Tags: financial markets | inflation | disney | regional banks

Dow, S&P 500 Open Lower as Disney Drags

Dow, S&P 500 Open Lower as Disney Drags
Traders on the floor of the New York Stock Exchange (AP)

Thursday, 11 May 2023 09:40 AM EDT

The Dow and the S&P 500 opened lower on Thursday, pressured by a drop in Disney shares after the company reported a fall in subscriber growth, while a drop in PacWest's deposits set off another rout in the regional banking sector.

The Dow Jones Industrial Average fell 147.44 points, or 0.44%, at the open to 33,383.89.

The S&P 500 opened lower by 5.40 points, or 0.13%, at 4,132.24, while the Nasdaq Composite gained 14.82 points, or 0.12%, to 12,321.26 at the opening bell.

The Labor Department released its producer price index for April, an indicator of inflation at the wholesale level that's closely monitored by the Federal Reserve. It moderated to 2.3%.

On tap for the day, any updates on raising the United States' $31.4 trillion debt ceiling were also being watched by investors, as the country races to avert an unprecedented default.

U.S. Treasury Secretary Janet Yellen urged Congress to raise the federal debt limit and warned that default could have severe repercussions on the global economy and risked undermining U.S. global economic leadership.

Among stocks, Walt Disney Co. shares slid 5% premarket after the company shed subscribers in the first quarter, overshadowing quarterly earnings that came in line with expectations.

Alphabet Inc. shares extended gains to rise 1.0% after Google rolled out more artificial intelligence products on Wednesday to take on competition from Microsoft Corp.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
The Dow and the S&P 500 opened lower on Thursday, pressured by a drop in Disney shares after the company reported a fall in subscriber growth, while a drop in PacWest's deposits set off another rout in the regional banking sector.
financial markets, inflation, disney, regional banks
227
2023-40-11
Thursday, 11 May 2023 09:40 AM
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