Centene Stock Falls Amid Higher Health Costs; Dow Slips on Surprise Jobs Data

Centene, a leading Medicaid managed care company and a dominant player in the Affordable Care Act (ACA) exchanges, withdrew its earnings guidance citing unexpectedly high health care costs. This development caused Centene's stock price to plummet to an eight-year low, marking it as the worst-performing stock in the S&P 500 during premarket trading. Insurers with significant exposure to ACA and Medicaid markets experienced similar market pressure. Additionally, the Dow Jones index experienced a slight decline influenced by unexpected jobs data, while Tesla's stock showed gains after reporting second-quarter delivery results.