Stock indexes had a mixed performance on April 18, 2024, with health insurers and airlines seeing gains while tech and semiconductor stocks lagged behind.
The Dow Jones Industrial Average saw UnitedHealth Group (UNH) rise 3%, leading the index for the third consecutive day. This was fueled by positive earnings from health insurer Elevance Health, easing concerns about higher medical costs impacting insurers’ earnings. Meanwhile, Travelers Companies (TRV) ticked up 1.9% after recovering from losses the day before due to missed earnings estimates amid surging catastrophe losses. On the flip side, tech stocks like Microsoft (MSFT) and Intel (INTC) fell 1.8%, with Salesforce (CRM) sliding 1.6%.
In the S&P 500, Genuine Parts (GPC) saw a significant jump of 11.2% after raising its full-year earnings guidance following a strong first quarter. United Airlines (UAL) rose 5.5% following an earnings beat from Alaska Airlines (ALK). Discover Financial Services (DFS) climbed 3.6% despite an $800 million charge related to card misclassifications. Elevance Health (ELV) also rose 3.3% after raising its full-year earnings forecast.
The Nasdaq 100 had Meta (META) gaining 1.5% after launching Meta AI, its chatbot competitor. Nvidia (NVDA) ticked up 0.8% after a previous slump, while chipmaker Micron (MU) fell 3.8% despite being awarded federal grants. Tesla (TSLA) fell 3.6% amid concerns about its future plans.
Overall, the market showed a mix of positive and negative movements, with certain sectors outperforming while others struggled to keep up. Investors will need to keep a close eye on these developments to navigate the ever-changing landscape of the stock market.