Stock Market Update

[BRIEFING.COM] The stock market to mixed action as participants weigh the latest inflation reading. Consumer prices mostly held steady in April.

The S&P 500 (+0.4%) and Nasdaq Composite (+0.9%) are higher while the Dow Jones Industrial Average trades about 175 points lower.

The price-weighted Dow is weighed down by a sharp decline in one of its top-weighted components -- UnitedHealth (UNH 327.55, -51.04, -13.5%). UNH shares are dropping following the news that CEO Andrew Witty is stepping down for personal reasons and that the company is suspending its 2025 outlook as it grapples with higher-than-expected medical costs.

UNH has also weighed down the S&P 500 health care sector, which shows a 2.0% decline. The real estate (-1.1%), consumer staples (-0.7%), and utilities (-0.4%) sectors are the next worst performers.

On the flip side, the consumer discretionary (+1.4%) and technology (+1.4%) sectors lead the pack, reflecting ongoing buying in their mega cap compoennts.