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The Dow drops as Nvidia stock slides again and UnitedHealth tanks — but it's not all red

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Photo: Adam Gray (Getty Images)
Photo: Adam Gray (Getty Images)

The Dow sank 527 points Thursday — its worst day in weeks — after UnitedHealth reported a disappointing quarter and slashed its full-year forecast, sending shares tumbling over 20% and dragging the larger index lower.

Nvidia also stumbled, dropping 3% after reports of a U.S. clampdown on AI chip exports to China, which sent the stock down 7% on Wednesday. Thursday’s further drop pushed Nvidia’s market cap below $2.5 trillion, bringing its total loss to more than $250 billion since the tighter trade restrictions were first disclosed.

But the day wasn’t all doom and gloom.

Hertz (HTZ) soared after Bill Ackman disclosed a big stake, and Eli Lilly (LLY) jumped on strong trial results for its experimental weight-loss pill, a potential blockbuster in the booming obesity drug space. The S&P 500 held flat, the Nasdaq dipped slightly, and small caps outperformed, with the Russell 2000 up nearly 1%.

Thursday marks the end of a big earnings week — and with markets closed for Good Friday, investors are bracing for an even heavier slate ahead. Tesla, Alphabet (GOOGL), IBM (IBM), Procter & Gamble (PG), and Boeing (BA) are all set to report next week, promising insight across just about every sector.

U.S. stocks opened unevenly Thursday as Wall Street digested fresh earnings, continuing tension over chips, and fallout from a sharp selloff the day before.

The S&P 500 ticked up 0.2%, while the Nasdaq gained 0.13% — a modest bounce after its 3% plunge on Wednesday. The Dow Jones Industrial Average, however, dropped more than 1%, pulled lower by a staggering 20% drop in UnitedHealth (UNH) stock.

The healthcare giant slashed its 2025 profit forecast and missed earnings expectations, spooking investors and weighing heavily on the price-weighted Dow.

Nvidia also remained under pressure, down more than 1% in early trading, extending losses after its $5.5 billion charge related to new chip export restrictions to China. The broader tech sector continues to grapple with geopolitical fallout, regulatory uncertainty, and earnings jitters. The Nasdaq remains down about 15% year to date.

As the Trump administration sought to blame Federal Reserve Chair Jerome Powell for tariff-related market fallout, the European Central Bank (ECB) cut interest rates again Thursday, lowering its benchmark rate to 2.25% — its seventh cut in the past year.

ECB President Christine Lagarde pointed to rising global trade tensions, particularly U.S. tariffs, as a major drag on euro-area growth. “Anybody in this room who thinks that we are in a shock-free world, would I suggest maybe raise their hands or have their head examined either way,” she said. “We are not in a shock-free world, that’s for sure.”

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