Wall Street Ends Mixed as Earnings Season Kicks Off – UNH Soars on Strong Q2 Results
WHAT YOU SHOULD KNOW
- Wall Street’s session ended mixed as bank and financial shares declined during the beginning of the 2Q23 earnings season.
- UnitedHealth Group (UNH) saw its shares soar by 7.24% after reporting strong Q2 results. The company’s sales reached $92.9 billion, representing a nearly 16% YoY increase, surpassing expectations.
- Asian markets displayed varied performances. Japan’s Nikkei 225 was closed for Marine Day, while Australia’s S&P/ASX 200 declined slightly.
On Friday, July 14, the trading session on Wall Street concluded with a mixed performance as bank and financial shares experienced a decline following the release of quarterly reports, marking the beginning of the 2Q23 earnings season. The Dow Jones Industrial Average managed to close 0.33% higher at 34,509.03, while the S&P 500 saw a slight decrease of 0.10% to reach 4,505.42. The Nasdaq Composite closed lower by 0.18% at 14,113.70.
UnitedHealth Group Inc (UNH) made significant gains, with its shares soaring by 7.24%. This positive performance contributed to the Dow Jones ending the session on a higher note. UnitedHealth Group reported impressive sales of $92.9 billion for the second quarter of 2023, reflecting a nearly 16% year-over-year increase and surpassing the consensus estimate of $91 billion. Additionally, the adjusted earnings per share (EPS) stood at $6.14, marking a 14% year-over-year increase and exceeding the consensus estimate of $6.01.
In Asian markets, Japan’s Nikkei 225 was closed due to the observance of Marine Day. Australia’s S&P/ASX 200 ended the session slightly down by 0.06%, with energy and mining stocks leading the decline. China’s Shanghai Composite closed 0.87% lower at 3,209.63, while the Shenzhen CSI 300 closed 0.82% lower at 3,867.17, reflecting the impact of China’s lower-than-expected GDP of 6.3%. The Hang Seng index in Hong Kong closed early due to a typhoon warning.
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