UnitedHealth's Warning Sends Health Insurance Stocks Tumbling.

Health insurer stocks, including UnitedHealth, Humana, Elevance Health, and CVS Health, dropped after UnitedHealth warned of higher medical costs due to an uptick in surgeries that were delayed during the pandemic. UnitedHealth executives noted that older Americans covered under Medicare are getting "more comfortable accessing services for things that they might have pushed off a bit." The increase in procedures may result in the amount of premium revenue spent on care for the second quarter being at the high end or "moderately above" expectations. Shares of medical device manufacturers Medtronic and Stryker jumped, while shares of hospital operators HCA Healthcare and Tenet Healthcare edged up higher.