News

US stocks declined on Thursday following mixed economic data as UnitedHealth Group dove on a report of a US criminal inquiry against it.

Data showed US retail sales were near-flat in April, while wholesale inflation PCE unexpectedly dropped last month.

At 09:42 a.m., the Dow Jones Industrial Average fell 128.62 points, or 0.31%, to 41,922.44, the S&P 500 lost 19.46 points, or 0.33%, to 5,873.03, and the Nasdaq Composite lost 123.27 points, or 0.64%, to 19,023.53.

Meanwhile, US Federal Reserve Chair Jerome Powell warned of "more persistent" supply shocks as the economy navigates President Donald Trump's tariffs policy.

UnitedHealth shares slumped more than 15% after the Wall Street Journal reported the health giant faces a criminal investigation for possible Medicare fraud.

In a statement, the compamy said it has not been notified by the Justice Department of an investigation.

Walmart stock slipped 4.1% as the retailer warned of higher prices due to tariffs.

Shares of Cisco Systems gained 2.9% after the company raised its annual forecasts.

Among megacap stocks, Nvidia slid 1.2%, Tesla shed 2.8%.

Foot Locker stock skyrocketed 83.6% after rival Dick's Sporting Goods agreed to acquire the footwear retailer for $2.4 billion.

Gold prices rose on Thursday on a weaker US dollar.

Spot gold gained 0.7% to $3,200.74 an ounce by 1046 ET (14:46 GMT). US gold futures added 0.5% to $3,203.80.

Spot silver edged up 0.2% to $32.26 an ounce, palladium was up 1% to $986.15 and platinum added 1.4% to $964.32.

Oil prices fell over 2% on Thursday as a potential US-Iran nuclear deal raised the prospect of increased global crude supply.

Brent futures dropped over 2.5% to $64.39 a barrel.

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