US stocks declined on Thursday following mixed economic data as UnitedHealth Group dove on a report of a US criminal inquiry against it.
Data showed US retail sales were near-flat in April, while wholesale inflation PCE unexpectedly dropped last month.
At 09:42 a.m., the Dow Jones Industrial Average fell 128.62 points, or 0.31%, to 41,922.44, the S&P 500 lost 19.46 points, or 0.33%, to 5,873.03, and the Nasdaq Composite lost 123.27 points, or 0.64%, to 19,023.53.
Meanwhile, US Federal Reserve Chair Jerome Powell warned of “more persistent” supply shocks as the economy navigates President Donald Trump’s tariffs policy.
Gainers and Losers
UnitedHealth shares slumped more than 15% after the Wall Street Journal reported the health giant faces a criminal investigation for possible Medicare fraud.
In a statement, the compamy said it has not been notified by the Justice Department of an investigation.
Walmart stock slipped 4.1% as the retailer warned of higher prices due to tariffs.
Shares of Cisco Systems gained 2.9% after the company raised its annual forecasts.
Among megacap stocks, Nvidia slid 1.2%, Tesla shed 2.8%.
Foot Locker stock skyrocketed 83.6% after rival Dick’s Sporting Goods agreed to acquire the footwear retailer for $2.4 billion.
