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US stocks finished close to where they started Tuesday but largely built on a string of gains amid growing hopes for rate cuts later this year. Meanwhile, investors soured on Disney's (DIS) earnings, sending the stock down sharply.
The Dow Jones Industrial Average (^DJI) rose just under 0.1%, or about 30 points, while the S&P 500 (^GSPC) ticked up 0.1% for its fourth consecutive positive session. The tech-heavy Nasdaq Composite (^IXIC) edged down about 0.1%.
Prior to the sideways movement, stocks had gained significant ground as confidence grew that a "Goldilocks" jobs report will give the Federal Reserve reason to ease up on historically high rates — a belief bolstered by comments from policymakers on Monday.
But in remarks at the Milken Institute Global Conference Tuesday, Minneapolis Fed chief Neel Kashkari said it's likely that the Federal Reserve will keep rates steady for an extended period of time.
In the corporate world, results from Disney took center stage as the media giant delivered its first quarterly earnings since winning its proxy fight with activist Nelson Peltz last month. The company's earnings beat Wall Street estimates as a key part of its direct-to-consumer streaming business — which includes Hulu and Disney+ — turned its first profit. But shares tumbled over 9% after the company said it expects weaker results in that segment for the current quarter.
Corporate earnings continue to hold sway even as the Fed's interest rate policy decisions dominate headlines. Over 80% of S&P 500 have posted results in the best season for earnings in almost two years, which has seen companies prosper despite "sticky" inflation and higher-for-longer interest rates.
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