Wall Street’s major averages fell on Tuesday, as traders were frightened by increasing geopolitical tensions.
The Dow Jones Industrial Average fell 0.9% at the time this article was written, and the S&P 500 Index dropped 0.5.
Tuesday, the Nasdaq Composite fell by 0.2%.
The price of gold futures increased on Tuesday due to the increase in safe haven flows as tensions between Russia, Ukraine and other countries escalated.
Vladimir Putin, the Russian president, warned late on Monday that nuclear weapons were now more accessible.
This statement was made amid reports that claimed the US allowed Ukraine to launch attacks deep into Russia using US-made weaponry.
The tensions were rising after reports that Ukraine attacked the Russian area with US-made rockets, as reported by the Russian military.
The New York Times, citing US officials and Ukrainian officials, confirmed the attack. According to the report, an attack took place on a ammunition store.
Gaurav Mallik is the chief investment officer of Pallas Capital Advisors.
The risk of rising geopolitical tensions continues to exist for the markets.
The combination of Russia’s increasing war rhetoric with uncertainty over how the new U.S. president will react is a recipe that leads to stock market volatility.
Walmart sets new intraday records
Walmart shares hit an all-time record high Tuesday, after it reported positive results.
Analysts had not expected the positive results of the third quarter. The company has also increased its forecast.
The stock price was nearly 3% higher at the time this article was written. Stocks were also set to have their best day since the 15. August, when they had increased 6.6%.
Earnings per share adjusted for the third quarter came out at $0.58, exceeding consensus estimates of $0.53.
The company’s store sales increased by 5.3% in the US, exceeding expectations for a 3.73% increase.
In a recent report, Doug McMillon President and CEO at Walmart was quoted as saying: “We continued our momentum.”
In the US in-store volume grew. Pickup from stores grew quicker, and deliveries from stores grew even more quickly. Walmart’s teams deliver the convenience and value that customers expect.
Super Micro Computers soars
Super Micro Computers shares soared by more than 28 percent after the announcement of its new auditor.
BDO USA, an independent auditor, was appointed by the company late Monday night, which is a major player in server and storage technology.
The company also sent a request to Nasdaq for more time in order to submit its late financial reports.
The sudden resignation of Ernst & Young as auditors for the company last month raised doubts.
Super Micro Computers, however, has confirmed that they are on course to meet Nasdaq’s financial standards.
NVIDIA’s shares rose by more than 2 percent as it is anticipated that the company will announce its results for its third quarter on Wednesday.
Investors are closely watching the Blackwell chip from the AI company.
Housing starts, building permits decline
The US Census Bureau reports that new housing permits have fallen short of expectations because of high mortgage rates, declining activity and the decline in permit numbers.
The number of new construction units last month was 1,31 million, a 3.1% decrease from September.
Dow Jones estimated that new constructions would reach 1.34 million. Total construction was also 4 percent below the October 2023 estimate.
The total number of building permits was 1.42 millions, a monthly decrease of 0.6%. This figure missed the target for 1,43 million. Permits fell 7.7% compared to a year earlier.
The post Dow and S&P 500 fall as Russia-Ukraine fears spook the market, Walmart records new highs, Super Micro soars, may be updated as more information becomes available.
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