U.S. stock indexes broadly ticked up a little higher Tuesday after a solid start to the week, and with plenty more earnings reports on the horizon.
The S&P 500 and Dow Jones Industrial Average both were both up less than one percent, while the tech-heavy Nasdaq 100 fell slightly.
Across the pond, British multinational oil and gas firm BP opened more than 2.3 percent lower on Tuesday after announcing its first quarterly financial results of 2024.
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The company reported underlying replacement cost profit at $2.7 billion, down from $3 billion last quarter, citing lower oil and gas realizations and weaker margins on fuel.
The energy giant also said it plans on executing a $1.75 billion share buyback scheme before now and the next quarter
When a company buys back its own shares, it reduces the total number of outstanding shares. As a result, the remaining shares represent a larger ownership stake in the company, which can boost the share price.
BP CEO Murray Auchincloss said: "We've delivered another resilient quarter financially and continued to make progress on our strategy. [We] plan to deliver at least $2 billion of cash cost savings by the end of 2026 through high grading our portfolio, digital transformation, supply chain efficiencies and global capability hubs."
Back in New York, shares in former President Donald Trump's latest business venture, Trump Media & Technology Group, were down more than one percent as adult-film star Stormy Daniels prepared to testify in Trump's "hush money" trial.
On Sunday, the Truth Social parent announced it had hired a new auditor, Semple, Marchal & Cooper, after the Securities and Exchange Commission (SEC) charged the previous auditors, BF Borgers, with "massive fraud."
SEC enforcement division director Gurbir Grewal labelled BF Borgers a "sham audit mill" in a press release earlier this month.
Shares in The Walt Disney Company were also down, dropping nearly 10 percent despite better-than-expected second-quarter earnings report released before the bell Tuesday.
CEO Bob Iger said the strong results were "driven in large part" by Disney's streaming and theme park businesses.
"It's clear that the turnaround and growth initiatives we set in motion last year have continued to yield positive results," Iger said in a press release accompanying the report.
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Electronic Arts, the publisher of FIFA's successful series EA Sports FC, is scheduled to announce its earnings report on Tuesday. Shares in the video game company were slightly down in premarket trading.
The week ahead is shaping up to be a significant one for auto and entertainment related stock watchers, with reports from Uber, Toyota, Honda, and both Warner Bros. Discovery and Warner Music Group expected.
Earnings Highlights To Watch This Week
- Tuesday: Disney, Ferrari, Electronic Arts, Telefonica
- Wednesday: Toyota, Uber, Airbnb, Shopify
- Thursday: Honda, ING, Warner Bros. Discovery, Warner Music Group
- Friday: Canadian energy multinational Enbridge, Soho House
Update, 8:25 a.m., 5/7/24: This article was updated with new information.
Update, 1o:44 a.m., 5/7/24: This article was updated to reflect market movements after trading opened for the day.
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Joe Edwards is a Live News Reporter in Newsweek's London bureau.
