Dow ends higher after UnitedHealth gains, other indexes slip on rate cut uncertainty
A meeting between U.S. President Donald Trump and Russian counterpart Vladimir Putin was also on the radar, with markets hoping it could pave the way for a resolution to the Ukraine conflict and determine the outlook for crude prices. The two leaders began a meeting in Alaska on Friday afternoon.
UnitedHealth Group (UNH.N), opens new tab rose sharply after Warren Buffett's company (BRKa.N), opens new tab revealed a new investment in the health insurer, while Michael Burry's Scion Asset Management also turned more bullish on the company.
Rising costs in the broader healthcare sector and about a 40% slump in UnitedHealth's shares this year have left the Dow (.DJI), opens new tab lagging its Wall Street peers on the road to record highs. The price-weighted index last scaled an all-time high on December 4.
The healthcare sector (.SPXHC), opens new tab gained on Friday, tracking its best weekly performance since October 2022.
According to preliminary data, the S&P 500 (.SPX), opens new tab lost 18.86 points, or 0.29%, to end at 6,449.68 points, while the Nasdaq Composite (.IXIC), opens new tab lost 83.99 points, or 0.40%, to 21,626.68. The Dow Jones Industrial Average (.DJI), opens new tab rose 43.83 points, or 0.10%, to 44,955.09.
More broadly, Wall Street's main stock indexes recorded their second week of gains, buoyed by expectations that the Fed could restart its monetary policy easing cycle with a 25-basis-point interest rate cut in September.
The central bank last lowered borrowing costs in December and said U.S. tariffs could add to price pressures. However, recent labor market weakness and signs that tariff-induced inflation was yet to reflect in headline consumer prices have made investors confident of a potential dovish move next month.
"The question is, has the tariff gotten into the price of goods yet? And it appears that there hasn't," said Joe Saluzzi, co-head of equity trading at Themis Trading.
Saluzzi also said while markets have largely priced in a September rate cut, investors might be overlooking risks, with low volatility and rich valuations pointing to a sense of complacency.
In a mixed day for economic data, a report showed retail sales in July rose as expected, but consumer confidence and factory production numbers indicated tariffs were taking a toll on other pockets of the economy.
Chicago Fed President Austan Goolsbee was also cautionary in his remarks.
Trump has said he will unveil tariffs on steel and semiconductors next week.
Among other stocks that were on the move, Applied Materials (AMAT.O), opens new tab tumbled after the chip equipment maker issued weak fourth-quarter forecasts.
Shares of Bank of America (BAC.N), opens new tab dropped after Berkshire Hathaway reduced its stake in the second-biggest U.S. lender by 4.2% to 605.3 million shares. It still owns about an 8% stake in BofA.
Intel (INTC.O), opens new tab surged after a report said the Trump administration was in talks for the U.S. government to potentially take a stake in the chipmaker.
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