Wall Street Ends Mixed as Earnings Season Kicks Off – UNH Soars on Strong Q2 Results
- Shams Ul Zoha
- July 17, 2023
- 3:42 pm
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.
Investing Salary provides free access to quality, truthful news for everyone, believing that information should be equally accessible. We hope that this will enable more people to stay informed about current events, understand their effects, and be motivated to take action.
If you feel that we have helped you get the right market knowledge please consider supporting us through Patreon. Even a single dollar counts.
Related news
Popular
