Major Declines in Healthcare and Quantum Computing

In a notable shift, shares of UnitedHealth fell by 7% as the company announced a suspension of its 2025 outlook, attributing this to higher-than-expected medical costs. Furthermore, CEO Andrew Witty’s immediate resignation for personal reasons added to investor concerns. Stephen Hemsley is set to take over the CEO position.

Rigetti Computing also faced challenges, with its shares plummeting 11.4% after first-quarter revenue hit only $1.5 million, falling short of the $2.6 million forecast by analysts from FactSet.

Positive Movements in Cryptocurrency and Consumer Goods

Conversely, Coinbase shares surged 9.2% following the announcement that the cryptocurrency platform would be joining the S&P 500 index, effective before trading starts on May 19. The move will see Coinbase replace Discover Financial Services.

Under Armour saw a slight increase of 2.2% after surpassing revenue expectations for its fiscal fourth quarter. Additionally, the company upgraded its earnings guidance for the upcoming fiscal first quarter.

Mixed Results in Retail and Energy Sectors

Hertz Global Holdings experienced a nearly 9% decline in share value after reporting disappointing first-quarter results, with an adjusted loss of $1.12 per share on $1.81 billion of revenue—worse than the anticipated loss of 97 cents per share and $2 billion in revenue.

Meanwhile, Simon Property Group’s shares fell 2% despite exceeding first-quarter revenue expectations of $1.37 billion, slightly above the projected $1.36 billion.

On a brighter note, Valero Energy shares rose 1% due to an upgrade from Goldman Sachs, which raised its recommendation from neutral to buy based on favorable market conditions.

Consumer Internet Stocks Shine

Sea Limited witnessed an impressive 14.1% increase, as its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first quarter exceeded forecasts, reaching $946.5 million. However, the company reported $4.84 billion in revenue, slightly missing the Wall Street expectation of $4.91 billion.

Boeing’s shares were up 1.5% following reports indicating that China has lifted its ban on deliveries to the company, signaling a potential positive turnaround for the aerospace giant.

Emerging Trends and Predictions

Calumet saw its shares increase by 2.2% following Bank of America’s initiation of a buy rating, predicting substantial growth opportunities in the biofuels segment.