The major indexes ended mixed on Tuesday, with the Dow Jones Industrial Average and S&P 500 finishing slightly higher and the Nasdaq slightly lower.
Earnings were once again in the spotlight after a week of shortfalls in major economic indicators. One of the companies that made big moves that day was Disney, which announced its financial results before the bell. The stock ended the day down 10%, even though the Mouse House showed significant progress toward profitability in its streaming business, something media investors have long desired. Disney’s streaming division, which includes Disney+, lost just $18 million in the quarter, compared to his $659 million loss in the year-ago period.
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CEO Bob Iger, who just won a fierce proxy battle with activist investor Nelson Peltz, said the company expects streaming to become a profitable business later this year. Told. Still, that wasn’t enough to overcome a somewhat weak outlook for theme park attendance as well as subscriber growth.
Shares of data analytics software company Palantir, which counts the U.S. military as its main customer, also fell 15% after the company reported profits that largely met expectations. The stock is still up nearly 30% since the beginning of the year.
The names Lyft and Reddit are scheduled to report earnings after the bell. (Last quarter, Lyft’s stock briefly soared 60% after a typo in its earnings report. Editors are sure to be on the lookout for new market-moving mistakes this quarter. )
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Meanwhile, Bank of America analysts released a note on Tuesday that they don’t believe in the old Wall Street adage, “Sell in May and walk away,” given that markets tend to underperform during the summer months. He appealed to investors. Analysts presented data showing that markets typically stage a “massive summer rally” during presidential election years.
Financial highlights to watch this week
- Wednesday: Toyota, Uber, Airbnb, Shopify
- Thursday: Honda, ING, Warner Bros. Discovery, Warner Music Group
- Friday: Canadian energy multinational Enbridge, Soho House
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