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.
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(END) Dow Jones Newswires
February 24, 2025 03:44 ET (08:44 GMT)
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