Post Market Wrap: May 7, 2024
The Dow industrials were up 32 points up for a fifth day in a row. That’s the longest winning streak for the Dow since December. The S&P 500 added 0.1%. The NASDAQ composite slipped O point 1%. Bond yields were just slightly lower. Earnings reports continue to come in. Disney was a big drag on the Dow was down 9 1/2%. That’s the biggest one they lost for Disney since November of 2022 after the company posted a a slight revenue miss. But. Quarterly expectations were better than expected. Here’s the problem. Its combined streaming business, which consists of Disney Plus, Hulu and ESPN, is still spending a lot of money. But it’s continuing to lose money, although at a slower pace. Elsewhere, shares of defense technology firm Palantir plunged 15% on weaker than expected guidance, and Peloton was up 15% on news that private equity firms have been considering a buyout of that fitness company. People familiar with the matter, at least, told CNBC that for CNBC business news, I’m Bob Bassani at the New York Stock Exchange.