Major stock indexes saw slight gains this morning, with the Dow Jones Industrial Average and others edging up despite Disney’s disappointing quarterly revenue. Disney’s shares took a hit, dropping 9% early on.
Meanwhile, Palantir Technologies, an artificial intelligence company, also experienced a plunge after reporting its first-quarter earnings, despite meeting expectations for earnings and surpassing sales projections.
The Dow Jones Industrial Average increased by 0.2%, while the S&P 500 rose by 0.1%. However, the tech-heavy Nasdaq composite fell by 0.1% after the market opened.
Early on Tuesday, the 10-year Treasury yield dipped slightly to 4.47%, and oil prices declined with West Texas Intermediate futures hovering around $78.30 a barrel.
In the world of exchange-traded funds (ETFs), the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was down slightly, while the SPDR S&P 500 ETF (SPY) rose by 0.1%.
Earnings reports played a significant role in today’s market movements. Disney’s mixed fiscal second-quarter results, with earnings beating estimates but sales falling short, led to its shares plummeting. Palantir also faced a similar fate, despite meeting earnings expectations.
Other companies such as Axon Enterprise, Datadog, Lucid Motors, Microchip, and Vertex Pharmaceuticals also saw notable moves in their stock prices based on their earnings reports.
Monday saw a mixed performance in the stock market, with slight gains across indexes. Despite this, there’s cautious optimism, with discussions on the Nasdaq’s recent performance and market exposure levels.
Chipotle Mexican Grill, NXP Semiconductor, Texas Roadhouse, and Tradeweb Markets, along with Dow Jones components American Express and Merck, are among the companies to watch today. Notably, Chipotle and Merck have been featured in the “Stocks Near A Buy Zone” column.
For investors seeking breakout opportunities, IBD MarketSurge’s “Breaking Out Today” list provides insights into stocks breaking out past new buy points. Additionally, the “Near Pivot” list identifies stocks nearing buy points in bases.
American Express and Merck are showing positive signs, with American Express bouncing back in heavy volume and Merck building a flat base. Outside the Dow Jones index, Chipotle, NXP Semiconductors, Texas Roadhouse, and Tradeweb are also showing interesting movements.
In particular, Nvidia and Tesla, both part of the Magnificent Seven stocks, experienced declines this morning. Nvidia continues to build a base, while Tesla extended a winning streak.
Among the Dow Jones leaders, Apple and Microsoft had mixed performances after Tuesday’s market open. Apple is gearing up for an event introducing new iPad Pro models, while Microsoft is navigating a new flat base formation.
