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US stocks open mixed: S&P 500, Nasdaq inch higher, Dow drops 400 points

by admin April 17, 2025
April 17, 2025

The S&P 500 and Nasdaq Composite opened higher on Thursday, the final trading day of the week.

The Dow Jones Industrial Average, however, posted a steep decline, weighed down by a significant drop in UnitedHealth.

UnitedHealth is the largest weighted component in the Dow Jones Industrial Average.

The S&P 500 added 0.4%, while the Nasdaq gained 0.4%.

The Dow fell 463 points, or 1.2%, as UnitedHealth tumbled 17% after reporting earnings below expectations and cutting guidance.

The company has revised its 2025 adjusted profit per share forecast to a range of $26 to $26.50, down from the previous outlook of $29.50 to $30 per share.

Analysts had been expecting a profit of $29.73 per share for 2025, according to data from LSEG.

Tech giant Netflix is set to report first-quarter earnings after the bell on Thursday 

The major indices are on track for a losing week, with the market closed on Friday in observance of Good Friday.

The Dow and S&P 500 have each declined more than 2% and 1.2%, respectively, while the Nasdaq has fallen around 2% for the week.

Wednesday’s steep decline

Thursday’s moves followed a sharp sell-off on Wednesday, led by heavy losses in technology stocks.

The Dow Jones Industrial Average fell nearly 700 points, while the Nasdaq Composite dropped more than 3%.

Nvidia led the decline with a nearly 7% slide after disclosing a $5.5 billion quarterly charge related to US export restrictions on its H20 GPUs to China and other markets.

Markets were also pressured by comments from Federal Reserve Chair Jerome Powell, who warned that Trump’s tariffs could push inflation higher in the short term and are “likely to move us further away from our goals.”

Powell noted the Fed could face a “challenging scenario” in managing its dual mandate of stable prices and maximum employment.

Trump and Powell spar again

President Donald Trump on Thursday renewed his call for the Federal Reserve to cut interest rates and suggested the possible removal of Chair Jerome Powell.

The remarks followed Powell’s speech at the Economic Club of Chicago, where he said the Fed faced a difficult balancing act as tariffs imposed by the administration complicated decisions on controlling inflation and supporting economic growth.

“If that were to occur, we would consider how far the economy is from each goal, and the potentially different time horizons over which those respective gaps would be anticipated to close,” Powell said, contributing to a sharp market sell-off on Wednesday.

Trump has repeatedly criticized Powell’s policy decisions.

Earlier this month, two days after the administration’s “Liberation Day” tariff announcement, Trump wrote it would be “a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always ‘late,’ but he could now change his image, and quickly.”

The post US stocks open mixed: S&P 500, Nasdaq inch higher, Dow drops 400 points appeared first on Invezz

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