Major indexes were slightly lower Thursday after a couple of lackluster days for the U.S. stock market that followed a big post-election rally, as investors await comments this afternoon from Federal Reserve Chair Jerome Powell.
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite were each down 0.2% in early afternoon trading. The indexes were little changed on Wednesday following a down day the previous session that put an end to the weeklong surge that followed Donald Trump’s decisive victory in the presidential election.
Data this morning on wholesale prices and jobless claims came in largely as expected. The big event of the day will be Powell’s appearance at an event in Dallas at 3:00 p.m. ET. It’s his first appearance since the central bank cut its benchmark rate last week, and market participants will be watching closely for his views on recent economic data and what it means for the Fed’s future decisions on rates.
Among stocks on the move Thursday, Disney (DIS) was up 7% after the entertainment giant reported better-than-expected quarterly results this morning. Shares of Cisco Systems (CSCO) were down 1% after the network equipment provider late yesterday released a strong earnings report but issued guidance that may have disappointed investors.
Shares of Shares of Super Micro Computer (SMCI) were down 10%, after sliding yesterday following news that the beleaguered IT infrastructure company would delay its quarterly results, adding to concerns that the stock would be delisted from the Nasdaq.
Mega-cap technology stocks were mixed. AI investor favorite Nvidia (NVDA), Apple (AAPL) and Microsoft (MSFT) were gaining ground, while Tesla (TSLA), Amazon (AMZN), Alphabet (GOOGL) and Meta Platforms (META) retreated.
Bitcoin was trading at around $89,000, after hitting a record high above $93,000 on Wednesday. The cryptocurrency has gained more than 30% since the election amid hopes that a supportive White House and Congress will implement policies that benefit the asset class.
Gold futures were down 0.5% at around $2,570 an ounce. The precious metal, which hit a record high of $2,800 early last week, has lost ground since the election as the U.S. dollar has strengthened.
The yield on 10-year Treasurys, which is sensitive to expectations around where interest rates are headed, was at 4.41% in recent trading, down from 4.45% late yesterday. The yield has been rising in recent weeks as investors have recalibrated their thinking on how aggressive the Fed will be in its moves to cut interest rates in the months ahead.
Disney Stock Soars on Streaming Profit Growth, Outlook
1 hr 12 min ago
Shares of The Walt Disney Company (DIS) surged 9% Thursday morning as fourth-quarter revenue and adjusted profit topped analysts’ estimates and the entertainment giant laid out initial projections for the next three fiscal years.
Disney reported $22.57 billion in revenue, up from $21.24 billion last year and narrowly above the $22.50 billion analysts expected. After accounting for about $1.5 billion in one-time charges like restructuring costs, Disney’s adjusted earnings per share (EPS) came in at $1.14, just above estimates of $1.11
Disney said it expects high-single-digit adjusted EPS growth in fiscal 2025 and double-digit growth in fiscal 2026 and 2027, as well as an estimated $3 billion in stock buybacks over the next year. It also projects streaming services operating income to increase by $875 million next year from fiscal 2024, and Experiences segment operating income to grow by 6% to 8%, “weighted to the second half of the year.”
Disney’s streaming business—comprising Disney+, Hulu, and ESPN+— recorded an operating profit of $321 million after posting a combined profit for the first time last quarter at $47 million.
Following positive subscriber numbers from competitors like Warner Bros. Discovery’s (WBD) Max and Netflix (NFLX) in recent weeks, Disney said it gained 4.4 million Disney+ subscribers in the quarter.
Revenue in Disney’s Experiences segment, which includes its theme parks and cruise ships, was $8.24 billion, up slightly from $8.16 billion last year as slower discretionary spending from consumers has impacted the division in recent quarters.
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Disney shares, which are trading at their highest levels since May, have gained 23% since the start of the year.
Super Micro Price Levels to Watch as Stock Slide Accelerates
2 hr 54 min ago
Super Micro Computer (SMCI) shares continued falling sharply this morning after leading Nasdaq decliners on Wednesday following news that the embattled server maker would delay the filing of its fiscal first-quarter financial report.
The latest update comes after the company said in October that it could not predict when it would file its 2004 annual report, a requirement it must meet to comply with Nasdaq listing rules. The company’s reporting delays stem from the resignation of its auditor Ernst Young last month, which earlier flagged issues with the server maker’s corporate governance and internal controls.
Super Micro shares have lost more than half their value since late October. The stock was down 11% at around $18 in recent premarket trading.
The stock’s sell-off has continued after breaking down below a descending broadening wedge pattern late last month on above-average volume.
Investors should watch important support levels on Super Micro’s chart around $17 and $12, while keeping an eye on key resistance levels near $23 and $30.
Read the full technical analysis piece here.
Major Index Stock Futures Slightly Higher
3 hr 57 min ago
Futures tied to the Dow Jones Industrial Average were up 0.2%.
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S&P 500 futures were up 0.1%.
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Nasdaq 100 futures were up less than 0.1%.
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