Markets Rocked by UnitedHealth Probe and Tariff Uncertainties

The stock market experienced tumultuous trading as UnitedHealth faced a potential criminal investigation for possible Medicare fraud, causing a significant dip in its stock and affecting other health insurers. According to the Wall Street Journal, the U.S. Department of Justice was looking into the insurer's practices, although UnitedHealth claimed no official notification had been received.

Meanwhile, Cisco Systems enjoyed an uplift, jumping 6.3% after revising its annual forecasts and appointing a new CFO. However, retail giant Walmart revealed it would raise prices due to ongoing tariff costs, despite surpassing first-quarter sales expectations. The company's shares declined slightly after not issuing a second-quarter profit forecast.

S&P 500 experienced fluctuations, barely gaining traction as U.S.-China trade tensions persisted, and other companies adjusted forecasts for tariff-related uncertainties. The market reflected mixed sentiment with some sectors showing promise, while others like energy suffered from declining oil prices in anticipation of a U.S.-Iran nuclear deal.

(With inputs from agencies.)