Market Summary: December 17

Market Summary: December 17

S&P 500 Movers: Health Care Stocks Lead Declines, Pfizer and Fox Corp Shine

Key Highlights:

The S&P 500 fell 0.4% on Tuesday ahead of the Federal Reserve’s interest rate decision.

Health care stocks dragged the index lower, with Humana (HUM) sinking 10.2% and CVS Health (CVS) sliding 5.5%.

Pfizer (PFE) led gains, rising 4.3%, alongside Fox Corp (FOXA), which also climbed 4.3%.

U.S. markets stumbled as the Federal Reserve began its final policy meeting of the year. 

Investors are anticipating a third consecutive interest rate cut but remain cautious, awaiting further signals on the Fed's outlook for 2025.

The S&P 500 slipped 0.4%, the Dow Jones declined 0.6% for its ninth consecutive loss, and the Nasdaq dropped 0.3%.

Biggest Decliners:

Health care stocks weighed heavily on the S&P 500. Humana (HUM) plunged 10.2% after analysts flagged potential earnings risks related to plans covering military veterans. CVS Health (CVS) fell 5.5%, extending its losses as political scrutiny on pharmacy benefit managers (PBMs) intensified.

Amentum Holdings (AMTM) dropped 9.7% after cautioning investors about slowing growth tied to the winding down of government programs.

Broadcom (AVGO) lost 3.9%, retreating slightly after a strong rally fueled by robust earnings and AI growth. Despite the dip, Broadcom’s market cap remains above $1 trillion.

Top Performers:

Pfizer (PFE) surged 4.3% after providing fiscal 2025 guidance in line with expectations. The company anticipates stable sales for its COVID-19 vaccine and medication.

Fox Corp (FOXA) also gained 4.3%, driven by reports of record-breaking views on YouTube and continued dominance in cable TV ratings and social media engagement.

Tesla (TSLA) climbed 3.6%, extending its momentum after a record-high session. Mizuho upgraded the stock to "outperform," citing favorable self-driving regulations and other tailwinds under the incoming administration.