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Vrbo

UnitedHealth's earnings shock is tanking the entire health insurance industry

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The stock fell as much as 20%, dragging industry peers Humana and CVS lower as well.
UnitedHealth Group's stock plummeted by 3.4% after the company reported a lower-than-expected profit forecast for 2024, causing a ripple effect that dragged down the entire Dow Jones Industrial Average by 0.3%. The healthcare giant cited increased medical costs as the primary reason for the reduced earnings outlook, with a noticeable rise in non-urgent surgeries among seniors that had been delayed due to the COVID-19 pandemic. This news not only affected UnitedHealth but also led to declines in other health insurance stocks like Humana and CVS Health, as investors grew concerned about the sector's profitability amidst rising medical expenses.

Read the Full Business Insider Article at:
[ https://www.aol.com/news/unitedhealths-earnings-shock-tanking-entire-142859156.html ]