Disney keeps Dow down, tech leads Nasdaq, S&P
Tesla CEO Elon Musk sells $5B of company stock
U.S. stock indexes finished mixed Thursday as Disney's disappointing earnings helped pushed the Dow Jones Industrial Average lower for a third straight day.
The Dow fell 158 points, or 0.44%, while the S&P 500 index and the Nasdaq Composite index advanced 0.06% and 0.52%, respectively, to end their losing streaks at two sessions.
|I:DJI||DOW JONES AVERAGES||32313.12||-118.96||-0.37%|
|I:COMP||NASDAQ COMPOSITE INDEX||11656.591569||-112.24||-0.95%|
MANCHIN POINTS TO INFLATION CRISIS AS BIDEN’S SPENDING PLAN TOILS IN CONGRESS
In stocks, Dow component Walt Disney Co. reported earnings and revenue that missed Wall Street estimates amid slowing subscriber growth for its Disney+ streaming platform. The company’s parks business, which includes theme parks, hotels and merchandise, saw sales surge 26% versus last year. Weakness in Disney shares erased more than 80 points from the Dow.
|DIS||THE WALT DISNEY CO.||95.62||+1.54||+1.64%|
Tesla CEO Elon Musk sold $5 billion of his company’s stock, according to financial filings released Wednesday. The stock sales, with more on the way, come as Musk faces a large tax bill as millions of stock options must be exercised by August 2020.
Electric-vehicle maker Rivian Inc. shares remain in focus after soaring 28% in their stock market debut on Wednesday. The company’s initial public offering was the largest since Facebook’s 2012 premiere.
|RIVN||RIVIAN AUTOMOTIVE INC.||12.93||-0.38||-2.85%|
Tapestry Inc. raised its annual outlook due to strong demand for luxury goods in the face of the global supply chain crisis. The Coach handbag maker surpassed Wall Street estimates for both the top and bottom lines.
Dating app maker Bumble Inc. said sequential user growth slowed for the first time as some markets implemented new COVID-19 restrictions. The slowdown resulted in users making fewer in-app purchases.
Plant-based meat maker Beyond Meat Inc. guided current-quarter sales below analysts’ expectations due to slowing demand in both grocery stores and restaurants.
|BYND||BEYOND MEAT INC.||15.62||-0.29||-1.85%|
In commodities, West Texas Intermediate crude oil edged up 25 cents to $81.59 a barrel and gold jumped $15.60 to $1,863.20 an ounce.
Overseas markets rallied across the board.
European bourses posted modest gains with France’s CAC 40 and Germany’s DAX 30 ticking up 0.1% and 0.2%, respectively, while Britain’s FTSE 100 advanced 0.6%.
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In Asia, Japan’s Nikkei 225 rose 0.59%, Hong Kong’s Hang Seng index added 1.01% and China’s Shanghai Composite index surged 1.15%.