US Stocks Dip in Late Trading Despite Weekly Wins for Major Indexes
As of mid-morning trading on Friday, US stocks faced a decline, with two major indexes indicating record gains for the week. The S&P 500 (^GSPC) shed 0.7%, and the tech-heavy Nasdaq Composite (^IXIC) lost 0.8%, reversing earlier uptrends.
The Dow Jones Industrial Average (^DJI) saw a 0.9% drop after leading a broader Wall Street slide on Thursday. UnitedHealth (UNH) shares contributed to the Dow's decline, falling 8% in morning trading following reports of a Department of Justice investigation into its Medicare billing practices. The S&P 500 and Nasdaq are poised for weekly wins, while the Dow faces a potential loss.
President Donald Trump's tariffs continue to impact retailers and consumers, with the prospect of further disruptions in the coming months. Walmart's 2025 outlook warning triggered a market downturn on Thursday, with tariff uncertainty cited as a contributing factor. Walmart's CFO indicated that price increases for electronics and general merchandise could be passed on to customers if tariffs affect the company's bottom line.
Friday's economic data releases are limited, with January's existing home sales providing insights into the housing market. Additionally, the University of Michigan will release a consumer sentiment reading.
In individual market movements, energy drink company Celsius Holdings (CELH) witnessed a 30% surge after announcing the acquisition of competitive drink maker Alani Nutrition for $1.8 billion.