The Dow Jones Industrial Average’s DJIA, -0.11% selloff, in the face of a big rally in the broader stock market, is mostly the fault of one company’s stock. UnitedHealth Group Inc. shares UNH, -5.27% tumbled 5.7% in afternoon trading, in the wake of lower-than-expected Medicare Advantage rates proposed in 2024.
The health insurer’s stock price drop of $28.41, which would be the second-biggest in its history behind only the record $47.00 selloff on March 16, 2020, was shaving about 187 points off the Dow’s price. Meanwhile, the Dow was down 201 points, or 06%, with 18 of 30 components losing ground. Meanwhile, the S&P 500 SPX, +1.47% rallied 0.9% and the Nasdaq Composite COMP, +3.25% surged 2.4%. And the number of advancing stocks were outnumbering decliners 1,970 to 1,001 on the NYSE and 2,930 to 1,276 on the Nasdaq.