Business Briefing

NEW YORK — U.S. stocks slumped after a morning rally evaporated, but the losses on Wall Street weren’t as bad as the manic moves that wracked markets worldwide over the last week. The S&P 500 slipped 0.8% Wednesday after an earlier jump of 1.7% petered out. The Dow Jones Industrial Average fell 0.6%, while the Nasdaq composite dropped 1%. Indexes swung lower as Nvidia, one of Wall Street’s most influential companies, went from a gain to a loss. But the market showed less stress overall after a top official at the Bank of Japan promised not to raise interest rates any further while markets are unstable.

Disney returned to a profitable third quarter as its combined streaming business started making money for the first time, along with a very strong showing in theaters for the movie “Inside Out 2.” The company said Wednesday that operating income for the entertainment segment, which includes its movie studio and parts of its television wing, nearly tripled to $1.2 billion. Disney’s run at the box office continues with “Deadpool & Wolverine,” giving the company the top two films of the year. Disney said Wednesday that its direct-to-consumer business, which includes Disney+ and Hulu, reported a quarterly operating loss of $19 million, which was much smaller than its loss of $505 million a year earlier.

WASHINGTON — Officials from Boeing and the Federal Aviation Administration are facing questions about the door plug that blew off a 737 Max jetliner in midflight. On Wednesday, the National Transportation Safety Board began the second day of a two-day hearing on the accident. On day one of the hearing, a Boeing official said the company will redesign the part that blew off an Alaska Airlines jet in January. She says the changes will prevent the same kind of accident.

The safety board is also scheduled to question representatives from the Federal Aviation Administration about the FAA’s oversight of Boeing, and how that has changed since the accident.

Beyond Meat says its revenue fell nearly 9% in the second quarter on lower demand for its plant-based burgers, chicken and other products. The El Segundo, California-based on Wednesday company reported revenue of $93.2 million for the April-June period. That was better than the $87.8 million Wall Street anticipated. Beyond Meat narrowed its net loss to $34.4 million, in line with analysts’ forecasts. Beyond Meat has been trying to boost demand with new, healthier products. Earlier this spring, the company introduced Beyond Burger patties and Beyond Beef grounds with 60% less saturated fat than the previous products.

CVS Health has chopped its 2024 forecast for a third time as the health care giant continues to struggle with high utilization in its health insurance business. The company said Wednesday that the leader of that segment, Executive Vice President Brian Kane, had left the company, and CEO Karen Lynch would take over leadership of the insurance business. CVS Health dropped its forecast for now expects adjusted earnings for the year down to $6.40 to $6.65 per share after shaving its estimate to at least $7 per share in May. FactSet says analysts forecast earnings of $6.96 per share.