S&P 500 resumes uptrend after paring gains on report of Russian rockets in Poland
david waker
2 min read
S&P 500 resumes uptrend after paring gains on report of Russian rockets in Poland
Investing.com – The S&P 500 proceeded its trend higher Tuesday, as focus returned to signs of easing affectation following a dip before in the day on news that Russian rockets had crossed into NATO- member Poland.
The S&P 500 rose0.8, the Dow Jones Industrial Average rose0.1, or 28 points, the Nasdaq rose1.54.Two slapdash Russian rockets landed and killed two people in the NATO state of Poland, Associated Press reported, citing an unnamedU.S. intelligence functionary. The Polish government called an critical meeting of the public security commission.
Russia’s defence ministry denied its dumdums had hit Polish home, calling the reports” a deliberate provocation aimed at raising the situation”The news had compactly augmented geopolitical pressures, compactly lifting demand for safe- haven Coffers and the bonebut the safe- haven move faded and stocks proceeded their rally amid signs that affectation is cooling.
The patron price indicator rose0.2 in October, well below the0.4 rise anticipated, buttressing “ the notion that peak prices are behind us, ” Stifel said in a note, following data last week showing decelerating consumer prices.The data added to growing prospects for a slower pace of rates, with just 19 of dealers now awaiting another 75 base point rate hike coming month, down from 48 in the former week, according toInvesting.com’s Fed Rate Monitor Tool.
As Treasury yields slipped, tech stocks advanced. Meta Platforms( NASDAQMETA) and ABC( NASDAQGOOGL) jumped further than 2, with the ultimate attracting the attention of activist investor TCI Fund Management calling on the tech mammoth to cut costs and boost share buybacks.Chip stocks also played a big part in the broader melt- up in tech, led by Taiwan Semiconductor Manufacturing( NYSETSM) after Warren Buffet’s Berkshire Hathaway( NYSEBRKa) took a further than$ 4 billion stake in the chipmaker during the third quarter.
The stake in Taiwan Semiconductor from the ‘ Oracle of Omaha, ’ boosted sentiment on the chip sector, sparking a surge of bullish bets on other chipmakers including Advanced Micro bias( NASDAQAMD), NVIDIA( NASDAQNVDA) and Qualcomm( NASDAQQCOM).Walmart( NYSEWMT) rallied 7, driving a ocean of green in retail stocks after upgrading full- time guidance following third- quarter results that outgunned Wall Street estimates.
The better- than- anticipated results were driven by strength in Walmart’s food business, sustained by strong consumer demand for lower- priced groceries.Home Depot( NYSEHD) gained further than 1 after reporting daily results that outgunned estimates, though unchanged guidance took some buff off the results “ given high investor prospects girding the quarter, ” Goldman Sachs said in a note.
