Key things
- US stocks were mixed at midday on June 14, 2023 following moves in the Healthcare sector.
- Markets were also weighed down by a report showing softening producer inflation and the likelihood that the Fed could announce a pause in its rate hike cycle later in the afternoon.
- Shares of UnitedHealth Group fell after the insurer reported that the number of surgeries among people age 65 and older rose more than expected last month.
U.S. stocks were mixed at midday on moves in the healthcare sector. In addition, the market was weighed down by another report showing easing inflation and the likelihood that the Fed will announce a pause in the rate hike cycle later this afternoon. The Dow fell while the S&P 500 and Nasdaq rose.
Most of the losses for the Dow were attributed to UnitedHealth Group (UNH). Its shares fell 7% after the insurer said the number of surgeries among people aged 65 and over rose more than expected last month. The news sent shares of Humana (HUM), Elevation Health (ELV), and other health insurance companies lower. However, shares of hospital operators such as Universal Health Services (UHS) and medical device manufacturers such as Stryker (SYK), increased.
Nike (NKE) shares rose after the shoe company released a promotional ad featuring NBA star Nicola Jokic and the league’s new champion Denver Nuggets. Oracle stock (ORCL) posted a second day of strong earnings after the computer technology firm beat quarterly estimates and reported a new artificial intelligence (AI) cloud service. Vodafone Group Plc (WATER) shares acquired when the mobile phone provider merged its UK business with CK Hutchison.
Zions Bancorporation (ZION) shares fell as RBC Capital cut its price target on the stock. Solar energy stocks lost ground, shares of SolarEdge Technologies (SEDG) down by 2%.
Oil futures gave up early gains and lost ground. Gold prices were higher. The yield on the 10-year government bond fell. The US dollar fell against the euro, pound and yen. Most major cryptocurrencies were trading higher.