The Dow Jones Industrial Average and other major indexes retreated Tuesday as the Russia-Ukraine conflict heated up. Super Micro Computer (SMCI) rallied after taking measures to avoid getting delisted. Nvidia (NVDA) rose on the stock market today ahead of earnings.
The Dow tumbled 0.8%, or more than 350 points, and is on pace for its fourth straight day of losses. The blue chip index undercut its 21-day exponential moving average.
The tech-heavy Nasdaq trimmed morning losses to 0.2% and tested its 21-day line.
The benchmark S&P 500 sank 0.4% and dipped below its 21-day level. The small-cap Russell 2000 also dropped 0.5%.
Volume fell on the New York Stock Exchange and the Nasdaq vs. the same time Monday.
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Wall Street Stays Bullish On Nvidia Ahead Of Earnings. Can the AI Titan Outdo Itself Again?
The Russia-Ukraine war escalated after President Joe Biden Tuesday evening approved U.S. long-range missiles to be used against Russia. Ukraine reportedly launched missiles to strike a Russian ammunition storage facility early Tuesday morning. Russia responded by heightening its nuclear threats.
Crude oil climbed 0.4% to $69.45 a barrel. The 10-year Treasury yield shed three basis points to 4.38% Tuesday.
Stock Market Today: Nvidia Climbs Ahead Of Earnings
Newly added Dow Jones stock Nvidia (NVDA), rose 1.7%. The IBD 50 and SwingTrader name’s earnings are due Wednesday after the market close. Shares are in a buy zone up to 147.78 from a 140.76 buy point.
Super Micro Computer soared around 27% in huge volume, after the company announced it filed a plan to keep it from getting delisted from the Nasdaq exchange. Shares hit a 52-week low Monday and have lost around 77% from their record high set in March.
Symbotic (SYM) soared around 18% in heavy trading, following the company’s better than expected fiscal fourth-quarter profit and revenue. Fiscal 2025 estimates show the company turned profitable with a profit of 35 cents per share. Shares retook their 200-day moving average on the stock market today. The stock has lost 40% so far this year and holds a dismal 24 IBD Relative Strength Rating. The company specializes in warehouse automation and robotics.
Lowe’s (LOW) pulled back 4.2% in huge volume after the home improvement company’s beat fiscal third-quarter adjusted profit and revenue but gave fiscal 2024 sales guidance below estimates. The stock undercut its 50-day moving average.
Home Depot (HD) skidded 2.1% in sympathy, retreating to the 50-day line.
Viking Holdings (VIK) dropped 2.2% despite beating third-quarter earnings and sales forecasts. Shares are extended from a 37.25 buy point and climbed to a profit zone before Tuesday’s tumble.
Stocks On the Move
Trip.com Group (TCOM) advanced 1.3% after it announced higher than expected Q3 adjusted profit and revenue. Shares are forming a base-on-base pattern with a 69.67 buy point.
Berry Global Group (BERY) jumped 3.7% on news its fiscal fourth-quarter adjusted earnings and sales exceeded projections. Shares are extended from a long cuplike base with a 64.20 entry.
Dow Jones stock Walmart (WMT) climbed 2.8% after the retailer topped fiscal third- quarter adjusted earnings and sales estimates. Shares are extended from a three-weeks-tight pattern with an 83.34 buy point.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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