Dow briefly hits record high on UnitedHealth boost; Trump-Putin meeting in focus
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 meeting is scheduled to take place at 1900 GMT.
UnitedHealth Group (UNH.N), opens new tab gained almost 14% and was on track to log its biggest daily rise since 2008 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 1.8% on Friday and is on track for its best weekly performance since October 2022.
At 2:04 p.m. the Dow Jones Industrial Average (.DJI), opens new tab rose 134.90 points, or 0.30%, to 45,046.70, the S&P 500 (.SPX), opens new tab lost 7.43 points, or 0.11%, to 6,461.11 and the Nasdaq Composite (.IXIC), opens new tab lost 57.72 points, or 0.27%, to 21,652.95.
More broadly, Wall Street's main stock indexes are on track for 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 14% after the chip equipment maker issued weak fourth-quarter forecasts.
Shares of Bank of America (BAC.N), opens new tab dropped 1.4% 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 5.7% after a report said the Trump administration was in talks for the U.S. government to potentially take a stake in the chipmaker.
Declining issues outnumbered advancers by a 1.22-to-1 ratio on the NYSE.
On the Nasdaq, declining issues outnumbered advancers by a 1.29-to-1 ratio.
The S&P 500 posted 10 new 52-week highs and no new lows, while the Nasdaq Composite recorded 77 new highs and 72 new lows.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
43 minutes ago
- Reuters
Global markets face shaky week ahead as US pressure mounts on Ukraine
LONDON, Aug 17 (Reuters) - Defence stocks and energy markets are likely to be in focus this week, as European leaders rushed to back Ukraine in talks with U.S. President Donald Trump that may pressure Kyiv to accept a peace deal favouring Russia. Investors are watching for signs that the U.S. may move closer to Russia in a bid to exploit vast, untapped Arctic energy resources, in a major geopolitical shift that piles pressure on Europe to rapidly boost defence spending. Trump and Russian President Vladimir Putin ended their weekend summit in Alaska without securing a Ukraine ceasefire agreement, with the U.S. President then saying he now wanted a rapid peace deal that Kyiv should accept. Ukrainian President Volodymyr Zelenskiy is travelling to Washington on Monday for talks that leaders of nations including Germany, the UK and France will now join. "Trump seems inclined to reduce or even end US support for Ukraine. Putin got him interested in business deals," Berenberg Chief Economist Holger Schmieding said in a note to clients. "As a result, the US may lift its sanctions on Russia and invest in Russia instead," he added. "Europe will have to spend a lot more for its own defence." Investors have bet on that outcome since February 2022, driving a supercharged rally in European aerospace and defence stocks (.SXPARO), opens new tab with gains of over 600% for Leonardo ( opens new tab and 1,500% for Germany's Rheinmetall ( opens new tab. The euro has rallied 13% against the dollar this year and traded at about $1.17 on Friday. Bank of America strategist Michael Hartnett highlighted the potential for U.S.-Russia Arctic drilling projects to exploit 15% of the world's undiscovered oil and 30% of the world's undiscovered natural gas, resulting in a deep energy bear market. Brent crude, which dropped more than 1% to near $66 a barrel, on Friday, was still priced for a Ukraine peace deal, Hartnett cautioned, while Trump wanted lower energy prices for U.S. consumers . Ukraine's government bonds - key mood indicators - rallied when news of the summit emerged earlier this month but have stalled at a still-distressed 55 cents per dollar. "I would think they will be a bit weaker following the recent strength as the mood seems to favour Russia following Friday's summit," Aegon Asset Management head of emerging market debt Jeff Grills said.
Geeky Gadgets
an hour ago
- Geeky Gadgets
Google Pixel 10 Pro XL Price Leaks: How Much Will it Cost?
