Investor sentiment remained muted on Tuesday, as deepening geopolitical tensions weighed on risk assets ahead of the most anticipated event of the week: the company’s third-quarter earnings report. Nvidia Corporation (NASDAQ:NVDA), which must be published after market close.
Market sentiment deteriorated further after several sources confirmed that Ukraine deployed British Storm Shadow missiles on Russian territory, a day after launching US-supplied ATACMS missiles.
The CBOE Volatility Index (VIX), widely considered a barometer of market anxiety, rose more than 9%, highlighting increasing investor apprehension.
Major U.S. indexes were in the red, with the Nasdaq 100 leading the losses, with technology stocks worst hit by the selling.
The US dollar resumed its upward movement, the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), a proxy for the greenback’s strength, rose 0.7%. Safe-haven demand also supported gold, which rose 0.7%, reflecting investors’ flight to safety.
Meanwhile, natural gas stood out among commodities, rising more than 6% in one day.
Bitcoin (CRYPTO:BTC) defied risk-on sentiment, rising over 2% to a new intraday high of $94,989. This propelled its one-year gains to an impressive 123%.
Data updated at 12:30 p.m. EST
Data fromBenzinga Pro :
- The SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.5% to $587.21.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.2% to $432.04.
- The Tech Stock Group Invesco QQQ Trust Series (NASDAQ:QQQ) fell 0.6% to $500.28.
- The iShares Russell 2000 ETF (NYSE:IWM) fell 0.5% to $229.57.
- The Select Consumer Staples Sector Fund (NYSE:XLV) outperformed with a 1% decline, while the Select Consumer Staples Sector Fund (NYSE:XLP) fell 1%.
- Target Corp. (NYSE:TGT) fell 22% in response to a negative earnings report.
- Other actions reacting to the company’s results included Keysight Technologies Inc. (NYSE:KEYS), up 5.7%; XP Inc. (NASDAQ:XP), down 6% ; Dolby Laboratories (NYSE:DLB), up 14%; TJX Companies Inc. (NYSE:TJX), down 0.3% and Williams-Sonoma Inc. (NYSE:WSM), up 30%.
- Aside from Nvidia, other big tech companies releasing their results after the call are Palo Alto Networks Inc. (NASDAQ:PANW) et Snowflake Inc. (NYSE:SNOW).
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