Stock Market Today: Stock Rally Runs Out of Steam
A sharp post-earnings selloff for Walt Disney stock kept a lid on the Dow Tuesday.


Stocks were choppy Tuesday as market participants took a breather following three straight days of impressive gains.
Amid a relatively bare economic calendar, investors turned their attention to a busy earnings docket with several high-profile names making big moves.
Among them was Palantir Technologies (PLTR), which fell 15.1% after its first-quarter results. The data analytics firm reported earnings and revenue that beat analysts' estimates and raised its full-year revenue forecast. Still, its upwardly revised fiscal 2024 outlook was below what Wall Street was expecting.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
However, Wedbush analyst Daniel Ives remains upbeat about Palantir's growth outlook. In fact, he sees "increased momentum" in the stock's story thanks to the company's Artificial Intelligence Platform (AIP).
"AIP [is] leading the charge in generating significant demand across both commercial and government landscapes while [being] well-positioned to gain a larger share of this $1 trillion opportunity taking place with AI use cases exploding globally," Ives said after earnings. The analyst has a Buy rating and a $35 price target on PLTR, representing implied upside of 62% to current levels.
Buy the dip on Disney stock?
Walt Disney (DIS) was another notable post-earnings mover, with the blue chip stock diving 9.5% after its results. The media and entertainment giant disclosed higher-than-expected earnings for its fiscal second quarter and said its Disney+ and Hulu streaming services reported a profit for the first time. However, Disney's total revenue fell short of what Wall Street expected.
"Today's market reaction to a decent earnings report from Disney shows there are still too many moving parts and uncertainties at the Mouse House for investors to get excited," says Don Montanaro, president of Firstrade.
Montanaro expects more near-term volatility for DIS as several initiatives shake out. However, he adds that "smart investors might want to buy Disney when it dips like it has today, and then patiently hold as the future dynamism of streaming revenues emerges over time."
Apple gains after iPad event
While Disney was the worst Dow Jones stock today, Apple (AAPL, +0.4%) found itself on the plus side of the ledger following its "Let Loose" event.
It was the first time in two years the tech giant launched new versions of its iPad, with Apple also unveiling a new iteration of its Apple Pencil Pro and debuting its AI-enhanced M4 chip.
CFRA Research analyst Angelo Zino reiterated a Buy rating on the Magnificent 7 stock Tuesday. "After a major iPad drought (last refresh in 2022), we think these upgrades, along with better Pro price points, will help drive a return to growth for the category (down five straight quarters, with year-over-year declines in nine of last 10)," Zino wrote in a note.
As for the major indexes, the Nasdaq Composite fell 0.1% to 16,332, while the S&P 500 (+0.1% at 5,187) and the Dow Jones Industrial Average (+0.1% at 38,884) eked out modest gains.
Related content
- Kiplinger's Economic Calendar for This Week
- Datadog Earnings Overshadowed By Leadership Shift: What To Know
- If You'd Put $1,000 Into Disney Stock 20 Years Ago, Here's What You'd Have Today
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Ten Cheapest Places to Live in Texas
Property Tax Looking for a cheap place to live in Texas? Look no further. These counties have the lowest property tax bills in the Lone Star State.
-
AI Is Missing the Wisdom of Older Adults: What It Means for You
AI will increasingly affect your healthcare and finances, but young workers are primarily designing the systems and getting most of the jobs.
-
The Three C's to Financial Success: A Financial Planner's Guide to Build Wealth
Consistency, commitment and confidence in your chosen strategy are more critical to your financial success than finding the 'perfect' financial plan.
-
A Financial Adviser's Guide to Solving Your Retirement Puzzle: Five Key Pieces
If retirement's a puzzle you're struggling with, try answering these five questions. The answers will guide you toward a solution.
-
You're Close to Retirement and Cashed Out: How Do You Get Back In?
If you've been scared into an all-cash position, it's wise to consider reinvesting your money in the markets. Here's how a financial planner recommends you can get back in the saddle.
-
After the Disaster: An Expert's Guide to Deciding Whether to Rebuild or Relocate
Homeowners hit by disaster must weigh the emotional desire to rebuild against the financial realities of insurance coverage, unexpected costs and future risk.
-
A Financial Expert's Tips for Lending Money to Family and Friends
What starts as a lifeline can turn into a minefield if the borrower ghosts the lender. Following these three steps can help you avoid family feuds over funds.
-
Stock Market Today: Good Feelings and Solid Data Lift Stocks
Resilience and de-escalation defined another generally positive day for financial markets.
-
What the HECM? Combine It With a QLAC and See What Happens
Combining a reverse mortgage known as a HECM with a QLAC (qualifying longevity annuity contract) can provide longevity protection, tax savings and liquidity for unplanned expenses.
-
721 UPREIT DSTs: Real Estate Investing Expert Explores the Hidden Risks
Potential investors need to understand the crucial distinction between a REIT's option to buy a Delaware statutory trust's property and its obligation.