- Stocks closed with mixed results on Tuesday, with the Dow Jones Industrial Average and S&P 500 edging slightly higher while the Nasdaq composite slipped.
- Disney (DIS) plunged and was the worst performer on the Dow, while Palantir Technologies (PLTR) sold off on the stock market following earnings.
- The Dow Jones Industrial Average ticked 0.1% higher, the S&P 500 also added 0.1%, while the Nasdaq pulled back 0.1%.
Stocks showed mixed results on Tuesday, with Disney (DIS) experiencing a significant plunge, making it the worst performer on the Dow. Meanwhile, Palantir Technologies (PLTR) also sold off on the stock market following earnings.
Disney Is Worst In Dow
Walt Disney (DIS) gapped down 9.5% in huge volume and knifed below its 50-day line, triggering a sell signal. The media and entertainment company reported better-than-expected adjusted earnings for its fiscal second quarter. However, revenue came up short of forecasts.
Stock Market Today: Nvidia, Microsoft Invest In A startup
Nvidia (NVDA) dropped 1.7% but pared larger losses. The AI and chip leader is one of the investors in Wayve Technologies. Wayve has raised more than $1 billion to speed up the development of artificial-intelligence products for autonomous driving. In separate news, Goldman Sachs raised its price target on Nvidia stock to 1,100 from 1,000 and maintained its buy rating.
Builders Crashes, Axon Falls
Builders FirstSource (BLDR) cratered 19.1% in huge volume even after the construction materials company topped first-quarter profit and sales estimates. But investors focused on its 10% earnings drop over last year’s quarter on flat sales. Analysts polled by FactSet expect declining profits for the next four quarters with 7% sales growth over the next three periods.
Stock Market Today: Biotech Breaks Out
GSK (GSK) climbed 1.6%, breaking out of a cup base with a 43.84 buy point. It is in the low end of a buy range stretching to 46.03. The stock has rallied since the company beat its first-quarter profit and sales expectations and raised its 2024 core operating profit outlook on May 1.
Conclusion
The stock market showed mixed results on Tuesday, with significant plunges from Disney and Palantir Technologies. Despite these losses, other stocks such as Nvidia and GSK showed promising developments. As the market continues to fluctuate, investors should keep a close eye on these developments.
