It was the end of a two-day losing streak for most of Wall Street Thursday but dim earnings from Walt Disney took the Zip-a-dee-doo-dah out of the Dow.
Blue chips fell 158 points but the S&P 500 crept up by 2 points. The Nasdaq rose 81.
Art Hogan of National Securities believes investors are looking ahead to next year when they think supply chain disruptions and surging inflation will be a thing of the past.
"So I think that as we look at 2022 and, you know, being in the middle of November, that's what we start to do. We think that we're going to have growth that's above mean. And we're going to have earnings that are above mean for an extended period of time. So I think what the supply disruptions have actually done is elongated this economic recovery. Investors look at this a bit and say: I think we're in a good place."
But that doesn't apply to all companies. Walt Disney posted its weakest subscriber growth for Disney+ since launching the streaming service two years ago. Disney+ signed up 2.1 million customers last quarter, that was less than half the subscribers Netflix added in roughly the same period. Disney also posted disappointing results for its theme parks. Shares of Walt Disney slumped 7 percent.
Meanwhile, Upbeat retail results lifted hopes as the key holiday shopping season gets underway. Tapestry, the parent company of luxury goods maker Coach, Stuart Weitzman and lifestyle brand Kate Spade, posted better-than-expected sales. It also raised its full-year sales outlook. The company is seeing both supply and demand bounce back. Shares of Tapestry soared more than 8 percent.
Shares of Tesla headed in the other direction in what was a volatile session. A regulatory filing revealed that CEO Elon Musk recently sold $5 billion worth of stock. The sale is largely believed to be tax related. This was his first share sale since 2016. The stock finished the day slightly lower.