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Stock market today: Wall Street remains stable after 3 consecutive days of victories | WJMN
NEW YORK (AP) U.S. stocks remained relatively stable Tuesday as trading on Wall Street calmed after recent sharp swings.
The S&P 500 was up 0.2% in early trading, following a strong three-day winning streak. The Dow Jones Industrial Average was up 54 points, or 0.1%, as of 9:35 a.m. Eastern Time, and the Nasdaq Composite Index was up 0.2%.
Kenvue, the company whose brands include Band-Aids and Tylenol, rose 4.9% after beating analysts' forecasts for earnings and revenue in the most recent quarter.
Walt Disney Co. fell 8.5% despite results for its latest quarter that were better than analysts expected. Its revenue is slightly lower than expected and the company expects its entertainment streaming business to slow down in the current quarter.
They are among the last companies to publish their results for the first three months of the year. The majority of companies have so far beaten earnings forecasts, but they subsequently don't get as big a boost in their stock prices as they usually do, according to FactSet. Additionally, companies that fail to meet earnings expectations have seen their stock prices fall more the next day than in the past.
That could suggest investors are listening to critics who have called the U.S. stock market too expensive after hitting record highs this year. For stock prices to continue to rise, either earnings will need to grow more dynamically or interest rates will need to fall.
The latter option still appears to be a possibility on Wall Street after some events last week that traders found encouraging.
Federal Reserve Chairman Jerome Powell strongly suggested that the central bank was still closer to cutting its main interest rate than raising it, despite a series of stubbornly high inflation indicators this year. At the same time, a colder-than-expected jobs report released Friday suggests the U.S. economy could succeed in the balancing act of remaining strong enough to avoid a serious recession without being so strong that it keeps l inflation at too high a level.
After rising earlier this year as hopes for interest rate cuts by the Federal Reserve faded, Treasury yields fell this month to offer some relief to the stock market.
The 10-year Treasury yield fell to 4.44% from 4.49% Monday evening. The two-year yield, which is closer to expectations for the Fed, slipped to 4.81% from 4.83%.
Even though yields have fallen over the past week, strategists at the Wells Fargo Investment Institute still expect long-term yields to remain elevated for some time. This is partly because inflation is widely expected to remain higher than expected for some time. Luis Alvarado, global fixed income strategist, believes the 10-year yield will likely stay close to its recent range.
Elsewhere on Wall Street, Crocs jumped 9% after reporting better-than-expected earnings and revenue. It benefits from strong international growth.
International Flavors & Fragrances, which makes ingredients used in food and perfumes, gained 5.7% after reporting better-than-expected profits and revenue. It also said it expects its full-year revenue to be at the upper end of its expected range.
On foreign stock markets, indices jumped 2.2% in Seoul and 1.6% in Tokyo but were mixed in the rest of Asia. Australia's S&P/ASX 200 rose 1.4% after the central bank decided to keep interest rates unchanged.
European stock indices also rose.
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AP Business writers Matt Ott and Elaine Kurtenbach contributed.
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