S&P500 and Dow Jones: UnitedHealth Drops 19%, Eli Lilly Jumps on Trial Results

S&P Futures Rebound While Dow Struggles On UnitedHealth Collapse

U.S. equity futures were mixed Thursday as investors sought to claw back losses from the prior session’s broad selloff. S&P 500 futures rose 0.3%, while Nasdaq-100 futures gained 0.6%. Dow futures dropped 403 points, or 1%, driven by a nearly 19% plunge in UnitedHealth following disappointing earnings. The move capped a turbulent week heading into Friday’s market closure for Good Friday.

Why Is The Dow Underperforming?

UnitedHealth delivered weaker-than-expected Q1 results, reporting adjusted earnings of $7.20 per share on revenue of $109.6 billion—missing both top and bottom-line estimates. The insurer also cut its full-year guidance, sparking a steep selloff that alone knocked Dow futures down over 400 points. With UnitedHealth as one of the Dow’s heaviest components, the index is on pace for a weekly loss exceeding 1%.

Where Are Traders Finding Strength?

The Nasdaq showed relative strength, supported by strong earnings from Taiwan Semiconductor. Shares of TSM jumped 3% after beating Q1 expectations and maintaining its full-year outlook despite tariff concerns.

Eli Lilly surged 11% following positive phase-three trial results for a weight-loss and diabetes pill, bolstering sentiment in healthcare. While Nvidia remained flat premarket, it had slumped nearly 7% the prior day after revealing a $5.5 billion charge tied to U.S. export controls on GPUs.

Which Other Stocks Are On The Move?

Hertz rallied another 16%, extending its surge after Bill Ackman’s Pershing Square disclosed a sizable stake. The stock is up over 70% across two sessions. In housing, D.R. Horton dropped more than 3% after posting Q2 earnings and revenue below consensus. Alcoa slipped over 2% as Q1 revenue missed forecasts at $3.37 billion, although earnings topped estimates.

What’s Driving Broader Market Sentiment?

Markets remain sensitive to policy signals. Fed Chair Jerome Powell warned Wednesday that proposed tariffs could drive inflation higher, potentially complicating the Fed’s dual mandate. His comments triggered a steep selloff, especially in tech, with the Nasdaq falling over 3% on the day. That decline pushed the index closer to bear market territory and added to growing fears of stagflation and recession.

What’s The Outlook Heading Into The Holiday Break?

All three major indexes are tracking for weekly losses, with the Nasdaq down 2.5%, the S&P off over 1%, and the Dow similarly lower. Traders are watching corporate earnings, Powell’s rhetoric, and global trade risks closely. Tech and healthcare are offering relative support, but pressure on mega-caps and signs of slowing consumer demand suggest continued chop ahead.

More Information in our Economic Calendar.