Google is expected to officially announce that the Pixel 10 series, including its flagship model, the Pixel 10 Pro XL, will retain the same pricing structure as the previous Pixel 9 lineup. This decision is particularly noteworthy in a smartphone market where flagship prices have been steadily increasing. By maintaining stable pricing, Google positions itself as a competitive force, offering premium features without imposing higher costs on consumers. This approach reflects a deliberate strategy to balance innovation with affordability, making sure that innovative technology remains accessible to a broader audience. Watch this video on YouTube. Pixel 10 Series: Pricing That Defies Market Trends The Pixel 10 series consists of four models: Pixel 10, Pixel 10 Pro, Pixel 10 Pro XL, and Pixel 10 Pro Fold. Unlike many competitors who have raised prices in response to rising production costs and inflation, Google has chosen to keep its pricing consistent with last year's lineup. This decision underscores Google's commitment to providing value without compromising on quality or features. In the US, the Pixel 10 starts at $799 for the 128GB variant, while the Pixel 10 Pro XL begins at $1,199 for the 256GB model. This pricing strategy ensures that you can access premium features and advanced technology without the financial burden often associated with flagship devices. By resisting the industry trend of price hikes, Google appeals to both loyal customers and new buyers seeking high-quality smartphones at reasonable prices. Global Pricing and Regional Adjustments Google's pricing strategy reflects a careful balance between global consistency and regional market dynamics. While the company maintains a uniform pricing structure across major markets, it also accounts for local economic factors such as currency fluctuations and purchasing power. This approach ensures that the Pixel 10 series remains competitively priced worldwide. In the US, the Pixel 10 Pro Fold, the most premium model in the lineup, is priced at $1,799 for the 256GB variant. for the 256GB variant. European markets follow a similar pricing alignment, making sure that the Pixel 10 series remains accessible and competitive across regions. This transparent pricing strategy not only enhances accessibility but also reinforces Google's reputation as a customer-focused brand. By addressing regional market needs without compromising on quality or features, Google strengthens its global presence in the premium smartphone segment. Storage Options Designed for Every User The Pixel 10 series offers a variety of storage configurations to meet the diverse needs of its users. This tiered approach ensures that you can select a model that aligns with your specific requirements, whether you prioritize affordability or need additional storage for professional tasks and media. The Pixel 10 and Pixel 10 Pro start at 128GB , making them ideal for users with moderate storage needs, such as casual app usage and photo storage. , making them ideal for users with moderate storage needs, such as casual app usage and photo storage. The Pixel 10 Pro XL and Pixel 10 Pro Fold begin at 256GB, catering to users who require more space for apps, high-resolution media, and professional workflows. By offering multiple storage options, Google provides flexibility without forcing users to compromise on essential features. This thoughtful approach ensures that the Pixel 10 series appeals to a wide range of consumers, from casual users to tech enthusiasts and professionals. Challenging Market Trends with Strategic Pricing Google's decision to maintain stable pricing for the Pixel 10 series stands in stark contrast to the broader industry trend of rising flagship smartphone costs. Many manufacturers justify price increases by citing advanced features, higher production expenses, and inflation. However, Google has taken a different path, prioritizing affordability while continuing to deliver innovative features and premium build quality. This strategy not only strengthens Google's position in the competitive premium smartphone market but also resonates with price-conscious consumers who seek value without sacrificing performance. By offering flagship-level features at consistent prices, Google challenges the notion that innovative technology must come with a hefty price tag. This approach positions the Pixel 10 series as a compelling choice for those who demand both quality and value. A Balanced Approach to Premium Smartphones The Pixel 10 series, led by the Pixel 10 Pro XL, exemplifies Google's commitment to delivering a balanced combination of affordability, innovation, and market competitiveness. By retaining last year's pricing structure, Google sets a new benchmark for value in the flagship smartphone segment. Whether you are in the US, India, or Europe, the Pixel 10 lineup offers consistent pricing and advanced features, making it a strong contender in today's premium smartphone market. With its transparent pricing strategy, diverse storage options, and focus on accessibility, the Pixel 10 series redefines what consumers can expect from a flagship smartphone. Google's approach not only challenges industry norms but also ensures that premium technology remains within reach for a wide audience, solidifying its position as a leader in the evolving smartphone landscape. Browse through more resources below from our in-depth content covering more areas on the Google Pixel 10 Pro XL. Google Pixel 10 Pro XL Leak: Specs, Features, and Release Date Google Pixel 10 Pro XL: Specs, Features, and Release Details Google Pixel 10 Pro XL Launch Date, Features, and More Google Pixel 10 Pro XL: Specs, Features, and More Google Pixel 10 Pro XL Features, Specs, and Pricing Leaked Source & Image Credit: Demon's Tech Filed Under: Android News, Mobile Phone News, Top News Latest Geeky Gadgets Deals Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
Daily Mail
an hour ago
- Daily Mail
Historic red state town with Victorian charm faces population boom
