{"id":22521,"date":"2023-06-14T10:51:02","date_gmt":"2023-06-14T14:51:02","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/s-unitedhealth-falls\/"},"modified":"2023-06-14T10:51:03","modified_gmt":"2023-06-14T14:51:03","slug":"s-unitedhealth-falls","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=22521","title":{"rendered":"S&P 500, Nasdaq inch up ahead of Fed verdict; UnitedHealth falls"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 5, 2023. REUTERS\/Brendan McDermid<\/span>
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By Shristi Achar A and Sruthi Shankar<\/p>\n

(Reuters) – The and Nasdaq rose for a fifth straight session to hit multi-month highs on Wednesday, as investors bet the Federal Reserve would skip raising interest rates later in the day, while a drop shares of insurer UnitedHealth weighed on the Dow.<\/p>\n

A larger-than-expected drop in U.S. producer prices in May due to a decline in the costs of energy goods and food signaled that inflation was cooling, further supported by data a day earlier that showed consumer prices moderated last month. <\/p>\n

The U.S. central bank is expected to leave interest rates steady at the 5%-5.25% range, unchanged for the first time since it kicked off a historically aggressive round of policy tightening in March 2022 aimed at curbing soaring inflation.<\/p>\n

“Whether or not this is the end of rate hikes for this cycle, we don’t know yet nor does the Fed,” said Brad Bernstein, managing director at UBS Wealth Management. <\/p>\n

“I think we’ll get what’s called a hawkish pause today, where they’ll be talking about their concerns about inflation but at the same time not raise rates.”<\/p>\n

Traders see a 95% chance the Fed will hold rates at the current levels, but have priced in nearly 60% odds of a 25-basis-point hike in July, according to the CME Fedwatch tool.<\/p>\n

The yield on the two-year Treasury notes, which tend to move in step with short-term rate expectations, slipped to 4.6% after the release of producer prices data. [US\/]\n

The Fed is scheduled to issue its policy statement and deliver new quarterly economic projections at 2 p.m. EDT (1800 GMT), followed by Chair Jerome Powell’s news conference.<\/p>\n

Weighing on the Dow, UnitedHealth Group (NYSE:) tumbled 7.4% after the health insurer warned of a spike in medical costs in the second quarter as more older adults undergo non-urgent procedures they had delayed during the pandemic.<\/p>\n

The S&P 500 health sector fell 0.9%, while the S&P 500 managed healthcare index hit a near 17-month low, down 7.8%.<\/p>\n

Shares of hospital operators Universal Health (NYSE:) Services and HCA Healthcare (NYSE:), however, were among the top gainers on the S&P 500, up 5.4% and 3.4%, respectively. <\/p>\n

U.S. stocks have rallied in recent weeks, pushing the benchmark S&P 500 and Nasdaq to 14-month highs, boosted by signs of economic resilience, an upbeat earnings season and hopes that interest rates were near their peak.<\/p>\n

While megacap technology stocks have driven much of the gains this year, economically sensitive small-cap shares as well as material and banking sectors have joined the rally recently.<\/p>\n

At 10:15 a.m. ET, the was down 117.13 points, or 0.34%, at 34,094.99, the S&P 500 was up 12.06 points, or 0.28%, at 4,381.07, and the was up 39.46 points, or 0.29%, at 13,612.78.<\/p>\n

Advanced Micro Devices (NASDAQ:) rose 1.1% after Reuters reported that Amazon (NASDAQ:) Web Services was considering using the company’s artificial intelligence chips. <\/p>\n

Advancing issues outnumbered decliners by a 2.21-to-1 ratio on the NYSE and a 1.35-to-1 ratio on the Nasdaq.<\/p>\n

The S&P index recorded 31 new 52-week highs and two new lows, while the Nasdaq recorded 58 new highs and 22 new lows. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 5, 2023. REUTERS\/Brendan McDermid By Shristi Achar A and Sruthi Shankar (Reuters) – The and Nasdaq rose for a fifth straight session to hit multi-month highs on Wednesday, as investors bet the Federal […]<\/p>\n","protected":false},"author":1,"featured_media":800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-22521","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nS&P 500, Nasdaq inch up ahead of Fed verdict; UnitedHealth falls | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 5, 2023. 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