Walt Disney Co directors’ decision to strip chief executive Michael Eisner of his chairman role stops short of what some investors said is needed to boost the company’s shares, which have fallen 25% in five years.

A sharp drop in consumer confidence gave US investors another excuse to sell today, sending most stocks moderately lower in what some analysts are starting to call a market correction.

An all-time record US trade deficit and a surprising drop in consumer confidence sparked profit-taking on Wall Street today, sending stocks lower despite the week’s bullish economic news from the Federal Reserve.