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Market Update: LLY Pops and UNH Craters as Chip Stocks Extend Losses

Market Update: LLY Pops and UNH Craters as Chip Stocks Extend Losses

Published: by Omor IE

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Key Points

  • Stocks opened slightly green but became red again as selloffs have continued.

  • Chip stocks and tech stocks are down due to de-risking by Wall Street.

  • UNH stock disappointed, but LLY stock surged after great weight-loss pill data.

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The stock market as a whole has been uncertain today. Certain sectors have made big moves in both directions. Tariff-related hits have caused chip stocks to fall significantly yesterday, and these stocks have been declining even more today.

Moreover, other Magnificent Seven stocks are also down slightly as investors price in the risk of a recession and more tariff impacts. Mid-cap stocks and defensive stocks have done well so far and have offset these losses, but it may not be enough by the time the market closes.

Here’s a market update as of 10:30 A.M (ET) today.

  • The S&P 500 is down 6.85 points, or 0.13%.
  • The Nasdaq Composite is down 76.61 points, or 0.46%.
  • The Dow Jones Industrial Average is down 620.91 points, or 1.56%.
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LLY Stock Rallies and UNH Stock Falls

Let’s start with the positive.

Eli Lilly (NYSE: LLY) was down significantly from its peak this year, but it has narrowed that significantly after significant progress on its weight-loss pill was reported. The company’s Ozempic rival helped patients lose as much as 16 pounds over 40 weeks. This win caused the company’s rival Novo Nordisk (NYSE: NVO) to fall 7.5%.

LLY stock is up 14% now.

As for the biggest big-cap loser today, UnitedHealth Group (NYSE: UNH) disappointed massively. This was seen as a safe haven by many due to its tariff insulation, but domestic issues have turned out to be its kryptonite.

Shares fell after earnings missed Wall Street’s expectations and UnitedHealth downgraded its forecast for 2025. Adjusted income came in at $7.2 per share vs. the expected $7.29. Moreover, full-year EPS guidance was lowered to a range of $26-$26.5. Previously, this was at $29.5-$30.

UNH stock is down almost 21%.

Notable Gainers Today

  • American Resources (NASDAQ: AREC) is up 44% due to the company unveiling a modular leaching solution for rare earth extraction. Rare earths are trendy now due to China restricting rare earth exports to the U.S.
  • uniQure (NASDAQ: QURE) is up 37% after the announcement that the FDA granted Breakthrough Therapy designation to AMT-130. This is the company’s gene therapy candidate for the treatment of Huntington’s disease.
  • Hertz Global Holdings (NASDAQ: HTZ) is up 26% as Bill Ackman’s hedge fund bought more HTZ stock.
  • Structure Therapeutics (NASDAQ: GPCR) is up 16% as they are making similar drugs to what LLY just had success with.
  • NOVONIX (NASDAQ: NVX) is up 12%. Battery companies are hot due to the U.S.-China trade war.

Notable Losers Today

  • Agilon Health (NYSE: AGL) is down 28.5% due to policy concerns and analysts turning bearish. It is also cooling off from a triple-digit rally earlier this year.
  • Global Payments (NYSE: GPN) is down 17% as it is purchasing Worldpay for $24.25 billion and is divesting its Issuer Solutions unit.
  • Alignment Healthcare (NASDAQ: ALHC) is down 10% due to the CEO resigning.

The image featured at the top of this post is ©monsitj / iStock via Getty Images.

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