The Late Morning Rundown: May 7, 2024
Markets are up across the major indexes in late morning trading as Treasury yields go lower and Wall Street tries to build on a multi day winning streak. 9 of 11 S&P sectors are positive so far today, led by consumer staples and utilities. Information technology and consumer discretionary are the biggest decliners. Oil prices also slightly lower today despite Israeli tanks moving into Rafa and taking control of the border crossing and what Israeli officials call a limited operation. As for individual stocks making the biggest moves in morning trading can view the maker of Tylenol band aids and other consumer health products spun out of Johnson and Johnson last year. The company posted better than expected quarterly earnings and announced a plan to cut 4% of its global workforce. On the downside, Disney is one of the biggest decliners and posted a surprise profit for Disney Plus and Hulu. But the stocks having its worst day since November 2022 after the company warned the direct to consumer entertainment business would report a loss next quarter and wouldn’t add subscribers. The traditional linear TV operating income also fell more than 20%. And Apple is up marginally after announcing new iPad models today, the first refresh in almost two years. For CNBC Business news, I’m Sylvana Hanau.