Investing.com — The S&P 500 closed higher Tuesday as an Nvidia-led tech surge helped stocks shake off earlier concerns about rising tensions between Russia and Ukraine.
At 4:00 PM ET (21:00 GMT), the index fell 120 points, or 0.3%, with the index gaining 0.4% and adding 1%.
Nvidia leads technology higher than profits
NVIDIA (NASDAQ:), the world’s most valuable publicly traded company, gained more than 4% more than a day ahead of its quarterly results.
Nvidia is considered a bellwether for AI demand, and its gains are likely to set the tone for tech stocks in the coming days.
The company’s shares have almost tripled in value this year as demand has been strong from the fast-growing AI sector. Nvidia makes the most advanced AI chips on the market.
Elsewhere, server maker Super Micro Computer (NASDAQ:) gained more than 29% after it said it had appointed a new accountant and was on track to file its financial reports for the year.
Walmart Increases Forecasts; Lowe’s hesitates on gentle guidance
Walmart (NYSE:) rose 3% as the retail giant raised its annual sales and profit forecast for the third straight time, with people buying more groceries and merchandise online and in its stores, a sign it may be gaining market share ahead of the coming years. holiday season.
“In our view, Walmart’s continued focus on price differentials, store standards and convenience options has allowed them to continue gaining market share,” Truist Securities said in a note Tuesday.
Shares of Lowe’s Companies (NYSE:) fell more than 4% as the retailer’s forecast that sales would decline through 2024 offset better-than-expected third-quarter results.
Putin changes the threshold for nuclear attacks
Russian President Vladimir Putin issued a warning to the United States earlier Tuesday, lowering the threshold for a nuclear strike, just days after Joe Biden’s administration reportedly allowed Ukraine to fire U.S. missiles deep into Russia .
Russia would now consider a nuclear attack if it, or its ally Belarus, were confronted with aggression “with the use of conventional weapons that posed a critical threat to their sovereignty and (or) their territorial integrity,” according to the new doctrine .
This represented a change from the previous version, which stated that Russia may use nuclear weapons in the event of a nuclear attack by an enemy or a conventional attack that threatened the survival of the state.
(Peter Nurse, Ambar Warrick contributed to this article.)
