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crypto.news 2025-04-17 20:23:36

Dow drops over 500 points as UnitedHealth tanks, Fed tensions weigh on markets

Dow drops over 500 points as UnitedHealth tanks, Fed tensions weigh on markets

U.S. stocks ended mixed on Thursday as steep losses in UnitedHealth pulled the Dow lower. Investors digested ongoing trade tensions and signals from the Federal Reserve that interest rate cuts may not be imminent. The Dow Jones Industrial Average fell 1.2%, or roughly 500 points, largely due to a 23% plunge in UnitedHealth shares after the company slashed its full-year profit forecast. The S&P 500 rose 0.2%, buoyed by gains in select sectors, while the tech-heavy Nasdaq Composite edged down about 0.13%. Nvidia fell for a second day after the U.S. expanded restrictions on chip sales to China. You might also like: NEAR price analysis: Falling wedge pattern sets stage for recovery Trump vs. Powell The market’s attention remained fixed on Fed Chair Jerome Powell, who warned Wednesday that higher tariffs could slow growth and push inflation higher. Powell said the Fed would wait for more clarity on trade policy before making any rate decisions, dampening expectations for immediate rate cuts. President Trump responded by intensifying criticism of Powell, suggesting the Fed chair’s “termination cannot come fast enough” and reportedly discussing his possible replacement. Adding to market uncertainty, reports indicated Trump had spoken with former Fed governor Kevin Warsh as a potential successor to Powell. Elsewhere, chipmaker TSMC beat expectations with a 60% surge in Q1 net profit, thanks to AI chip demand. Investors also awaited earnings from Netflix, seen as a rare tech bright spot amid broader weakness in the sector. Yields on the 10-year Treasury rose to 4.325%, and the U.S. dollar ticked up modestly. Stock and bond markets will be closed Friday for Good Friday. Bitcoin ( BTC ) temporarily traded above $85,000 but settled in the $84,600 range at the time of writing. You might also like: Stellar and AEON team up to bring XLM and USDC payments to Southeast Asia

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