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Updated Fri, Feb 21, 2025, 8:11 AM 1 min read
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US stocks diverged Friday morning as the major indexes looked set to split for the week.
The S&P 500 (^GSPC) edged just below the flatline, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.2%. The Dow Jones Industrial Average (^DJI) fell 0.5% after the index led a broad Wall Street slide on Thursday. UnitedHealth (UNH) shares looked to be a drag on the Dow on Friday, down 11% in morning trading after a report said the Department of Justice is probing its Medicare billing practices.
The benchmark S&P 500 and Nasdaq are on track for weekly wins, while the Dow is staring at a loss.
CME - Delayed Quote USD
As of 10:05:28 AM EST. Market Open.
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President Donald Trump's tariffs continue to leave retailers and consumers stumped by what will be impacted in the coming months. Walmart's warning on its 2025 outlook sparked a broad market downturn on Thursday, and the company cited tariff uncertainty as one factor.
Walmart's CFO told Yahoo Finance that price hikes for electronics and general merchandise would likely be passed on to the consumer if tariffs impact the retail giant's bottom line.
Friday is a slow day for economic data releases, with little on the earnings menu. January's existing home sales information will provide a glimpse into the housing market, while a reading on consumer sentiment is also due from the University of Michigan.
In individual movers, energy drink company Celsius Holdings (CELH) stock skyrocketed over 30% after the company announced it would buy competitive drink maker Alani Nutrition for $1.8 billion.
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Existing home sales slowed in January amid higher mortgage rates
Sales to purchase an existing home started the year lower as higher mortgage rates dampened housing activity.
Existing home sales declined 4.9% in January to a seasonally adjusted annual rate of 4.08 million, according to the National Association of Realtors. Economists polled by Bloomberg expected existing home sales to hit a pace of 4.13 million in January.
“Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve,” NAR chief economist Lawrence Yun said in a statement. “When combined with elevated home prices, housing affordability remains a major challenge.”
House hunters have been on the fence about buying a home due to expensive housing costs. Mortgage rates have drifted lower over the past few weeks but remain around 7%, challenging many potential buyers.
The median home sale price rose 4.8% from a year ago to $396,900, and January marked the 19th consecutive month of year-over-year price increases.
The Dow slides as UnitedHealth sinks
UnitedHealth (UNH) shares dragged down the Dow to start the trading day Friday, following a report that said the Department of Justice is probing the company's Medicare billing practices. Shares of the healthcare company fell about 10% during morning trading, pulling down the Dow Jones Industrial Average (^DJI), which fell 0.5%.
The major indexes weren't all in the red, however. The S&P 500 (^GSPC) edged just below the flatline, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.2%.
The benchmark S&P 500 and Nasdaq are on track for weekly wins, while the Dow is staring at a loss.
Why Nvidia earnings aren’t make-or-break for the whole market anymore
The biggest contributors to the S&P 500's gains so far this year are noticeably different from those last year. And it means Nvidia's earnings next week may not be the marquee market-moving event it was previously.
Yahoo Finance's Julie Hyman details in today's Morning Brief:
Read more here or sign up to get the Morning Brief newsletter.
Celsius stock jumps 32% on $1.8B Alani deal
Celsius Holdings (CELH) is acquiring Alani Nutrition for $1.8 billion in cash and stock. The deal expands its sports and energy drink portfolio. Investors reacted positively, sending shares up 32% in premarket trading on Friday.
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