Traders were active on the floor of the New York Stock Exchange as Wall Street had a mixed day on Tuesday, with the Nasdaq Composite gaining momentum, boosted by a rise in Nvidia shares amidst escalating geopolitical tensions between Ukraine and Russia. The Nasdaq increased by 0.7%, and the S&P 500 climbed by 0.2%, whereas the Dow Jones Industrial Average fell by 110 points, equivalent to a 0.3% drop.
A standout performer was Nvidia, advancing 3% ahead of its anticipated earnings report. Walmart’s shares surged by 4% following better-than-expected earnings and an optimistic outlook, thanks to strong discretionary spending. Tesla also contributed positively with a 2% rise, marking a significant 38% rally for the month, potentially setting up for its strongest performance since January 2023.
Keith Lerner, co-chief investment officer at Truist, commented, “The underlying trend for the market is positive,” highlighting the modest selling due to geopolitical concerns without signs of panic, but rather a digestion of recent gains.
The tension heightened after Russian President Vladimir Putin lowered the nuclear threshold, a response to President Joe Biden’s decision to authorize Ukraine’s use of U.S. weapons in attacks within Russia. This followed confirmed news that Ukraine struck Russia’s Bryansk region using U.S.-made missiles, targeting an ammunition warehouse.
Gaurav Mallik, chief investment officer at Pallas Capital Advisors, noted the ongoing risk for markets, stating that Russia’s aggressive war rhetoric and uncertainty around the U.S. presidential administration’s response point toward potential market volatility.
In response to these geopolitical concerns, investors sought refuge in safer assets, leading to an increase in Treasurys, thereby lowering yields. Gold futures similarly rose, and the Cboe Volatility Index (VIX) spiked, reflecting heightened market anxiety.
This market activity follows a mixed session where the Nasdaq broke a four-day losing streak with a 0.6% gain, the S&P 500 rose by 0.4%, and the Dow experienced its third consecutive downturn amid worries about future interest rate hikes following a postelection sell-off.
Original Story https://www.cnbc.com/2024/11/18/stock-market-today-live-updates.html
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