Investing.com– The S&P 500 eked out a gain Tuesday, underpinned falling Treasury yields as investors continued to digest a slew of corporate earnings including weak subscriber growth from Disney .
At 16:00 ET (20:00 GMT), the Dow Jones Industrial Average gained 31 points, or 0.1%, the S&P 500 gained 0.1%, and the NASDAQ Composite fell 0.1%.
Stocks were supported by a dip in Treasury yields as hopes for a rate cut were revived following weaker jobs data and comments from Fed chairman Jerome Powell last week that the next move isn’t likely to be a hike.
Earnings season continues as Disney falters on weaker subscriber growth
Walt Disney (NYSE:DIS) stock fell 9% after the entertainment giant’s Disney+ subscriber growth fell just short of estimates and warned about a slowdown in its theme parks devision, a key growth engine.
Kenvue (NYSE:KVUE) stock jumped 6% after the consumer health company, a spinoff from Johnson & Johnson (NYSE:JNJ), beat Wall Street estimates for first-quarter profit, adding it would cut 4% of its global workforce as part of a plan to cut costs.
Palantir Technologies Inc (NYSE:PLTR) stock tumbled 15% after the data analytics firm’s annual revenue forecast fell short of analysts’ estimates.
Still some on Wall Street continue to back Palantir, with Wedbush talking up the data analytics company’s ability to generate demand for its artificial intelligence platform from across both commercial and government amid “the $1 trillion AI opportunity.
Lucid Group (NASDAQ:LCID) fell 14% after the luxury electric vehicle maker forecast higher capital expenditure this year and maintained a disappointing annual production forecast amid slower-than-expected EV demand.
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Apple (NASDAQ:AAPL) launches new iPads
Apple unveiled a slew of new iPad pro, which includes the new M4 chip, and iPad Air tablets in a virtual event on Tuesday.
The new iPad launch comes just ahead of the company’s developer conference next month, when some expect the tech giant to unveil its artificial intelligence strategy.
“We believe Apple is set to unveil its long awaited AI strategy at WWDC,” next month that could spark an “AI-driven supercycle starting with a new iPad lineup and then the iPhone 16 this Fall,” Wedbush said in a Tuesday note.
Peloton rides buyout speculation higher
Fitness company Peloton Interactive Inc (NASDAQ:PTON) jumped more than 15% as rumours swirled that private equity firms are mulling a possible deal to buy the company, CNBC reported Tuesday, citing unnamed sources.
(Ambar Warrick contributed to this article.)
