Stocks were mixed in volatile trading after the Federal Reserve skipped raising rates at Wednesday’s meeting, but signaled it sees more hikes ahead.
These stocks were making notable moves Wednesday:
UnitedHealth
(ticker: UNH) stock slid 6.4% after its chief executive for Medicare and retirement said seniors are catching up on surgeries they delayed during the pandemic, leading to rising costs for health insurers.
Humana
(HUM) shed 11%, and
Cigna
(CI) lost 3.1%.
Stryker
(SYK), a medical technology company, gained 4.2%.
Advanced Micro Devices
(AMD) unveiled its new AI chip, the MI300X, on Tuesday. Chief Executive Lisa Su said customers will begin sampling the technology—which is a challenge to
Nvidia
‘s (NVDA) dominance in artificial intelligence—in the third quarter and production will ramp up in the fourth quarter. AMD shares fell 3.6% on Tuesday but rose 2.3% on Wednesday.
Nvidia,
meanwhile, was up 4.8%. The chip maker ended trading Tuesday with a valuation of more than $1 trillion, the seventh company to cross the threshold. Nvidia shares have risen over 180% this year.
Tesla
(TSLA) shares were down 0.7% Wednesday after closing higher for 13 consecutive sessions. The electric vehicle maker raised prices for its Model Y crossover again, further reversing the trend of earlier price cuts. The stock has risen more than 100% this year.
Coherent
(COHR) soared 14% after the laser processing solutions company announced a new product that can be used in electric vehicle manufacturing applications.
Logitech International
(LOGI) said President and CEO Bracken Darrell will be resigning to “pursue another opportunity.” Shares of the electronics maker tumbled 11%.
American depositary receipts of
Toyota
(TM) climbed 4.8% a day after the car company unveiled new electric vehicle technology.
Maxeon Solar
(MAXN) was up 4.6% after the solar company was upgraded to Buy from Neutral by analysts at Roth MKM.
SoFi
(SOFI) gained 0.1% after BTIG analysts initiated coverage on the stock at Buy with a price target of $14, calling the financial services company its “top pick” among fintechs.
Affirm Holdings
(AFRM) shed 9.1% after BTIG initiated coverage of the stock at Sell with a price target of $10, citing a rapid drawback in discretionary spending.
Write to Joe Woelfel at [email protected]
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