S&P 500 Gains and Losses Today: Health Insurers Slide as Elevance Cites Medicaid Declines

Market Overview - The S&P 500 closed less than 0.1% lower on October 17, despite strong retail sales data and a resurgence in AI chip stocks [1] - Major U.S. equities indexes showed mixed results, with the Nasdaq gaining less than 0.1% and the Dow increasing by 0.4% to achieve its second consecutive record close [1] Health Insurance Sector - Shares of health insurance companies declined after Elevance Health missed profit estimates for Q3 and lowered its full-year guidance, attributing the shortfall to declines in Medicaid enrollments [2] - Elevance shares fell by 10.6%, while Molina Healthcare and Centene experienced drops of 12.6% and 9.1%, respectively [2] Company Performance Highlights - Snap-On's shares surged by 10.0% after it reported Q3 results that matched revenue forecasts and exceeded EPS expectations, with a 4% quarter-over-quarter sales growth in its largest segment [3] - Travelers Companies saw its shares increase by 9.0% following a Q3 earnings report that showed a tripling of net income year-over-year, driven by higher premiums and increased investment income [3] - Blackstone reported better-than-expected profits and an increase in assets under management for Q3, leading to a 6.3% jump in its shares; the firm invested over $54 billion during the quarter, the highest in over two years [4]