Euphoria Fades as Wall Street Faces Turbulence Amid Trade Truce Uncertainties
Wall Street is set for a dip as optimism over a US-China trade truce fades, with corporate earnings and inflation data taking center stage. Notably, UnitedHealth plummets as it revises forecasts due to medical costs, while Boeing gains amid trade developments. Investors remain cautious as global markets fluctuate.
Wall Street braced for a downturn on Tuesday, as initial enthusiasm over the temporary 90-day US-China trade war truce waned, turning investor attention to upcoming corporate earnings and inflation data.
Futures indicated a mixed opening, with the S&P 500 slipping by 0.2%, the Dow Jones Industrial Average down by 0.6%, and Nasdaq futures dipping by 0.1% prior to new consumer inflation figures. UnitedHealth Group experienced a significant 10% decline after announcing the suspension of its full-year financial outlook due to rising medical costs, alongside the immediate CEO transition from Andrew Witty to Stephen Hemsley.
Meanwhile, Boeing shares marginally rose upon reports of China lifting delivery bans on its airplanes, part of the ongoing trade negotiations between the US and China. As tariff reductions offer temporary relief and assurances to investors, industry experts advise caution amid continued global trade uncertainties.
(With inputs from agencies.)
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