The Dow Jones Industrial Average was the day's worst-performing major stock index, falling almost 0.7% on economic data that raised investors' concerns about a slowing economy. Disney (DIS), which reported losing millions of subscribers to its Disney+ streaming service, dragged down the index, while Coca-Cola (KO) led a small group of gainers.
- Disney dragged down the Dow, falling nearly 9% on streaming worries.
- Intel moved 3% lower after competitor AMD got a vote of confidence from Bank of America.
- Consumer staples were the index's bright spot, with Walmart, Coca-Cola, and Procter & Gamble rising.
The Producer Price Index, a measure of wholesale inflation taken as an indicator of supply conditions, rose at its slowest rate since January 2021. At the same time, weekly unemployment claims moved higher, adding to data indicating a cooling economy.
Disney was the worst-performing stock in the Dow, tumbling almost 9% after investors found no magic in yesterday's earnings report. A price hike narrowed losses at the company's Disney+ streaming service last quarter but at the cost of 4 million subscribers. Analysts had expected the company to add 1.5 million subscribers.
Shares of Intel (INTC) continued their decline, falling more than 3% following Monday’s layoff announcement. Intel’s decline also comes after Bank of America raised the target price for competitor Advanced Micro Devices (AMD).
Financials stocks JP Morgan Chase (JPM) and Goldman Sachs (GS) were little changed despite fresh pandemonium in regional bank stocks. Chevron (CVX) moved 0.5% lower as crude oil prices slipped.
Consumer staples stocks Coca-Cola , Walmart (WMT), and Procter & Gamble (PG) were among the five companies to post gains. They were joined by Apple (AAPL), which rose alongside other Big Tech names Alphabet (GOOG; GOOGL) and Amazon (AMZN), helping to lift the tech-heavy Nasdaq-100 index by 0.2%.