U.S. stocks slipped after the opening bell, with health insurance giant UnitedHealth shares weighing on the market after the Wall Street Journal said the company’s Medicare billing practice is being investigated by the Department of Justice.
The new civil fraud probe’s looking at UnitedHealth’s practices for recording diagnoses that trigger extra payments to its Medicare Advantage plans, including at physician groups the insurance giant owns, the WSJ said. UnitedHealth shares plunged 7.25%, or $36.42, to $466.
Around 9:35 a.m. ET, the broad S&P 500 index eased 0.19%, or 11.9 points, to 6,105.62; the Dow fell 0.65%, or 286.04 points, to 43,890.61; and the tech-laden Nasdaq edged down 0.032%, or 6.31 points, to 19,955.95. The benchmark 10-year yield dipped to 4.493%.
Stocks to watch
Other moving stocks to watch on Friday include:
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Block’s results in the last three months of the year missed analysts’ expectations. Shares of the payments platform shed about 10.5%.
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Rivian topped analysts’ earnings estimates in the last few months of the year but predicted deliveries would decline this year from 2024. The electric car maker’s shares dropped 5.29%.
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Celsius Holdings stock jumped more than 23% after the energy drink maker said it would buy health and wellness drinks brand Alani Nutrition in a $1.8 billion cash and stock deal.
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Akamai Technologies tumbled 11.5% after the cybersecurity company forecast annual 2025 revenue below analysts’ estimates.
Bitcoin
Crypto exchange Coinbase said the Securities and Exchange Commission has agreed to drop its enforcement case against the company, pending the approval of the regulator’s commissioners.
Coinbase co-founder and CEO Brian Armstrong told CNBC the company will not pay any fine, and the agreement to end the case marks a “huge day” for Coinbase and the crypto industry at large.
Bitcoin was last up 0.42% at $98,761.73.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.
This article originally appeared on USA TODAY: Stock market drops, on track for weekly loss as UnitedHealth sinks