Get 40% Off
📈 Free Gift Friday: Instantly Copy Legendary Investors' PortfoliosCopy for Free

U.S. stocks lower with Kraft Heinz and UnitedHealth in spotlight

Published 02/17/2017, 11:12 AM
Updated 02/17/2017, 11:27 AM
© Reuters.  Wall Street moves lower on lack as rally loses steam

Investing.com – Wall Street traded lower on Friday as a recent rally ran out of steam and investors focused on company headlines.

At 11:10AM ET (16:10GMT), the Dow Jones fell 58 points, or 0.28%, the S&P 500 lost 5 points, or 0.22%, while the Nasdaq Composite traded down 3 points, or 0.05%.

Losses in the Dow were attributed mainly to the fact that while Donald Trump gave his first solo press conference as President late on Thursday, he concentrated his remarks on defense of his administration and attacks on journalistic coverage.

The appearance offered no further details of his planned fiscal policies and tax cuts, leaving investors concerned about the fact that the President will still need to get approval from the U.S. Congress for any action he plans to take to spur the economy.

In a session with no macro data ahead of a long weekend with markets closed next Monday for Washington’s Birthday, investors found few excuses to continue pushing U.S. stocks higher.

In company news, UnitedHealth Group (NYSE:UNH) led the Dow lower with losses of more than 4% as the U.S. Justice Department joined a lawsuit against the country's largest health insurer claiming that the firm and its units and affiliates overcharged Medicare hundreds of millions of dollars.

Also catching headlines, eyes were on Kraft Heinz (NASDAQ:KHC) as Unilever (LON:ULVR) rejected its $143billion merger offer.

In big moves on earnings, Nu Skin Enterprises (NYSE:NUS) tumbled nearly 12% as the beauty and nutritional care products maker missed estimates and released a lower-than-expected guidance.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

On the upside, Truecar (NASDAQ:TRUE) jumped nearly 9% as the car-buying website operator beat consensus and gave an upbeat forecast for the current quarter.

Meanwhile, oil prices traded lower on Friday, extending losses in what looked to be its first weekly decline in five weeks.

Crude chalked up losses this week as the Energy Information Administration said Wednesday that U.S. stockpiles of crude and gasoline hit record highs.

Oil prices have been stuck in a narrow range around the lower-to-mid-$50s over the past two months as investors weigh the impact of cuts in supply from the historic OPEC/non-OPEC agreement against record stockpiles of crude and increased drilling activity in the United States.

On that last note, investors also looked ahead to the Baker Hughes U.S. rig count data for the latest week that will be released later on Friday.

The number of rigs operating in the U.S. in the prior week increased by 8 last week, the 14th gain in 15 weeks. At 591 active rigs, the count was at its highest since October 2015 and nearly double the figure seen seven months ago.

U.S. crude futures lost 0.64% to $53.02 by 11:11AM ET (16:11GMT), while Brent oil traded down 0.25% to $55.51.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.