S&P 500 futures rise as investors try to claw back losses; UnitedHealth drags Dow futures down 500 points: Live updates

S&P 500 and Nasdaq-100 futures rose on Thursday, the last trading day of the week, as traders tried to recover some of the steep losses suffered in the previous session.

Futures contracts tied to the broad market index were up 0.4%, while those linked to the tech-heavy Nasdaq-100 advanced 0.7%. Dow Jones Industrial Average futures tumbled 583 points, or 1.5%, driven by a 19% decline in UnitedHealth following an earnings miss.

Eli Lilly, on the other hand, jumped 11% in premarket trading after delivering positive trial results for a weight-loss pill. U.S.-listed shares of Taiwan Semiconductor popped 3% on a strong quarterly financial report.

Those moves come after a sharp decline on Wednesday, led by tech names. The Dow Jones Industrial Average lost nearly 700 points. The Nasdaq Composite declined more than 3%, bringing the tech-heavy index closer to bear market territory.

Chipmaking giant Nvidia led the tech sell-off with a drop of nearly 7% in the previous session. The artificial intelligence darling disclosed a quarterly charge of about $5.5 billion tied to exporting its H20 graphics processing units, or GPUs, to China and other destinations due to U.S. export controls. Shares traded around flat before the bell on Thursday.

Stocks also took a hit on Wednesday after Federal Reserve Chair Jerome Powell said Trump’s levies could drive up inflation in the near term and are “likely to move us further away from our goals.” Powell said the central bank may find itself in a “challenging scenario” in which its dual-mandate goals — to achieve maximum employment and stable prices — are in tension.

“Despite the fact that Powell said that the dual mandate wasn’t currently in opposition, he clearly touched a nerve with investors, who are now worried that a recession and stagflation is more likely,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management.

With that action, the major averages were headed for a losing week. The market is dark on Friday is observance of Good Friday.

The Dow and S&P 500 have both slid more than 1% on the week. The Nasdaq has dropped 2.5%.