Diamonds and Dogs

4/16/24

UnitedHealth Group (UNH) is up 5% lifting the Dow on better than expected earnings. Sales rose 8% nearly topping $100 million. The health insurance giant reiterated its full-year profit outlook despite a surge in medical payouts and a costly cyberattack in the first quarter.

Banks continue to pullback even as earnings remain solid. PNC (PNC) is down a percent while Bank of America (BAC) is down 3% as key lending revenue has weakened due to higher interest rates. The other three giant banks, JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) are also challenged with this revenue source as higher-for-longer interest rates are affecting business.

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