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The Key Takeaways
- The S&P 500 slid 0.4% on Tuesday, Sept. 17, as stocks faltered ahead of Wednesday's Federal Reserve's interest rate announcement.
- Humana shares fell as pharmacy benefit managers faced criticism and analysts raised concerns about some of the insurer's policies for military veterans.
- Pfizer’s shares rose after it issued a measured, but steady outlook for fiscal 2025.
The Federal Reserve began its last two-day meeting in 2024 with a sluggish start for the major U.S. equity indexes.
Investors are looking forward to the Fed’s press conference and accompanying statement, which will be held on Wednesday. This is to get a sense of what the Fed Chairman Jerome Powell has planned for the coming year.
The S&P 500 slipped 0.4%, while the Nasdaq lost 0.3%. The Dow ended 0.6% lower and extended its negative streak to nine consecutive trading sessions.
Following Donald Trump’s remarks about eliminating the health care industry, stocks in this sector have continued to be under pressure. “middleman” The prescription drug market. Humana (HUM) shares lost 10.2%, the steepest daily drop of any S&P 500 stock on Tuesday, after Piper Sandler analysts flagged earnings risks related to certain plans that provide coverage to military veterans. CVS Health shares (CVS), which have been falling for a while, fell 5.5%. This is a continuation of the recent declines as public sentiment towards pharmacy benefit management business (PBMs) grows.
Amentum Holdings’ (AMTM), a government technology company, saw its shares fall 9.7%. Amentum’s executives stated on its earnings call, that despite the fact the company had a profit in the fourth quarter of last year, they still expect the winding down certain government programs will weigh on their growth for fiscal 2025.
Broadcom’s (AVGO), shares fell by 3.9%. This was a small part of a huge run up in the stock during the last few sessions. Markets digested Broadcom’s (AVGO) strong earnings results and growth in artificial intelligence, as well as its collaboration with Apple on an AI-server chip. Broadcom’s market cap remains over $1 trillion despite Tuesday’s decline. It was the first week that it crossed this threshold.
The top performance in the S&P 500 on Tuesday belonged to shares of Pfizer (PFE), which jumped 4.3% after the pharma and biotech giant provided guidance for fiscal 2025. Pfizer’s forecast for the full year was in line with analyst estimates. Pfizer also expects its COVID-19 medication and vaccine sales to be consistent with levels seen in 2024.
Fox Corp.’s (FOXA), shares rose by 4.3% in response to reports that FOX News surpassed other platforms for news on YouTube, with more than 400,000,000 views during the month of November. FOX News has an edge over competitors in cable TV ratings as well as social media engagement. Fox Corp. class B (FOX), shares rose 4.1%.
Tesla shares (TSLA), which had already reached a record in the previous session, advanced 3.6% Tuesday. Mizuho has become the latest research company to increase its views on the electric car (EV) giant, by upgrading Tesla shares to “outperform” The following is a list of the most recent and relevant articles. “neutral” It has also more than doubled its target price. Mizuho, echoing similar analyses, cited Tesla’s expected gains from more relaxed regulations for self-driving cars and other positive factors under the new presidential administration.
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