Stock Market Wrap

Markets Wrap: Nasdaq Rises 1% as Markets Overcome Geopolitical Tensions Ahead of Nvidia Results

Nov 19, 2024

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Market Overview:

The Nasdaq Composite climbed 1.04% on Tuesday to close at 18,987.47, driven by strong gains in technology stocks, particularly Nvidia, which surged nearly 5% ahead of its upcoming earnings report. The S&P 500 rose 0.4% to finish at 5,916.98, while the Dow Jones Industrial Average slipped 0.28%, closing at 43,268.94.

Geopolitical tensions between Ukraine and Russia weighed on markets early in the session. Russian President Vladimir Putin warned of a lowered nuclear threshold, following reports of U.S.-made missiles striking a Russian border region. Despite these concerns, investors largely shrugged off the headlines, focusing instead on corporate earnings and market momentum.

Treasury yields fell as investors moved toward safe-haven assets, with the 10-year yield sliding to 4.39%. Gold and oil prices also rose. The Cboe Volatility Index (VIX) spiked to 16, reflecting heightened uncertainty.

Corporate News:

  • Nvidia Corp.: Shares climbed 4.9%, leading the S&P 500. Analysts view Nvidia’s earnings report as a major market catalyst, driven by continued capital expenditure from big tech and a lack of viable substitutes for its AI-driven chips.
  • Walmart Inc.: Reported stronger-than-expected earnings, prompting a 3% rise in its stock. The company raised its full-year outlook, citing robust holiday sales and strong consumer demand for value.
  • Tesla Inc.: Gained 2%, extending its month-to-date rally to 38%. Shares are on track for their best monthly performance since January 2023.
  • Lowe’s Cos.: Reported another quarter of declining sales, reflecting continued pressure from a weak housing market.
  • Alphabet Inc.: The U.S. Justice Department proposed selling its Chrome browser, a move that could value the business at up to $20 billion if approved.
  • Super Micro Computer Inc.: Hired a new auditor and submitted plans to comply with Nasdaq listing requirements.
  • Hewlett Packard Enterprise Co. and Juniper Networks Inc.: Representatives met with U.S. antitrust regulators to defend their proposed $14 billion merger.

Additional Insights
Bitcoin continued its post-election rally, while a “Magnificent Seven” megacap gauge rose 1.7%, further contributing to the Nasdaq’s strength. Market sentiment remains driven by corporate earnings, with Nvidia’s results positioned as a key driver for year-end performance.

*All data in this blog is sourced from reputable media outlets such as CNBC, Yahoo Finance, and Bloomberg. If any content infringes on copyright, please notify us for immediate removal.

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