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Key Takeaways
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U.S. equities dropped at midday following the latest data on consumer sentiment and a report that UnitedHealth Group is under a federal probe.
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UnitedHealth Group is said to be facing a Department of Justice probe of its Medicare billing practices.
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Strong demand for international travel boosted profit and sales at Booking Holdings.
U.S. equities tumbled at midday, dragged down by a weaker-than-expected report on consumer sentiment and concerns about UnitedHealth Group (UNH). The Dow Jones Industrial Average, S&P 500, and Nasdaq all dropped.
UnitedHealth Group was the worst-performing stock in the Dow following a report that the Department of Justice is investigating the health insurer for its Medicare billing practices.
Shares of Rivian Automotive (RIVN) declined when the electric vehicle maker's outlook for 2025 deliveries fell below estimates as the sector faces macroeconomic challenges.
Block (XYZ) shares slid when the firm behind Square and Cash App reported earnings, revenue, and guidance that were short of estimates on slowing consumer spending.
Booking Holdings (BKNG) shares rose as the online travel site exceeded profit and sales forecasts on strong consumer demand for international trips.
Shares of Celsius Holdings (CELH) soared when the maker of energy drinks purchased functional beverage and wellness products provider Alani Nu for a net price of $1.65 billion, and also reported better-than-anticipated revenue.
Kenvue (KVUE) shares climbed on speculation the maker of Tylenol and other health products may be a takeover target.
Oil and gold futures fell. The yield on the 10-year Treasury note slid. The U.S. dollar advanced on the euro and pound, but lost ground to the yen. Bitcoin slipped but prices for most major cryptocurrencies were higher.
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