By Joe Woelfel and Mackenzie Tatananni

Stocks were mixed Thursday, a day after equities tumbled following comments from Federal Reserve Chairman Jerome Powell that President Donald Trump's tariff policies likely will lead to higher inflation and slower growth and as tech shares were routed by trade restrictions on artificial-intelligence chip maker Nvidia. The Dow Jones Industrial Average declined about 1% Thursday after UnitedHealth shares fell sharply following a cut to its 2025 guidance.

These stocks were moving the most Thursday:

UnitedHealth dropped 23% after first-quarter adjusted earnings at the giant health insurer missed analysts' expectations and the company cut its 2025 guidance. The stock was having its worst session in 25 years, according to Dow Jones Market Data. UnitedHealth expects adjusted earnings in 2025 in the range of $26 to $26.50 a share compared with an earlier range of $29.50 to $30 a share that was provided in December 2024. The change was partially driven by "heightened care activity indications within UnitedHealthcare's Medicare Advantage business," as utilization rates of physician and outpatient services were higher than expected in the quarter, the company said.

Other stocks in the health insurance sector were falling. CVS Health and Humana were down 1.3% and 6.4%, respectively.

Alphabet was falling 1.7% after a federal judge ruled the company's Google unit had violated antitrust law through its dominance of two online advertising markets. "Google has violated Section 2 of the Sherman Act by willfully acquiring and maintaining monopoly power in the open-web display publisher ad server market and the open-web display ad exchange market," wrote U.S. District Judge Leonie Brinkema.

Nvidia was down 3.3%. The chip company closed down 6.9% to $104.49 on Wednesday and lost $188 billion in market cap following a warning it would record a $5.5 billion charge in the first quarter after the U.S. Department of Commerce said the company would need a license to export H20 processors to China and other countries. The stock has fallen three of the last five trading sessions and coming into Thursday has declined 22% this year.

Advanced Micro Devices fell 1.2%. The chip maker finished down 7.4% on Wednesday as the U.S. government said it would require licenses for the export of AMD's MI308 AI chips.

U.S.-listed shares of Taiwan Semiconductor Manufacturing were up 0.4% after the Taiwanese chip maker reported a 60% jump in first-quarter profit and said so far it hasn't suffered a hit from tariffs. "Moving into second quarter 2025, we expect our business to be supported by strong demand for our industry-leading 3nm [nanometer] and 5nm technologies. While we have not seen any changes in our customers' behavior so far, uncertainties and risks from the potential impact from tariff policies exist," said Wendell Huang, TSMC's chief financial officer.

Tesla fell 0.5% after declining 4.9% on Wednesday Shares of the electric-vehicle company have fallen 4.2% for the week. The U.S.-China trade war and inflation have weighed on investor sentiment.

American Express rose 0.5%. First-quarter profit rose 6% from a year earlier and topped analysts' forecasts as the credit card company's cardholders, who tend to be affluent, increased spending.

Charles Schwab rose 2.9%. The company reported record revenue of $5.6 billion in the first quarter, topping expectations of $5.5 billion. Earnings of $1.04 a share beat analysts' estimates of $1.01. Schwab said it pulled in core net new assets of $137.7 billion in the quarter, showing strong growth.

D.R. Horton, the nation's biggest home builder, was up 3.2% even after missing fiscal second-quarter earnings and sales expectations and reducing its full-year guidance as home buyers sat on the sidelines.

Alcoa fell 4.4% after the aluminum producer reported first-quarter adjusted profit that handily topped Wall Street estimates but revenue of $3.37 billon that missed forecasts of $3.51 billion. Alcoa said it incurred about $20 million in costs on tariffs related to imports of aluminum from Canada after a 25% tariff on global imports of steel and aluminum went into effect in mid-March. It expects tariff costs to increase to $90 million in the second quarter.

Eli Lilly soared 16% after the pharmaceutical company said it successfully had completed a Phase 3 trial for its new orforglipron pill. Orforglipron is a GLP-1 receptor agonist that works similarly to diabetes treatments like Ozempic. Data collected during the trial showed that the pill was as safe as injectable GLP-1 medicines currently on the market.

Hertz was up 47% after rising 56% on Wednesday. Bill Ackman's Pershing Square disclosed a 4% stake in the rental-car company.

Netflix is scheduled to report first-quarter earnings after the closing bell Thursday. Analysts expect the streaming company to post adjusted profit of $5.69 a share on revenue of $10.51 billion. The report will be the first in which Netflix doesn't include subscribers numbers. Netflix posted a net gain of 18.9 million paid subscriptions during the fourth quarter, greatly beating projections. Shares rose 1.5%.

Write to Joe Woelfel at joseph.woelfel@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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April 17, 2025 12:51 ET (16:51 GMT)

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