Wall Street ended Thursday in the red as a cocktail of fiscal anxiety and rate uncertainty kept buyers on the sidelines. The S&P 500 shed 0.6% to close at 5,842, while the tech-heavy Nasdaq fell 0.9% to 18,620. The Dow Jones Industrial Average held up slightly better, losing 0.4% to finish at 41,980 — dragged lower in part by healthcare's steep selloff.
The mood darkened after fresh Congressional budget scoring raised new alarm about the U.S. deficit trajectory, sending 10-year Treasury yields back above 4.6%. Higher yields pressured rate-sensitive sectors including real estate and utilities, which were among the worst performers on the day. Gold climbed to $3,145 an ounce as investors sought safety, while oil held steady near $73.80 a barrel.
The standout gainer of the session was Nvidia, which rallied 2.7% after a prominent sovereign wealth fund disclosed a large new stake. The move bucked the broader tech trend and signaled continued institutional conviction in AI infrastructure plays heading into the summer.
UnitedHealth Group was the session's biggest loser, tumbling 5.1% on reports of a deepening DOJ probe into Medicare billing. The news rattled the broader managed care sector and added to a rough stretch for health insurers already navigating reimbursement pressures. The VIX ticked up to 19.4, reflecting a market that is not panicking but is clearly not comfortable.