NEW YORK: Wall Street stocks declined early Thursday following mixed economic data as shares of UnitedHealth Group dove on a report it faces a US criminal probe.
Data showed US retail sales were near-flat in the United States in April, while US wholesale inflation unexpectedly fell during the month.
Meanwhile, Federal Reserve Chair Jerome Powell warned of the possibility of “more persistent” supply shocks as the economy navigates President Donald Trump’s on-again, off-again approach to tariffs.
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.3 percent at 41,927.78.
The broad-based S&P 500 dipped 0.4 percent to 5,871.31, while the tech-rich Nasdaq Composite Index dropped 0.7 percent to 19,010.41.
S&P flat as investors focus on trade developments
Analysts have said US stocks could be poised for a retreat or a period of flatness after strong gains in recent weeks.
Among individual companies, UnitedHealth plunged more than 15 percent after the Wall Street Journal reported the health giant faces a US criminal investigation for possible Medicare fraud.
UnitedHealth said in a statement it had not been notified by the Justice Department of an investigation and criticized the “deeply irresponsible” article.
Walmart fell 4.1 percent as it warned of higher prices due to tariffs, saying the levies were still too high for the company to absorb without passing on to consumers.
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