Stock market today: US stocks end mostly higher as multi-day rally pushes on

The Dow continued its winning streak for a fifth straight session. Fed President Neel Kashkari gave his view on how rates have impacted inflation.

• The recent equity rebound stalled as investor rate cut bets were made uncertain by Fed commentary.
• Fed President Neel Kashkari said rates might not be restrictive enough to clamp down on inflation.
• Earnings continued to roll in, with Disney and Palantir dropping sharply following first-quarter reports.

US stocks were mostly higher Tuesday, with the S&P 500 and Dow Jones Industrial Average continuing to pull slightly higher. 

The Dow hit its fourth straight day of gains, adding to a rebound that started last week. The rally was slowed during Tuesday's session as doubt about rate cuts crept back up following comments from Minneapolis Federal Reserve President Neel Kashkari, who noted that interest rates may not yet be restrictive enough to clamp down on inflation.

His remarks followed similar hawkishness from Fed President Tom Barkin on Monday, who indicated that the economy will need to slow down more before policy can pivot.

Still, futures markets see two 25-basis point interest cuts this year, better than what was expected in April. 

Investors will tune in to further commentary this week as Fed Governor Lisa Cook and Chicago President Austan Goolsbee are lined up to speak on Wednesday and Friday.

Meanwhile, earnings data continues to flow in and has helped keep indices afloat. However, weak reports sent shares in Disney and Palantir plunging 10% and 15% on Tuesday. 

Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday: 

• S&P 500: 5,187.70, up 0.13% 
• Dow Jones Industrial Average: 38,884.26, up 0.08% (+31.99 points)
• Nasdaq composite: 16,332.56, down 0.1%

Here's what else happened today:

• Nvidia still has 22% upside and its valuation is still cheap, Goldman Sachs says.
• Inflation will rocket if the US doesn't focus on building domestic industries, investment manager Richard Bernstein warns.
• A 'proper' downturn will hit in late 2024, spurring a steep Fed pivot, Manulife's chief economist says.
• The US is unlikely to achieve a soft landing as low-income consumers cut back on spending, Citi CEO Jane Fraser says.
• Billionaire investor cut back his Nvidia holdings as AI investing has become 'overhyped' for now.
• A super-rare Magic: The Gathering card just sold for a record $3 billion.

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil increased 0.6% to $78.52 a barrel. Brent crude, the international benchmark, inched up 0.1% to $83.22 a barrel. 
• Gold slipped by 0.31% to $2,313.23 per ounce. 
• The 10-year Treasury yield slid two basis points to 4.465%.
• Bitcoin was essentially flat at $63,142.