S&P 500 Hits New Record as Centene Plummets Amid Trade Deal and Economic Signals

The S&P 500 closed at a new record high on Wednesday, July 2, 2025, marking its second all-time close this week, following the announcement of a new U.S. trade deal with Vietnam. The benchmark index advanced 0.5%, with the Nasdaq also reaching a record, while the Dow experienced a marginal loss.

Despite the broader market’s upward momentum, health insurer Centene (CNC) saw its shares plummet by 40% after the company withdrew its full-year guidance. Centene cited significant enrollment pressure and higher illness levels, particularly within its Medicaid and Affordable Care Act segments. This news sent ripples across the health insurance sector, with Molina Healthcare (MOH) and Elevance Health (ELV) also experiencing substantial declines of 22% and 12%, respectively, and UnitedHealth (UNH) falling 5.7%.

In other notable corporate movements, cryptocurrency giant Coinbase (COIN) gained 5.7% following its acquisition of Liquifi, a token-management platform aimed at simplifying on-chain development. Biotech firm Moderna (MRNA) also rose 5.5% after reporting promising late-stage clinical trial results for its experimental mRNA-based flu vaccine, with regulatory filings anticipated later this year.

Conversely, Intel (INTC) shares dropped 4.3% amid reports that its CEO is considering a strategic shift in the company’s foundry operations, potentially leading to billions in write-offs. Adobe (ADBE) also saw a 3.5% decline after an analyst downgrade highlighted concerns over the competitive threat posed by generative artificial intelligence tools to its core content creation software business.

The market’s performance occurred alongside new private payroll data indicating an unexpected decline in June employment levels. This softening in the labor market could influence the Federal Reserve’s upcoming interest rate decisions, with a more comprehensive jobs report expected on Thursday.

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