By Hearn Editors
The Justice Department is investigating UnitedHealth's Medicare billing practices, The Wall Street Journal reported. UnitedHealth's shares fell 7%, weighing on the Dow industrials. Other healthcare stocks, including CVS Health, Elevance and Humana, sold off. Heard on the Street's David Wainer says the industry is at a reckoning point.
Weak economic data and the UnitedHealth news pressured stock indexes. Consumer confidence slid, and existing-home sales declined 4.9% in January. The Dow and the S&P 500 each dropped 1.7%. The Nasdaq Composite fell 2.2%. Recap with this podcast.
Bybit, one of the world's largest crypto exchanges, reported a huge hack. More than $1.4 billion worth of ether was stolen, making it the biggest crypto heist of all time, according to blockchain analytics firm Certik.
Novo Nordisk shares rose 5%. The Food and Drug Administration said there was no longer a shortage of the pharmaceutical company's hugely popular Ozempic and Wegovy obesity drugs. Shares of telehealth company Hims & Hers, which sells compound obesity drugs, dropped 26%.
Bond yields continued their gradual descent. The 10-year Treasury yield declined 0.08 percentage point to 4.419%. Yields have fallen for four consecutive weeks.
Check out the What's News audio summary of the week in markets, and catch up on the biggest stock-market movers of the week in the latest Score column.
This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here.
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
(END) Dow Jones Newswires
February 24, 2025 03:44 ET (08:44 GMT)
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