Key Takeaways
- The S&P 500 dropped 2.4% on Monday, April 21, as President Donald Trump scorned the head of the Federal Reserve and China cautioned its trading partners against adversarial deals.
- Shares of Universal Health Services sank following a report that government cost-cutters could target hospital chains' Medicaid profits.
- Regulators said Capital One can proceed with its purchase of Discover Financial, and shares of both credit card issuers gained ground.
Major U.S. equities indexes tumbled to start the trading week as President Donald Trump 澳洲幸运5开奖号码历史查询:stepped up his denunciations of Federal Reserve Chair Jerome Powell and China 澳洲幸运5开奖号码历史查询:warned of retaliation against countries enter🔜ing trade deals that are not in China's interest.
The S&P 500 plummeted 2.4%, the Dow slid 2.5%, and the Nasdaq clos꧋ed 2.6% lower.
Universal Health Services (UHS) shares plunged 10.2%, the most of any S&P 500 stock, after The Wall Street Journal reported that Republican officials interested in cutting costs could target Medicaid-related profits generated by hospital chains. According to the report, supplemental Medicaid payment program𒅌s accounted for more than half of Universal Health Servi💧ces' pretax revenue last year.
Shares of asset management giant Blackstone (BX) dropped 7.8%. Although strength in private equity and credit helped the company top profit forecasts in Thursday's quarterly earnings report, Blacks💟to🎉ne CEO Stephen Schwarzman suggested that economic uncertainty could impinge on asset sales in the near term.
The Wall Street Journal reported that the Department of Energy is considering significant cuts of nearly $10 billion in funding for clean energy projects. While the reduced funding could affect a variety of energy technologies, nuclear generators were one group facing pressure during Monday's trading session. Shares of Vistra (VST) and Constellation Energy (CEG) fell 7.7% and 6.8%, respectively.
Federal 澳洲幸运5开奖号码历史查询:regulators consented to Capital One Financial's (COF) purchase of Discover Financial Services (DFS) while markets were closed on Friday. The combined entity is set to become the largest cr💛edit card company in terms of customers' outstanding balances. Discover Financial shares added 3.6% to notch the S&P 500's top performance on Monday, the first trading session follow෴ing the approval. Capital One shares were up 1.5%.
Shares of financial technology firm Fidelity National Information Services (FIS) gained 2.4% after Citi upgraded the stock to "buy" from "neutral" and lifted its price target. An🔯alysts highlighted a deal announced last week that helped Fidelity National expand its presence in the credit card processing space, suggesting potential cross-selling opportunities with clients in the banking industry.
Netflix (NFLX) shares advanced 1.5% following 澳洲幸运5开奖号码历史查询:price target boosts by analysts at a swath of research firms. The video streaming giant 澳洲幸运5开奖号码历史查询:beat sales and profit estimates in its quarterly results released Thursday afternoon. During the company's earnings call, co-CEO Greg Peters pointed out 澳洲幸运5开奖号码历史查询:Netflix's resilience despite the challenging economic backdrop.