DAILY UPDATE: UnitedHealth Group Still Down as Stock Markets Dips with Chip Makers

Posted on March 9, 2024 by Dr. David Edward Marcinko MBA

By Staff Reporters

Tomorrow is the start of daylight saving time. Enjoy the extra hour of evening light.

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UnitedHealth Group is laying out a timeline to restore its systems as a cyberattack on its Change Healthcare subsidiary continues to disrupt the health care industry for nearly a third week. The company said Thursday it’s still working “aggressively” to restore its services after the attack Feb. 21st caused it to shut down its insurance claims and payment platforms, leaving health care providers and pharmacies across the nation unable to process prescriptions or pay employees, but as of now, its electronic prescribing is back to being “fully functional.”

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Stocks tumbled yesterday, giving the Dow its worst week since October as Nvidia’s seemingly unstoppable rally…stopped. Meanwhile, bitcoin notched another record, hitting $70,000 for the first time before the volatile cryptocurrency retreated.

Government: The Senate passed vital funding bills just barely ahead of a shutdown deadline, ensuring the government can stay open—at least for now. But they still need to pass more before March 22nd.

Here’s where the major benchmarks ended:

  • The S&P 500 index (SPX) fell 33.67 points (0.7%) to 5,123.69, down 0.3% for the week; the Dow Jones Industrial Average® ($DJI) lost 68.66 points (0.2%) to 38,722.69, down 0.9% for the week; the NASDAQ Composite (COMP) dropped 188.26 points (1.2%) to 16,085.11, down 1.2% for the week.
  • The 10-year Treasury note yield (TNX) fell more than 1 basis point to 4.079%.
  • The CBOE Volatility Index® (VIX) rose 0.30 to 14.74.

The Philadelphia Semiconductor Index (SOX) sank 3.5% Friday but still gained 0.6% for the week, its third straight weekly advance. Bank and utility shares were among the market’s few areas of strength, and small-cap stocks held up relatively well. The Russell 2000® Index (RUT) fell 0.1% after earlier climbing to a two-year high but still added 0.3% for the week, its fourth weekly gain in the past five.

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DAILY UPDATE: American Express Breached as Stock Markets Come Back

Posted on March 7, 2024 by Dr. David Edward Marcinko MBA

By Staff Reporters

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American Express Co. has told an undisclosed number of cardholders that their account information may have been breached in a recent hacking of a merchant processor. Current and previously issued American Express Card account numbers, expiration dates and customer names may have been compromised, AmEx stated in a notice filed last week with Massachusetts regulators. 

CITE: https://www.r2library.com/Resource

Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) rose 26.11 points (0.5%) to 5,104.76; the Dow Jones Industrial Average® (DJI) gained 75.86 points (0.2%) to 38,661.05; the NASDAQ Composite® (COMP) added 91.95 points (0.6%) to 16,031.54.
  • The 10-year Treasury note yield (TNX) dropped about 3 basis points to 4.108%, near a four-week low.
  • The CBOE Volatility Index® (VIX) rose 0.04 to 14.50

Semiconductor shares were among the market’s strongest performers Wednesday, and utilities and consumer staples were also firm. Banks shares took pressure despite further declines in Treasury yields. In other markets, the U.S. dollar index (DXY) fell near a five-week low and Gold (/GC) futures extended a rally to a record above $2,160 per ounce, reflecting expectations for lower U.S. interest rates. 

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