Wall Street Mixed Despite Disney Downer

Walt Disney, falling in the wake of a disappointing earnings report, dragged the Dow into the red.

The bond market was closed in observance of Veterans Day, and in the absence of economic data and with third-quarter earnings season winding down, there were few catalysts to move markets in either direction.

"Days like today are really hard to judge because you essentially have half the market closed," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "Specific company and industry events are driving today’s markets."

"There will be a lot more trading tomorrow than today, so we’ll have to wait and see what will happen," Tuz added.

Investors were favoring growth over value, and economically sensitive small caps and chips were outperforming the broader market.

The Philadelphia SE Semiconductor index gained 1.9 percent, bouncing back from its worst session in more than six weeks, driven by gains in Nvidia after brokerage Susquehanna raised the chipmaker's price target.

Market participants were digesting recent inflation data, which suggested that the current wave of price spikes due to chronic worldwide supply challenges could have more staying power than many – including the US Federal Reserve – had hoped.

With consumer sentiment data expected on Friday and a string of retailers due to report quarterly earnings over the next few weeks, focus is shifting to consumer spending as the holiday shopping season approaches.

The Dow Jones Industrial Average fell 0.44 percent, to 35,921, the S&P 500 gained 0.06 percent, to 4,649 and the Nasdaq Composite added 0.52 percent, to 15,704.

Shares of Walt Disney Co sank 7.1 percent and were the heaviest drag on the Dow following its disappointing earnings release, in which the media company reported shortfalls in streaming subscribers and theme park revenues. (Reuters)