Stocks were mixed on Tuesday as traders came off a winning session and looked for more clues on the Federal Reserve's next decision on interest rates. The Dow Jones Industrial Average and S&P 500 Index were both above the flatline in afternoon trade, while the Nasdaq Composite fell about 0.1%.
Here's how the market settled on Tuesday:
S&P 500 Index (NYSE: SPY): +0.13% or +6.96 points to 5,187.70
Dow Jones Industrial Average (NYSE: DIA): +0.08% or +31.99 points to 38,884.26
Nasdaq Composite Index (NASDAQ: QQQ): -0.10% or -16.69 points to 16,332.56
On the Earnings Front:
Disney (NYSE: DIS) reported better-than-expected fiscal second-quarter earnings on Tuesday, but missed revenue estimates for the fourth consecutive quarter and offered soft forward guidance; shares are on track for their worst day since November 2022.
"Our results were driven in large part by our Experiences segment as well as our streaming business," CEO Bob Iger said in a statement. "Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4."
Palantir (NYSE: PLTR) shares also fell on Tuesday after the defense technology software provider issued weak forward guidance following its strong first-quarter revenue and earnings per share results. The company expects current quarter revenue between $649 million to $653 billion, and full-year revenue in the range of $2.68 billion and $2.69 billion.
"We anticipate that our U.S. commercial business, which accounted for 24% of our revenue last quarter, will remain one of the most significant drivers of our growth in the near term," CEO Alex Karp said in a letter to shareholders.
"Warfare in this century will continue to be transformed by software," Karp added. "The platforms in use by our defense and intelligence partners present a very real threat to the survival of our enemies."
In the News:
Apple (NASDAQ: AAPL) announced the latest versions of its iPad Air and iPad Pro tablets on Tuesday, with CEO Tim Cook calling it "the biggest day for iPad since its introduction," in a video posted on the tech giant's website.
The new iPad Pro will come in two sizes, 11-inch and 13-inch, Apple said, and is its thinnest model ever at 5.1 millimeters thickness. The model will also host Apple's next-gen M4 chip that power's its latest laptops and its an "outrageously powerful chip for AI." The iPad Pro will also snap to a new case Apple calls Magic Keyboard, which pair the tablet with a keyboard and trackpad. The iPad Air will also come in 11-inch and 13-inch sizes for the first time and come equipped with Apple's M2 chip.
Peloton Interactive (NASDAQ: PTON) shares rose Tuesday a CNBC report that a number of private equity firms are considering a buyout of the connected home fitness company as it looks to refinance its debt and looks forward to growth after 13 straight quarters of losses. Peloton has seen its market capitalization drop from a high of $49.3 billion in January 2021 to about $1.3 billion as of Monday, as it struggled to chart a path to profitability as demand for its hardware wanes and costs become too high for its company size.