Wall Street Steady Amid Tech Gains and Medicare Concerns

The S&P 500 saw a record-high finish amid a tumultuous market influenced by positive tech earnings and a massive selloff in healthcare stocks. Investor optimism was buoyed by tech giants, leading to gains, but health insurer stocks suffered after proposed Medicare payment rate hikes by the Trump administration.

The S&P 500 eked out a record closing high, marking its fifth consecutive day of gains as investor optimism ahead of megacap earnings was tempered by a mixed response to earnings reports and a steep decline in health insurer stocks. UnitedHealth led healthcare losses, plummeting 19.6%, following a proposed Medicare payment rate increase by the Trump administration.

In contrast, General Motors' positive earnings report spurred its shares to climb 8.7%, while technology stocks saw significant gains led by heavyweights like Microsoft, Amazon, and Apple. The Nasdaq reached its highest level since October, with investors anticipating high-profile earnings throughout the week.

Meanwhile, the Federal Reserve's upcoming policy announcement adds to the market's volatility, with investors keenly watching for indications on future interest rates and economic assessments. Despite U.S. consumer confidence waning, it had minimal immediate impact on the stock market as traders focused on currency movements and corporate earnings.

(With inputs from agencies.)