While React's setState is asynchronous (both classes and hooks), and it's
tempting to use that fact to explain the observed behavior, it is not the
reason why it happens.
TLDR: The reason is a closure scope around an immutable const value.
Solutions:
read the value in render function (not inside nested functions):
useEffect(() => { setMovies(result) }, [])
console.log(movies);
add the variable into dependencies (and use the react-hooks/exhaustive-deps eslint rule):
useEffect(() => { setMovies(result) }, [])
useEffect(() => { console.log(movies) }, [movies])
use a mutable reference (when the above is not possible):
const moviesRef = useRef(initialValue)
useEffect(() => {
moviesRef.current = result
console.log(moviesRef.current)
}, [])