US: Sideways day for stocks as Disney tumbles

WALL Street stocks finished a choppy session essentially flat on Tuesday, a sideways performance that could persist until investors digest significant economic releases later in the month.

“The market might just be due for some pause, consolidation,” said LBBW’s Karl Haeling.

Analysts pointed to light trading volume in a comparatively quiet period of news after last week saw major earnings reports, economic releases and a Federal Reserve decision.

Upcoming potential catalysts include US consumer price data and Walmart results, both of which are scheduled for next week.

The Dow Jones Industrial Average edged up 0.1 per cent to 38,884.26.

The broad-based S&P 500 gained 0.2 per cent to 5,187.70, while the tech-rich Nasdaq Composite Index dipped 0.1 per cent to 16,332.56.

Among individual companies, Disney dropped 9.5 per cent as it reported a small quarterly loss and pointed to a moderation in travel spending expected to weigh on results at its parks division.

Apple advanced 0.4 per cent after unveiling new versions of its iPad tablets.

Spirit AeroSystems, a major contractor to Boeing and Airbus, fell 0.3 per cent as it reported a US$616.7 million quarterly loss, reflecting a drag from lower output amid Boeing’s quality control problems.

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The company has also so far not reached a pricing agreement with Airbus, further weighing on financial performance. AFP