Stocks Drop and Yields Climb as Tesla Deliveries Fall, Health Insurers Sink on Medicare Advantage News, and Oil Nears $90 Ahead of OPEC Meeting
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Stocks slumped as Treasury yields climbed, with the Dow falling 1% and the Nasdaq and S&P 500 also declining. Tesla shares tumbled after reporting its first year-over-year drop in deliveries since 2020.
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Health insurers sank after Medicare Advantage payment increases in 2025 will be lower than expected, crimping profits. UnitedHealth fell over 6%.
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The 10-year Treasury yield topped 4.4%, its highest since November, before pulling back slightly. Markets are recalibrating rate cut expectations after Friday’s hot inflation data.
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Oil prices approached $90/barrel ahead of Wednesday’s OPEC+ meeting, as supply uncertainties and strengthening demand lift crude.
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SLB offered to acquire ChampionX for $7.8 billion to expand its oilfield services business. ChampionX shares surged nearly 8% on the news.