Dow Jones: UnitedHealth Surge Lifts Blue Chips to Record as Broader Stock Market Stalls

Dow Hits Record on UNH Pop, but Market Shows Signs of Hesitation

The Dow briefly touched a new record high in early trading Friday, boosted almost entirely by a monster move in UnitedHealth. Shares of UNH jumped over 11% after Buffett’s Berkshire Hathaway revealed a fresh stake, with Michael Burry’s Scion also turning more bullish. That was enough to drag the price-weighted index into new territory—even though the rest of the market isn’t showing the same strength.

At 15:06 GMT, the Dow Jones Industrial Average Cash market is trading 44938.04, up 26.78 or +0.06%.

Healthcare Leads as Buyers Return to Oversold Names

Healthcare is the strongest group on the board, not just today but for the week. UNH is leading, but Centene and Molina are also seeing 5%+ gains. The broader healthcare sector is now on pace for its best weekly performance since October 2022. After months of selling tied to rising costs and policy concerns, buyers are clearly stepping in—likely seeing value at these levels. It looks more like a rebound from oversold conditions than a fresh trend, but momentum is with them for now.

Economic Data Sends Mixed Signals—Retail Sturdy, Confidence Weak

Retail salescame in as expected for July, offering no major surprises. But the real market mover this morning may be the University of Michigan consumer sentiment reading—it fell sharply to 58, well below estimates, while inflation expectations ticked higher. That combo keeps the Fed guessing. Traders are still betting on a potential September rate cut, but the path isn’t clear-cut. Powell’s comments later today could swing sentiment in either direction.

Semiconductors Under Pressure Following AMAT Miss and Tariff Talk

Chips are weaker across the board after Applied Materials sank 11% on disappointing guidance. The sector also took a hit after Trump said he’s preparing fresh tariffs on steel and semiconductors. One outlier is Intel, up 3% on reports the U.S. government might take a stake in the company—but that feels like a one-off headline rather than a sector-wide driver.

Internals Show Caution Beneath the Surface

Advancers are trailing decliners by roughly 1.2-to-1 on the NYSE and 1.3-to-1 on the Nasdaq. The Nasdaq is putting up 52 new highs, but also 45 new lows—another sign of a market that’s lacking broad participation. The S&P has just 8 new highs. Buyers are selective this morning.

Bottom line—healthcare is doing the heavy lifting, but the rest of the market feels cautious as traders look ahead to Powell and geopolitical developments later today.

More Information in our Economic Calendar.