Closing Bell: Mega Caps Lift S&P Toward 7,000 as Dollar Slips; Dow Drags on UNH and Boeing
U.S. stocks finished mixed, with gains concentrated in the largest technology names while the Dow lagged under the weight of health care and industrial bellwethers. S&P 500 futures traded above the 7,000 level late in the session, and the cash SPX closed just shy of that fresh all-time zone as renewed buying in mega caps offset weakness elsewhere. The Nasdaq outperformed on the same dynamic.
By contrast, the Dow Jones underperformed, pressured by sharp declines in UnitedHealth (UNH) and Boeing (BA). Rates moved higher, with the 10-year Treasury yield up roughly 10 basis points to just above 4.22%. Oil prices advanced, the U.S. dollar weakened while the yen strengthened, and the VIX ended slightly higher, reflecting a modest bid for protection into the Fed.
Dollar Weakness, Yen Strength; Commodities Split after Crowded Trades
A softer dollar set a risk-friendly tone for equities, while the yen strengthened on policy repricing and short covering. Commodity performance was mixed. Natural gas pulled back after a large weather-driven weekly run as traders took profits and near-term forecasts moderated.
Gold futures reversed an early dip and finished higher, up 1.17%, supported by dollar weakness and hedging demand into the FOMC. Silver futures, by contrast, closed sharply lower, down 4.22%, extending a volatile unwind after recent speculative excess. Oil continued to firm, underpinned by tighter near-term balances and steady demand expectations, lifting energy equities.
Mega Caps Reassert Control; Apple and Microsoft into Earnings
Leadership snapped back to the very top of the market. Investors leaned into liquidity and balance-sheet durability ahead of earnings from Apple (AAPL) and Microsoft (MSFT) later this week. That bid helped propel the S&P 500 toward the psychologically important 7,000 level and kept futures above it late, a classic pre-event posture as markets cluster around major catalysts with the Fed next. Strength in these names helped offset the headwind from higher yields that might otherwise have weighed on growth.
Dow Lags as UNH Slides Hard; Boeing Adds Pressure; Financials Lower, Steel Higher
The Dow’s underperformance traced largely to UNH, which saw outsized selling as investors revisited Medicare Advantage margin pressure, higher utilization trends, uncertainty around 2026 reimbursement normalization, and lingering scrutiny tied to billing and risk-adjustment practices. Given UNH’s heavy weight in the price-weighted Dow, the move had an exaggerated index impact.
Boeing (BA) also declined, adding to the drag amid ongoing production and delivery concerns. Elsewhere, financials finished lower as rising long-term yields and Fed uncertainty weighed on the group, while steel and materials names advanced, benefiting from firmer oil prices, infrastructure demand, and reshoring narratives.
Sector Performance
Information Technology led on mega-cap strength, while Energy and Materials gained alongside higher crude and steel prices. Health Care lagged sharply on managed-care weakness, Industrials were mixed with Boeing lower, and Financials underperformed. Utilities and Real Estate traded defensively but did not dominate the session.
Breadth improved into the close as large-cap Tech pulled the broader market higher. Despite the jump in yields and a modest uptick in volatility, financial conditions remained orderly. The session read as deliberate positioning into a dense catalyst window rather than a broad risk-off turn.
FOMC Preview — Tomorrow
The Federal Reserve is widely expected to leave policy unchanged. Markets will focus on Chair Powell’s framing around labor-market cooling, progress on services inflation, and the policy path now that quantitative tightening has ended. With yields already moving higher today, a steady, data-dependent tone that avoids further tightening of financial conditions may likely help keep the mega-cap bid intact.
Earnings
- After the bell today: Texas Instruments (TXN), Seagate (STX), F5 (FFIV), PPG Industries (PPG)
- Before the bell tomorrow: ASML (ASML), GE Vernova (GEV), Corning (GLW), Starbucks (SBUX), AT&T (T), General Dynamics (GD), VF Corp (VFC)
Wednesday Morning Economic Data (ET)
Ahead of the Fed, the slate includes MBA Mortgage Applications at 7:00 a.m. and EIA Crude Oil Inventories at 10:30 a.m. These releases are unlikely to overshadow the FOMC but could influence early sector flows.
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