The U.S. Department of Justice's healthcare-fraud unit is overseeing the criminal investigation, which focuses on UnitedHealth's Medicare Advantage business practices, the Wall Street Journal had reported. UnitedHealth is one of Persistent Systems' top five clients and has an "over $100 million relationship" with the company, said Rahul Jain, an IT analyst at Dolat Capital.
“Outside of tech the equity mood was actually pretty weak,” Deutsche Bank strategist Jim Reid said in a research note, pointing out that the equal-weighted versions of both the S&P 500 and the small-cap Russell 2000 had dropped on Wednesday. “Among the reasons for a stalling of the equity rally was a relative absence of trade headlines,” he added.
The weekly AAII Sentiment Survey has recorded bearish sentiment readings above 50% for 11 consecutive weeks for the first time in history. Pessimism often precedes stock market gains; the S&P 500 has returned an average of 16% during the 12 months following bearish sentiment readings above 50%. Tariffs imposed by the Trump administration have raised the average tax on U.S. imports to its highest level since 1941, and that will likely be a headwind for the stock market.
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