Wall Street drifted lower in premarket trading today, according to the Associated Press. Futures for the S&P 500 slipped 0.3% before the bell, while futures for the Dow Jones Industrial Average fell 0.4%.
Health care companies took a hit in early trading after the government finalized its reimbursement rates for Medicare Advantage health plan providers. The rates, which were unchanged from the first proposal, cap annual out-of-pocket expenses for Medicare Part D participants at $2,000.
Humana tumbled 10%, and CVS slid 5%. Both of those companies warned investors earlier this year about rising costs.
PVH, the owner of Tommy Hilfiger and Calvin Klein, tumbled close to 21% after it gave a grim forecast for 2024, despite beating fourth-quarter sales and profit targets.
Donald Trump’s social media company, Trump Media & Technology Group, was down nearly 3% in early trading after losing more than a fifth of its value on Monday.
GE Aerospace launches today on the New York Stock Exchange after spinning off its GE Vernova division.
Treasury yields settled somewhat following big jumps on Monday after a report said U.S. manufacturing unexpectedly returned to growth last month, snapping a 16-month run of contraction.
In other trading, U.S. benchmark crude oil rose $1.34 to $85.05 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, added $1.27 to $88.69 per barrel.
The U.S. dollar inched up to 151.64 Japanese yen from 151.63 yen.
