Stock market today (May 8, 2024): Wall Street drifts to a mixed finish in a quiet day of trading

U.S. stocks held steady Tuesday, as trading on Wall Street calmed following some sharp recent swings.

Kenvue, the company whose brands include Band-Aids and Tylenol, rose 6.4% after topping analysts’ forecasts for both profit and revenue in the latest quarter. sank 9.5% despite reporting stronger results for its latest quarter than analysts expected. Its revenue fell a bit shy of forecasts, and it expects its entertainment streaming business to soften in the current quarter.

Wall Street still considers the latter a possibility this year following some events last week that traders found encouraging. The yield on the 10-year Treasury fell to 4.45% from 4.49% late Monday. The two-year yield, which moves more closely with expectations for the Fed, slipped to 4.82% from 4.83%.

International Flavors & Fragrances, which makes ingredients used in food and perfume, gained 6.4% after reporting better profit and revenue than expected. It also said it expects its revenue for the full year to come in at the higher end of its forecasted range.

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