Once celebrated for its historic Victorian architecture and small-town charm, Clarksville, Tennessee , is now grappling with the growing pains of being one of the fastest-expanding cities in America. The population of the military town that sits close to Fort Campbell on the border with Kentucky has soared past 186,000. This is a jump of nearly 20,000 in just four years - but the housing market hasn't kept pace, driving prices sky-high and leaving many locals struggling to find a place to live. A new housing study warns that the shortage spans both rental and for-sale properties, with limited supply and a lack of variety in available homes. The squeeze is forcing some residents to spend a disproportionate share of their income on housing, cutting into local spending and threatening long-term economic stability. City officials acknowledge the problem, but the scale of Clarksville's growth has left them scrambling to balance development with infrastructure needs while preserving the historic charm that draws people here in the first place. Council member Deanna McLaughlin called the situation 'urgent', pointing to a severe five-year housing gap of more than 15,000 units - including 8,595 for-sale homes and 6,598 rentals across all price points - and noted that both affordable and market-rate rentals are nearly at full occupancy. 'Limited options and rising costs are creating a significant cost burden for residents,' she said. 'We're seeing 43.6 percent of renters and 20 percent of homeowners spending more than 30 percent of their income on housing, which is above the state average. Incomes simply aren't keeping pace with the cost of living .' Local real estate agent Tyler Forte, who services Clarksville from his base in Nashville, says the city has undergone a dramatic transformation in just a few years. 'Even three years ago, Clarksville was kind of Nashville's stepsister - known mainly for the military base and university, with a lot of farmland and a small-town feel,' Forte said. 'Since COVID, it's just absolutely taken off. They're building a ton of homes and commercial projects, new grocery stores, and even two new hospitals. It's gone from being an afterthought to a major city in Tennessee.' Much of that growth, Forte says, has been driven by both out-of-state buyers and Nashville residents seeking a lower cost of living. 'As Nashville prices have climbed, I've had a lot of clients who've moved to Clarksville for more affordable housing,' he explained. Forte notes that new construction dominates the market, which can be a double-edged sword. 'Most of the homes I see in Clarksville are brand new - even something built in 2015 is considered old. Builders are offering big incentives, like interest rate buy-downs through their preferred lenders. One client just locked in a 3.99 percent rate through Lennar's in-house lending program - a huge drop from the 6.5-7 percent you'd see with a typical lender. 'Because the builder owns the lender, they can offer aggressive financing deals that make new construction especially attractive,' he said. While bidding wars aren't as common as they once were, Forte says competition still exists for certain properties. 'If a home is unique, move-in ready, and priced right, it can still spark multiple offers. But out of the 80 homes I sold in the past year, only about three had bidding wars.' Some parts of the city remain hotter than others. 'The Sango area in the south is the most competitive,' Forte said. 'It's closer to Nashville, has a strong school district, and that combination is always going to drive demand.' However, Forte doesn't believe the real shortage is in housing stock. 'They're building as fast as they possibly can,' he said. 'The bigger issue is infrastructure. This was mostly farmland 10 years ago, and the public systems just aren't built to handle this kind of population growth so quickly.' Although the boom has brought new businesses and job opportunities, it has also fueled concerns about traffic congestion, rezoning battles, and environmental impacts in a city where Victorian-era streets and landmarks now sit in the shadow of sprawling new subdivisions. McLaughlin said younger residents and first-time buyers are especially hard-hit, with many unable to qualify for mortgages and a shortage of smaller 'starter' homes in the market. She warned that building quickly without careful planning could worsen traffic congestion, strain public services, and erode the character of historic neighborhoods. 'If the housing shortage persists, the most pressing concerns would be an increase in the number of cost-burdened residents, particularly those in lower- and middle-income brackets,' she said. 'That could lead to the departure of essential workers and drive prices even higher,' she added. Patrick Bowen, president of Bowen National Research, led the assessment that laid bare Clarksville's housing shortage - and its wider economic consequences. 'Whether it's rental or for-sale housing, there's not much available,' Bowen told local FOX affiliate WZTV Nashville. 'And what you do have is really not affordable for many low- to moderate-income households.' He warned that rising housing costs don't just hit residents - they ripple through the local economy. 'When you've got people spending exorbitant amounts on housing, that's less money going back into the local economy. It has an impact on employers, too; the workforce can't afford to stay in the market, or afford the rent they're paying.' Bowen says the newly compiled data can help Clarksville plan smarter: 'Now you have data to look to, so when you're setting priorities and goals, you have something that gives you structure, to say, we need to focus on this type of housing or this population.' He also stressed that rushing development could make matters worse. 'Yes, housing is needed quickly, but that doesn't mean it should be rushed. You want to make sure you're building the right kind of housing, in the right places, with the right infrastructure in place.'
