Stocks zigzag on Wall Street following mixed profit reports from UnitedHealth, GM and others

UnitedHealth Group tumbled 19.5% even though it reported a profit for the latest quarter that was a bit better than analysts expected. More attention was on the company’s forecast for revenue in the upcoming year, which fell short of Wall Street’s expectations and could be weaker than it was in 2025.

It and other health care companies also felt heavy pressure from a projected rate increase for Medicare Advantage by the U.S. government that was well below investors' hopes. Humana fell 20.5%, Elevance Health dropped 12.7% and CVS Health sank 10.5%.

Helping to keep the market in check was Corning, which climbed 13.1% after announcing a deal with Meta Platforms that's worth up to $6 billion. Corning will supply optical fiber and cable to help build out data centers for Meta, enough that Corning is expanding its optical-fiber manufacturing facility in Hickory, North Carolina.

Also supporting the U.S. stock market were gains for General Motors, which rose 6.8%, and hospital-operator HCA Healthcare, which rallied 9.3%. Both delivered profits for the end of 2025 that topped Wall Street’s expectations. They also both approved programs to send billions of dollars to their investors by buying back their own stock.

The pressure is on companies to deliver strong growth in profits following the record-setting runs for their stock prices. Stock prices tend to follow corporate profits over the long term, and earnings need to rise to quiet criticism that stock prices have grown too expensive.

Several of Wall Street’s most influential stocks will deliver their latest earnings reports later this week. That includes Meta Platforms, Microsoft and Tesla on Wednesday and Apple on Thursday.

Another way stock prices can look less expensive is if interest rates fall. The Federal Reserve will announce its next move on interest rates Wednesday, but the widespread expectation is that it will hold its main interest rate steady for now.

Inflation remains stubbornly above the Fed's 2% target, and lower interest rates could worsen increases in prices for U.S. consumers at the same time they give the economy a boost.

In the bond market, Treasury yields eased a bit ahead of the Fed's decision. The yield on the 10-year Treasury ticked down to 4.21% from 4.22% late Monday.

It edged lower after a report from the Conference Board said confidence among U.S. consumers weakened last month, when economists expected a slight improvement.

In stock markets abroad, indexes rose across much of Europe and Asia.

India’s Sensex index added 0.4% after Prime Minister Narendra Modi said the country had reached agreement on a free trade deal with the European Union.

The accord, which touches 2 billion people, was concluded after nearly two decades of negotiations. It’s one of the biggest bilateral engagements on commerce. The timing comes as Washington targets both India and the EU with steep import tariffs.

South Korea's Kospi jumped 2.7%, and Hong Kong's Hang Seng rallied 1.4% for two of the world's bigger moves.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.