Wall Street Wavers As UNH Tumbles, Foot Locker Soars: What's Driving Markets Thursday?

U.S. stocks traded mixed Thursday, with major indices posting timid midday gains as investors digested fresh economic data revealing signs of consumer strain and disinflationary pressure stemming from April’s tariff escalation.

Retail sales rose just 0.1% in April, slightly above flat expectations, but core retail sales—a category tied more closely to GDP—fell 0.3%, signaling weakening underlying consumption.

Producer prices contracted by 0.5% month-over-month, defying forecasts for an increase and marking the steepest drop since April 2020.

Defensive sectors outperformed, with consumer staples and utilities leading gains, reflecting a cautious market tone.

In tech, semiconductor stocks—tracked by the iShares Semiconductor ETF SOXX—edged down 0.4%, pulling back after a three-day rally sparked by the U.S.-China trade truce.

Oil prices slid 2.2%, with WTI light crude falling to $61 per barrel. Gold climbed 1.4% to above $3,200 per ounce, paring weekly losses amid renewed demand for inflation hedges.

Bitcoin BTC/USD was little changed, hovering around $103,436, continuing to trade in a narrow range since last Friday.

Thursday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY inched 0.3% up to $589.95.
• The SPDR Dow Jones Industrial Average DIA rose 0.4% to $422.17.
• The tech-heavy Invesco QQQ Trust Series QQQ rose 0.5% to $471.29.
• The iShares Russell 2000 ETF IWM rose 0.3% to $207.50.
• The Utilities Select Sector SPDR Fund XLU outperformed, up 1.5%; the Energy Select Sector SPDR Fund XLE lagged, down 0.5%.

Thursday’s Stock Movers

• UnitedHealth Group Inc. UNH plunged more than 15% following reports that the Justice Department is conducting a criminal investigation into possible Medicare fraud involving the company. The company’s shares slump since April 15 has now extended to 56%, marking the worst 21-session drop in the company’s history.
• Walmart Inc. WMT eased 0.5%, despite beating quarterly earnings estimates as the retail giant warned about higher prices later this month due to tariffs.
• Cisco Systems Inc. CSCO soared nearly 6% after smashing earnings estimates in Q1.
• Dicks Sporting Goods Inc. DKS sunk 15% after announcing the acquisition of Foot Locker Inc. FL for an equity value of $2.4 billion. Shares of Foot Locker Inc. skyrocketed 85%, recording their biggest one-day rise since the company went public in 1968.
• Companies slated to report earnings after the close are Applied Materials Inc. AMAT and Take Two Interactive Software Inc. TTWO

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Image created using artificial intelligence via Midjourney.