Stock Market Today: UnitedHealth Drags on Dow After CEO Splits
UNH created headwinds for the price-weighted Dow on news that its embattled CEO, Andrew Witty, is stepping down.



An encouraging inflation report kept most stocks higher for a second straight day. And thanks to a big rally in several large- and mega-cap stocks, the S&P 500 is now in positive territory for the year to date.
Ahead of the opening bell, the Bureau of Labor Statistics said the Consumer Price Index (CPI) rose 0.2% month over month in April, faster than March's 0.1% decline and in line with economists' projections.
However, CPI was up 2.3% year over year, slower than the 2.4% consensus estimate and the lowest reading since February 2021.
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Core CPI, which excludes volatile food and energy prices and is seen as a better measure of underlying inflation trends, was up 0.2% from March to April and 2.8% year over year. The monthly figure came in lower than the 0.2% gain expected by economists, while the annual increase matched forecasts.
"This morning's CPI miss is strengthening confidence across Wall Street that inflation is under control in the short term," says José Torres, senior economist at Interactive Brokers.
And it's adding to investor confidence that President Donald Trump's policies "won't produce much inflation, even as levies are a risk for cost pressures down the line," he adds.
Indeed, Wall Street welcomed the April CPI report, with the S&P 500 closing up 0.7% at 5,886 – erasing its year-to-date deficit – and the Nasdaq Composite adding 1.6% to 19,010.
Coinbase stock joins the S&P 500
Big gains for several large- and mega-cap stocks created tailwinds for the S&P 500 and Nasdaq, as well.
Coinbase Global (COIN), for one, surged 24% – its best session since Election Day – on news the crypto trading platform will join the S&P 500 Index ahead of the open next Monday, May 19.
COIN will replace Discover Financial Services (DFS), which is being acquired by Capital One (COF).
It's been a volatile year for Coinbase stock, though today's surge puts it in the green for the year to date. And being a member of the S&P 500 could help out over the long run.
"That's because the S&P 500 is the most widely tracked index in the world," with more than $16 trillion in assets indexed or benchmarked to the S&P 500, writes Kiplinger contributor Dan Burrows.
"Anytime a company is included in the S&P 500, every investment vehicle following the index has to buy its stock," he adds.
Nvidia reclaims its $3 trillion market cap
Nvidia (NVDA) rose 5.6% Tuesday after the chipmaker said it will sell more than 18,000 of its artificial intelligence (AI) GPUs – including its GB300 Blackwell chips – to Humain, a Saudi Arabian company.
The announcement came during an investment forum in Riyadh that included U.S. President Donald Trump and several top CEOs.
Thanks to today's rally, NVDA is back above the $3 trillion market cap – a level it has not seen since late February. Shares are now up nearly 40% since early April.
UnitedHealth CEO Andrew Witty steps down
While Nvidia was one of the best blue chip stocks today, UnitedHealth Group (UNH) was one of the worst. Shares slid 17.8% on news that the health insurer's CEO, Andrew Witty, is stepping down.
The embattled executive cited "personal reasons" for his immediate departure, and he will be replaced on an interim basis by former UnitedHealth CEO and current Chairman Stephen Hemsley.
UnitedHealth has been hit by a series of setbacks in recent years, including the cyberattack on its Change Healthcare unit and the murder of the head of its insurance division.
More recently, shares plunged more than 22% in late April after the company cut its full-year guidance, and it has since pulled its outlook, citing rising medical costs. UNH is now down 38% for the year to date.
As a result of today's slide, the blue chip Dow Jones Industrial Average finished down 0.6% at 42,140. At $311 per share, UNH has an outsized impact on the price-weighted Dow.
Related content
- When Is the Next CPI Report?
- Kiplinger's Economic Calendar for This Week (May 12-16)
- Earnings Calendar and Analysis for This Week (May 12-16)
- Rising Prices: Which Goods and Services Are Driving Inflation?
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With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
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