Investing.com– The S&P 500 closed higher Tuesday, as an Nvidia-led climb in tech helped stocks shrug off earlier concerns about increasing Russia-Ukraine tensions.
At 4.00 p.m. ET (2100 GMT), the Dow Jones Industrial Average fell 120 points, or 0.3%, the S&P 500 index gained 0.4%, and the NASDAQ Composite added 1%.
Nvidia leads tech higher ahead of earnings
NVIDIA (NASDAQ:NVDA), the world’s most valuable listed company, gained more than 4% just a day ahead of its quarterly earnings report.
Nvidia is considered as a bellwether for AI demand, with its earnings likely to set a course for technology stocks in the coming days.
The company’s shares have nearly tripled in value this year, as it logged strong demand from the rapidly growing AI sector. Nvidia makes the most advanced AI chips in the market.
Elsewhere, server maker Super Micro Computer (NASDAQ:SMCI) rallied over 29% after it said it had appointed a new auditor and was on track to file its financial reports for the year.
Walmart lifts forecasts; Lowe’s falters on soft guidance
Walmart (NYSE:WMT) rose 3% as the retail giant raised its annual sales and profit forecast for the third consecutive time, with people buying more groceries and merchandise online and at its stores, a sign that it may be gaining market share ahead of the holiday season.
“In our view, Walmart’s continued focus on price gaps, store standards and convenience options has enabled them to continue to gain share,” Truist Securities said in a Tuesday note.
Lowe’s Companies (NYSE:LOW) stock fell over 4% as the retailer’s forecast for sales to decline in 2024 offset better-than-expected Q3 results.
Putin alters nuclear strike threshold
Russian President Vladimir Putin issued a warning to the United States earlier Tuesday, lowering the threshold for a nuclear strike just days after the administration of Joe Biden reportedly allowed Ukraine to fire American missiles deep into Russia.
Russia would now consider a nuclear strike if it, or its ally Belarus, faced aggression “with the use of conventional weapons that created a critical threat to their sovereignty and (or) their territorial integrity”, the new doctrine said,
This represented a change from the previous iteration which stated that Russia may use nuclear weapons in case of a nuclear attack by an enemy or a conventional attack that threatened the existence of the state.
(Peter Nurse, Ambar Warrick contributed to this article.)
