Wall Street wobbles as UnitedHealth slides and GM rallies after earnings

U.S. stocks moved in different directions on Tuesday, January 27, 2026, as Wall Street weighed a burst of corporate earnings and a fresh policy signal that hit health insurers. The S&P 500 edged higher while the Dow fell, pulled down in part by a steep decline in UnitedHealth, as the Nasdaq found support in pockets of tech strength.

UnitedHealth shares dropped sharply even though the company reported quarterly profit that topped expectations. Investors focused instead on forward-looking guidance and broader pressure across the health insurance group tied to Medicare Advantage reimbursement assumptions. Other insurers also fell as traders recalibrated expectations for future program economics.

General Motors moved the other way. The automaker drew buying interest after reporting results that beat forecasts and pairing them with shareholder-return actions, helping offset broader caution about the macro environment. For investors, the mix highlighted how company-specific fundamentals can dominate index direction on heavy earnings days.

Underlying the insurer selloff, the Centers for Medicare & Medicaid Services released its Calendar Year 2027 Advance Notice, projecting a net average payment increase of 0.09% for Medicare Advantage plans if finalized. The figure—representing roughly $700 million in additional payments—came in far below what many analysts had expected, prompting fears that insurers may need to trim benefits, adjust plan designs, or reconsider market participation to protect margins.

The crosscurrents left investors with a familiar January setup: a market still close to highs, but increasingly sensitive to guidance, policy details, and the pace of consumer and healthcare cost inflation. With more major companies scheduled to report and policymakers still in focus, traders signaled they are likely to remain selective, rewarding strong outlooks while punishing any hint of slowing growth or squeezed profitability.