The ProShares Ultra S&P500 ETF (SSO) is experiencing downward pressure as several key components of the S&P 500 index face challenges. UnitedHealth, a significant player in the healthcare sector, reported higher-than-expected medical costs, leading to a 3% drop in its stock price. This decline comes despite the company beating its 4Q adjusted EPS estimates, indicating that cost concerns are overshadowing earnings performance. Additionally, U.S. Bancorp's shares fell by 2% after the bank forecasted "relatively stable" net interest income for the first quarter, amid sluggish loan growth and heightened competition for deposits. These developments are contributing to a cautious sentiment in the broader market.
In the technology sector, Polestar's ADRs plummeted 11% following disappointing quarterly revenue and a lowered full-year revenue outlook, adding to the negative sentiment. Conversely, Taiwan Semiconductor Manufacturing Co. saw a 4% rise in its U.S.-listed shares after projecting quarterly sales and capital expenditure above analysts' expectations, driven by robust demand for AI hardware. Despite this positive news, the overall market sentiment remains cautious, impacting the S&P 500 index and, consequently, the SSO ETF.
The ProShares Ultra S&P500 ETF (SSO) is currently priced at $94.03, reflecting a 0.34% decrease from the previous close.