Elevance Health (ELV) shares lost 11% on Thursday after the health insurance group posted weaker-than-expected third-quarter earnings. The company reported adjusted earnings of $8.37 a share, missing analysts’ consensus forecast of $9.

We remain confident in the long-term earnings potential of our diverse businesses as we navigate a dynamic operating environment and unprecedented challenges in the Medicaid business,” Chief Executive Gail K.

The S&P 500 was essentially flat on Thursday, Oct. 17, 2024, closing less than 0.1% lower despite strong retail sales data and a resurgence in AI chip stocks.