S&P 500, Nasdaq gain on boost from US-Japan tariff talks
Indexes had extended losses on Wednesday after US Fed chair Jerome Powell warned Trump’s trade policies risked pushing inflation
The S&P 500 and the Nasdaq rose on Thursday on the final trading day of the week, with focus on US-Japan tariff talks, while a slump in UnitedHealth’s shares following a forecast cut by the insurer weighed on the Dow.
After steep losses on Wednesday, investors found some optimism from US President Donald Trump’s comments on “big progress” in trade talks with Japan.
Focus will be on negotiation talks with dozens of countries over the coming weeks for more clarity on the size and scope of tariffs on individual nations and sectors.
Meanwhile, UnitedHealth plummeted 17.2 per cent after lowering its annual profit forecast on expectations of high medical costs for the rest of the year.
Other health insurers slumped, with CVS Health down 6.1 per cent and Humana falling 6.4 per cent.
At 09.35am Eastern Time, the Dow Jones Industrial Average fell 517.74 points, or 1.31 per cent, to 39,151.65, the S&P 500 gained 9.48 points, or 0.18 per cent, to 5,285.18, and the Nasdaq Composite gained 17.33 points, or 0.09 per cent, to 16,324.63.