Fed pauses rate hikes, UnitedHealth stock slides, Shell raises dividend: Top sto...
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Fed pauses rate hikes, UnitedHealth stock slides, Shell raises dividend: Top stories
Fed pauses rate hikes, UnitedHealth stock slides, Shell raises dividend: Top stories
The Fed pauses after 15 months of interest rate hikes. UnitedHealth shares slide as Americans reschedule surgeries that they delayed due to the pandemic. Shell raises its dividend and share buybacks. Yahoo Finance Live breaks down some of the top stories of the day.
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The Fed pauses after 15 months of interest rate hikes. UnitedHealth shares slide as Americans reschedule surgeries that they delayed due to the pandemic. Shell raises its dividend and share buybacks. Yahoo Finance Live breaks down some of the top stories of the day.
Video Transcript
JULIE HYMAN: Now, it's closing time here at Yahoo Finance. Here's a look at some of the top stories of the day. The Fed officially pressing pause. The central bank holding rates steady after 15 months of interest rate hikes. But leaving the possibility of more tightening this year on. The table stocks initially sold off on the news. But as Fed Chair Jay Powell held his news conference, markets climbed from their lows. Powell reiterating that the Fed will be data-dependent and he said July's meeting as well.
AKIKO FUJITA: One of the top trending tickers today UnitedHealth, the stock sliding after the company said costs were rising amid more surgeries. Previously, insurers had benefited from people delaying non-urgent surgeries because of COVID. The company losing more than $40 billion in market cap or market value as a result of today's decline. But the warning from United was good news for medical device makers. Those stocks got a big bounce today.
JULIE HYMAN: And oil giant Shell raising its dividend and share buybacks. The company also saying it's going to grow its gas and LNG business at its investor conference today. And it's also going to maintain its oil output. Shell's CEO trying to increase investor confidence by focusing on financial performance.
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Investor's Business DailyUnitedHealth's Bad News Hits Insurers, But Sparks Surgery Partners Breakout
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The Wall Street JournalShell to Lift Dividend, Launch $5 Billion Buyback
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13h ago
Barrons.comUnitedHealth and Humana Stocks Fall as Seniors Catch Up on Surgeries, Leading to Higher Costs
'More seniors are just more comfortable accessing services for things that they might have pushed off a bit like knees and hips,' the health insurer says.
10h ago
AP FinanceShell ditches lower oil production target but insists it's committed to cutting emissions
Shell has effectively abandoned a plan to cut oil production by 1-2% per year until the end of the decade, instead maintaining output at current levels in a move that risks angering climate activists. Ahead of an investor update in New York on Wednesday, Europe's largest energy company argued that it had already met the target it had set for itself in 2021 through asset sales. London-based Shell said it had seen its production drop from 1.9 million barrels of oil equivalent per day in 2019 to 1.5 million in 2022.
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Existing homes inventory remains 44% below pre-pandemic levels, according to data from the National Association of Realtors, resulting in price rises in some parts of the country, multiple offers and homes being sold above list price. The perennial shortage of homes on the market is frustrating would-be buyers eager to take advantage of dips in mortgage rates. "As consumers have come to accept a "new normal" range for interest rates, demand has accelerated, leaving the market to reconcile the chronic supply shortage derived from over a decade of production deficits," said Stuart Miller, executive chairman at Lennar.
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