Stocks Finish Mixed as Market Awaits Reports

Tyson Foods is among companies with disappointing results
By Newser Editors and Wire Services
Posted May 8, 2023 3:27 PM CDT
Stocks Finish Mixed as Market Awaits Reports
Traders work on the floor at the New York Stock Exchange in New York, Wednesday, May 3, 2023.   (AP Photo/Seth Wenig, File)

Wall Street had a so-so day Monday, ahead of a week full of reports on some of the market's biggest worries, including how stubbornly high inflation remains across the economy.

  • The Dow fell 55.69 points, or 0.2%, to 33,618.69.
  • The S&P 500 rose 1.87 points, or less than 0.1%, to 4,138.12.
  • The Nasdaq rose 21.50 points, or 0.2% to 12,256.92.

Besides a strong reading on US jobs, which calmed worries about a possible recession but raised concerns about high inflation, last week was dominated by fears about smaller and mid-sized banks, per the AP. They were stabilizing Monday, per the AP. PacWest Bancorp rose 2.7% to recover some of its steep 43% plunge last week. It said on Friday night that it’s cutting its dividend to help it build its financial strength. Several other smaller- and mid-size banks also rose. Western Alliance Bancorp was 1.4% higher after drifting down from a bigger morning gain.

Weighing down on Wall Street were stocks of companies that turned in worse results for the latest quarter than expected. Tyson Foods tumbled 15.5% after it reported a loss, instead of the profit that analysts had forecast. Its revenue also fell short of expectations. Catalent dropped 26.3% after it delayed the release of its results for the latest quarter. The company said it had found some “potential non-cash adjustments” related to one of its facilites in Bloomington, Indiana, which needs more time to review. Later this week, the US government will give the latest monthly updates on inflation at the consumer and wholesale levels. Earnings reports will also arrive from Duke Energy, the Walt Disney Co., and News Corp.

(More stock market stories.)

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