04:27 PM EDT, 05/07/2024 (MT Newswires) -- US benchmark equity indexes closed mixed Tuesday, as traders weighed the latest batch of corporate earnings.

The Dow Jones Industrial Average and the S&P 500 rose 0.1% each to 38,884.3 and 5,187.7, respectively, while the Nasdaq Composite fell 0.1% to 16,332.6. Materials and utilities led sector gainers, while consumer discretionary saw the steepest decline.

In company news, Walt Disney ( DIS ) raised its full-year earnings growth outlook as the media and entertainment giant's fiscal second-quarter results increased annually, although revenue fell short of market estimates. The company's shares tumbled 9.5%, the biggest decline on the Dow and the second-worst on the S&P 500.

Builders FirstSource ( BLDR ) saw the biggest drop on the S&P 500, down 19%, after the building product supplier issued a downbeat second-quarter sales outlook amid headwinds in the multi-family market. The company logged mixed results year over year in the preceding three-month period.

Datadog ( DDOG ) lifted its full-year outlook after recording better-than-expected first-quarter results, while the software maker said President Amit Agarwal will step down. The company's shares slumped nearly 12%, the worst performer on the Nasdaq.

FMC (FMC) was the top gainer on the S&P 500, up 9.5%. The company posted first-quarter adjusted earnings late Monday that topped Wall Street's views.

GlobalFoundries' ( GFS ) shares jumped 7.1% Tuesday, the best performer on the Nasdaq after the company delivered a first-quarter beat.

The US 10-year yield dropped 3.4 basis points to 4.46%, while the two-year rate was little changed at 4.82%.

Last week, the Federal Reserve's monetary policy committee left its benchmark lending rate unchanged for its sixth consecutive meeting, saying there's been "a lack of further progress" in bringing inflation down in recent months. The Federal Open Market Committee began tightening monetary policy in March 2022 to tame inflation, raising interest rates by 525 basis points through July 2023.

On Monday, New York Fed President John Williams reportedly said the central bank's monetary policy was in a "very good place," adding that policymakers will cut rates at some point.

"A reversal in key components points to disinflation ahead, but given the lack of progress in recent months, it will take a bit longer for the FOMC to gain confidence to take the first step," Morgan Stanley said in a Tuesday note. "We remain bullish on our call for three (25-basis-point) rate cuts this year, but are pushing out the start to September."

West Texas Intermediate crude oil was almost flat at $78.48 per barrel.

Gold fell 0.3% to $2,323.20 per troy ounce, while silver declined 0.4% to $27.52 per ounce.