SPX: S&P 500 Drifts Up 0.1% on Fresh Round of Earnings, Quiet Economic Front

Shares of Disney were a major drag on stock indexes Tuesday. Futures were flat ahead of the bell Wednesday.

• The S&P 500 index ticked up a moderate 0.1% on Tuesday with investors sifting through a mixed bag of earnings data. Stocks turned out resilient in the face of economic pressures but some companies’ earning data tanked under the pressure. Still, the broad-based Wall Street benchmark is up roughly 9% on the year with a solid 3% gain so far in May.
• The session was largely defined by Disney’s DIS earnings report, which dropped before the opening bell. Shares of the streaming giant crashed 10% to their worst day since November 2022 after the update showed a quarterly loss coupled with earnings guidance that disappointed investors. Still, Disney’s core streaming service — Disney+ and Hulu — turned a profit.
• It’s quiet on the economic front early on Wednesday and traders could use the time to zoom out and figure out their strategy for the month ahead. In other words, time to get technical and start looking for Mickey Mouse patterns, giraffe necks, and zig-zagging zebras. Futures contracts on the major stock averages today are virtually flat.