NEW YORK, July 16, 2026, 12:09 p.m. EDT
- The Dow was up around 109 points, or 0.2%, by midday.
- UnitedHealth Group NYSE:UNH accounted for about 89% of the net gain, according to .
- Most S&P sectors ended higher, but a 2.1% slide in tech left the S&P 500 in the red.
By midday Thursday, the Dow Jones Industrial Average was up roughly 109 points, with the U.S. cash session still open. The S&P 500 and Nasdaq Composite slipped.
Split had more of an impact than the headline move. Investors pulled money from crowded AI hardware and turned to healthcare, staples and smaller stocks. Ten out of eleven S&P 500 sectors rose, but tech dropped 2.1%.
The Dow got a lift from an earnings pop in UnitedHealth. A rough midday tally of component moves showed UnitedHealth alone added about 97 points to the Dow, making up around 89% of the index’s net gain at 11:53 a.m.
This is due to how the Dow is built—it’s price-weighted, so share price, not market cap, sets a stock’s impact in the index.
| Benchmark | Level | Point move | Change |
|---|---|---|---|
| Dow Jones Industrial Average | 52,767.97 | up 109.33 | gained 0.21% |
| S&P 500 | 7,563.13 | down 9.27 | off 0.12% |
| Nasdaq Composite | 26,098.58 | dropped 170.65 | fell 0.65% |
| Russell 2000 | 2,989.20 | added 12.94 | rose 0.43% |
As of 11:54 a.m. EDT. Data could be delayed.
UnitedHealth posted adjusted Q2 earnings of $6.38 per share, beating the $4.90 estimate from analysts. Revenue for the quarter landed at $112 billion.
The insurer lifted its 2026 adjusted profit outlook to $19.50 to $20.00 a share. Medical-cost ratio dropped to 86.7%, down from 89.4% last year. “These results are not a reflection of a trend bending,” CFO Wayne DeVeydt said. Management is cutting an already high cost ratio, he said. Reuters
Chip stocks went lower. Nvidia NASDAQ:NVDA ended down 2.3% in the Dow, and the Philadelphia semiconductor index slid 3.8%.
“The chip rally is cooling off,” said Shiraz Ahmed, who runs Sartorial Wealth. He pointed to slower AI takeup, but said infrastructure demand hasn’t crashed. Reuters
Macro numbers didn’t signal a recession, but both reports weren’t finalized. The Census Bureau’s advance read showed June retail sales up 0.2%, with a margin of 0.4 points.
Jobless claims from the Labor Department dropped by 8,000 to 208,000. The four-week average moved down to 214,250, showing layoffs are still sticking around recent lows.
Stronger markets sent Treasury yields up, weighing on expensive tech stocks. The 10-year yield hovered close to 4.6%. Brent crude stayed around $85 as U.S.-Iran tensions persisted.
The midday tape is sending mixed signals. The Dow is showing more strength than one stock deserves, and the S&P is downplaying how broad the gains are. Both signals still hold up.
The rotation has to be confirmed at the 4 p.m. close. The next big macro event is Friday’s industrial-production report. A solid number could keep yields up.
Risks are still mostly around oil, interest rates and the top Dow stock. Another jump in oil prices could bring inflation worries back and put more pressure on chips. If UnitedHealth turns lower, most of the Dow’s support is gone.
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