The Latest Stock Market Updates: Walt Disney, Datadog, and More

Key Takeaways

• U.S. equities rose at midday Tuesday, May 7, 2024 following the latest earnings news and ahead of more data that could impact the Federal Reserve’s stance on the future of interest rates.
• Walt Disney shares tumbled as the entertainment giant reported a net loss caused by billions in restructuring and other impairment charges and gave a soft outlook for subscribers and experiences.
• Shares of Datadog sank even though the cloud monitoring and security company’s first-quarter results topped expectations.

U.S. equities were higher at midday following the latest earnings news and ahead of more data that could impact the Federal Reserve’s stance on the future of interest rates. The Dow, S&P 500, and Nasdaq all gained.

Stock Movements

Kenvue (KVUE) shares jumped as the consumer health products maker spun off from Johnson & Johnson (JNJ) posted better-than-expected profit and announced layoffs as it moved to cut costs.

Shares of International Paper (IP) also took off following a report that Brazilian pulp producer Suzano is offering almost $15 billion to buy the firm.

Fidelity National Information Services (FIS) shares rose as the financial technology firm beat earnings estimates and raised its guidance and share repurchase program.

Walt Disney (DIS) shares sank as the entertainment giant reported a net loss caused by billions in restructuring and other impairment charges and gave a soft outlook for subscribers and experiences, though Disney reported a surprise profit in its direct-to-consumer entertainment segment.

Shares of Palantir Technologies (PLTR) slumped after the artificial intelligence (AI) software maker’s outlook failed to impress. Similar concerns affected Datadog (DDOG), as the cloud monitoring and security firm’s shares fell despite better-than-expected results for the first quarter. Datadog also announced President Amit Agarwal was stepping down.

Ferrari (RACE) shares fell after the luxury car maker’s shipped vehicles were roughly flat in the first quarter, even as earnings topped expectations.

Market Trends

Oil futures advanced and gold prices fell. The yield on the 10-year Treasury note tumbled. The U.S. dollar gained versus the pound and yen, but slipped against the euro. Trading in most major cryptocurrencies was mixed.

For more detailed information on stock movements, you can read the original article on Investopedia.

Conclusion

The stock market saw various movements and trends on Tuesday, May 7, 2024, with some companies experiencing gains while others faced declines. It is essential for investors to stay informed about the latest news and earnings reports to make well-informed decisions regarding their investment portfolios. As the market continues to evolve, keeping track of key players like Walt Disney, Datadog, and others can provide valuable insights into market trends and potential opportunities for growth.