Nov. 11 (UPI) — The Dow Jones Industrial Average fell 147 points on Thursday as markets traded largely flat following poor quarterly earnings reports and fallout from reported record inflation growth.
The blue-chip index fell 0.43% dragged down by losses from Disney after the company failed to meet earnings expectations. Meanwhile, the S&P 500 ended the day up just 0.055% and the Nasdaq Composite rose 0.53% as they bounced back from two-day losing streaks.
Shares of Disney fell 7.07% after it missed on earnings and revenue estimates behind poorer than expected Disney+ subscriber numbers. Beyond Meat stock also fell 13.28% Thursday after presenting a weaker than expected current-quarter revenue forecast.
Tech stocks rallied to help boost the Nasdaq after falling Wednesday as bond yields spiked in response to the Labor Department’s Consumer Price Index report.
Shares of Advanced Micro Devices rose 4.39% and Nvidia gained 3.16% after the two chipmakers fell 6.08% and 3.91% respectively on Wednesday.
The S&P 500 got a boost from commodity producers with the Materials Select Sector SPDR Fund hitting an intraday all-time high as investors predicted sustained inflation.
Mining company Freeport-McMoRan rose 9% while steel producer Nucor gained 2.68%