if Chinese officials determine the company has violated anti-dumping regulations.

Shares of Dexcom (DXCM), a manufacturer of glucose-monitoring devices for patients with diabetes, gained the most of any S&P 500 stock on Thursday, jumping 5.5%. Analysts at Piper Sandler highlighted several bullish catalysts for Dexcom, including a stable outlook for its durable medical equipment (DME) channel and the approval of reimbursement for 5 million patients with type 2 diabetes who do not use insulin. In addition, Baird analysts boosted their price target on Dexcom stock, noting improvements in salesforce productivity and growth potential in U.S. markets.

JPMorgan boosted its price target on Estee Lauder (EL) stock, and shares of the makeup and skin-care specialist jumped 4.8%. Analysts said they expect this earnings season to be consequential for makers of household and personal-care products, with discussions about consumer behaviors, tariff risks, currency impacts, and interest-rate expectations likely to influence the 2025 industry outlook.

Semiconductor equipment stocks advanced after Taiwan Semiconductor Manufacturing Co. (TSM), issued strong fourth-quarter profit guidance. The world’s largest contract chipmaker highlighted an upbeat outlook for artificial intelligence (AI) demand, which bodes well for sales of chip manufacturing gear, even as the Netherlands announced tightened export rules that could affect the industry. Shares of Applied Materials (AMAT), KLA Corp. (KLAC), and Lam Research (LRCX) shares gained 4.5%, 4.3%, and 4.0%, respectively.