U.S. stock markets closed mixed on Tuesday as market participants remained concerned regarding the intensification of geopolitical conflicts between Russia and Ukraine. However, strong third quarter earnings results boosted investors’ sentiments. The S&P 500 and the Nasdaq Composite ended in positive territory while the Dow finished in negative zone.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.3% or 120.66 points to close at 43,268.94. At intraday low, the blue-chip index was down more than 450 points. The index posted four-consecutive days of decline. Notably, 18 components of the 30-stock index ended in negative territory while 11 in positive zone and one remained unchanged.
The tech-heavy Nasdaq Composite finished at 18,987.47, rising more than 1% or 195.66 points due to strong performance by technology behemoths. The tech-laden index posted two successive positive closes.
The S&P 500 was up 0.4% to finish at 5,916.98. Six out of 11 broad sectors of the broad-market index ended in positive territory while five in negative zone. The Communication Services Select Sector SPDR (XLC) and the Technology Select Sector SPDR (XLK) were up 0.8% and 0.7%, respectively. On the other hand, the Energy Select Sector SPDR (XLE) and the Financials Select Sector SPDR (XLF) were down 0.6% and 0.7%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was up 4.9% to 16.35. A total of 13.94 billion shares were traded on Tuesday, lower than the last 20-session average of 14.24 billion. Advancers outnumbered decliners on the NYSE by a 1.14-to-1 ratio. On Nasdaq, a 1.34-to-1 ratio favored advancing issues.
Russia-Ukraine War Resurfaces
The Russian military said that Ukraine hit the Russian border region Bryansk with U.S.-made missile. Following the news, stock markets across the globe declined. Russian President Vladimir Putin issued a warning to the United States in which he lowered the threshold for a nuclear strike. Accordingly, a section of financial researchers remained concerned about ongoing rally.
Solid Q3 2024 Earnings Results
Symbotic Inc. SYM came out with quarterly earnings of $0.05 per share, beating the Zacks Consensus Estimate of $0.03 per share. The company posted quarterly revenues of $576.77 million, surpassing the Zacks Consensus Estimate by 22.30%.
Walmart Inc. WMT came out with quarterly earnings of $0.58 per share, beating the Zacks Consensus Estimate of $0.53 per share. The company posted quarterly revenues of $169.59 billion, outpacing the Zacks Consensus Estimate by 1.23%.
Consequently, stock prices of Symbotic and Walmart jumped 27.7% and 3%, respectively. Both stocks carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly reported that housing starts in October came in at 1.311 million units, missing the consensus estimate of 1.345 million units. The metric for September was revised marginally downward to 1.353 million units from 1.354 million units reported earlier. Year over year, housing starts jumped 16.8% in October.
Building permits in October came in at 1.416 million units, lagging the consensus estimate of 1.44 million units. The metric for September was revised marginally downward to 1.425 million units from 1.428 million units reported earlier. Year over year, building permits fell 7.7% in October.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Walmart Inc. (WMT) : Free Stock Analysis Report
Symbotic Inc. (SYM) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
