On Thursday, Wall Street faced steep declines as the Dow Jones fell by 637 points, driven by tariff discussions between the US and Japan and a sharp 17% drop in UnitedHealth's shares after it revised its profit forecast due to anticipated high medical costs. Despite these losses, optimism from President Trump's comments about trade talks provided a glimmer of hope. All major indexes are poised for weekly losses, while a notable gain in Eli Lilly helped soften healthcare sector declines. The volatility index indicated market uncertainty as economic indicators showed jobless claims lower than expected.
"We don't know how far Trump will let the market fall to achieve his endgame, until we have some clarity I would expect markets to continue to be very choppy," said Ross Bramwell.
"We saw steep losses on Wednesday, but found some optimism from President Trump's comments on 'big progress' in trade talks with Japan."
"UnitedHealth plummeted 17% after lowering its annual profit forecast on expectations of high medical costs for the rest of the year."
"Healthcare shares led sectoral declines, but losses were limited by a 13% gain in Eli Lilly, which reported promising results for its experimental diabetes drug."
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