Dow Jones Today: Index Flat on Inflation Lull

Disney tops the box office and the Dow with Guardians, but bad press helped push 3M lower

By
Terry Lane
Terry Lane
Full Bio
Terry has 25 years experience in journalism and communications, reporting on a range of topics that include personal finance, telecommunications, Congress, government regulations, and criminal justice. He has also worked on technology, energy, and environmental policy issues as a congressional press secretary and owned and published a local community newspaper in North Carolina.
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Published May 08, 2023
Marvel Studios Co-President Louis D'Esposito and Marvel Studios President Kevin Feige attend the Guardians of the Galaxy Vol. 3 World Premiere at the Dolby Theatre in Hollywood, California on April 27, 2023.
Photo by Rich Polk/Getty Images.

Key Takeaways


  • Disney powers the Dow with $282 million box office for Guardians of the Galaxy Vol. 3.
  • Apple shares are flat despite announcing a bond sale and a report showing it moving higher this year.
  • 3M shares were down after the company's hometown newspaper questioned if it could remain in the Dow.

After dipping early in the trading day, the Dow Jones Industrial Average leveled off to finish down a few points or flat for the day.  Investors are closely watching several economic indicators anticipated this week, including new inflation data on Wednesday.

Walt Disney’s (DIS) Guardians of the Galaxy Vol. 3 topped the weekend box office with a global draw of $282 million, led by a stronger-than-expected international box office of $168 million. 

The blockbuster weekend helped make Disney the Dow’s best performer, moving its shares nearly 3% higher, as investors prepare for the media company’s earnings after markets close on Wednesday. Disney is expected to post strong earnings on subscriber growth, in contrast to its competitor Paramount, whose poor earnings last week helped drag Disney down too.  

No other Dow component moved up as much as 1%. 

One of the Dow’s worst performers was 3M (MMM), whose shares traded around 0.8% lower. In April, 3M reported higher-than-expected first-quarter earnings per share of $1.97 and revenue of $7.7 billion, but it also announced it would lay off 6,000 workers as part of a restructuring, adding to the 2,500 layoffs it made in January. 

The industrial giant may also be suffering from a grilling by its hometown press. Over the weekend, the Minneapolis Star-Tribune questioned whether 3M would remain in the Dow, which it joined in 1976. The article pointed out that 3M is the Dow’s worst performer over the past five years, and the company is preparing to spin off its health business, which makes up a quarter of its revenue. 

Intel (INTC), Amgen (AMGN), and Walgreens Boots Alliance (WBA) were also down around 1%. 

Fresh off its $90 million share buyback, Apple (AAPL) today said it would raise as much as $5 billion by issuing five different bonds, with maturities ranging from two to 30 years. Also, a report from Stifel showed the S&P 500 could grow by 6.5%, led partly by Apple. Shares of the iPhone maker were mainly flat on the reports, after surging last week following its stronger-than-expected phone sales. 

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  1. Minneapolis Star-Tribune. "Could 3M lost its spot in the Dow?"

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