US close: Dow falls for fourth day, but Nvidia lifts Nasdaq

US stocks finished mixed again on Tuesday with the Dow falling for the fourth straight day but the Nasdaq rising more than 1%, helped by gains from chip giant Nvidia.

The Dow declined 0.3% to a two-week low of 43,268.94, having now fallen 1.6% over the past four trading sessions and 2.3% since hitting a fresh record high of 44,293.13 on 11 November. Meanwhile, the S&P 500 rose 0.4% to 5,916.98 and the Nasdaq climbed 1.0% to 18,987.47.

Escalating tensions between Russia and Ukraine were also drawing an amount of investor attention at the open, with Russian president Vladimir Putin warning the US that the threshold for the use of nuclear weapons has now been lowered after Joe Biden allowed Ukraine to use US weapons to strike inside Russia.

Under the new doctrine, Russia will consider using nuclear weaponry if it, or its allies, were met with the use of "conventional weapons that created a critical threat to their sovereignty and (or) their territorial integrity".

“It’s been a tough day for markets as investors rushed for safe-haven assets, rattled by escalating tensions between Russia and Ukraine,” said AJ Bell's head of financial analysis Danni Hewson.

“It’s hard to believe there have been a thousand days since this conflict began and for much of that time investors have been able to push concerns aside, but today nerves were evident."

In economic data, US housing starts fell by 3.1% to 1.31m in October, according to the Census Bureau, missing expectations for a reading of 1.33m. Housing starts fell as construction activity fell sharply across the American south as a result of hurricane activity throughout the period.

Meanwhile, building permits fell by 0.6% to a seasonally adjusted annualised rate of 1.41m, below market expectations for a reading of 1.43m.

Retailers in focus

Retail giant Walmart rose strongly after hiking its full-year guidance as third-quarter earnings and revenue came in ahead of expectations. Walmart now expects net sales to grow between 4.8% and 5.1% in FY24, up from previous forecasts of between 3.75% and 4.75%.

In contrast, shares of home improvement retailer Lowe’s were firmly lower despite the company lifting full-year guidance, betting on more spending from people hit by recent hurricanes. The company also reported better-than-expected third-quarter profit, driven by strong demand in the DIY and online channels, but the stock still dropped more than 4%.

Google owner Alphabet finished higher after UK regulators said the company's investment in AI safety and research company Anthropic won't require a full, in-depth probe. The Competition and Markets Authority said on Tuesday that it doesn't believe Google has acquired a "material influence" over Anthropic as a result of its partnership.

American packaging group Berry Global was subdued despite the news that larger Australian rival Amcor is taking the company over in a deal worth $8.4bn. The transaction will see Berry shareholders receive 7.25 Amcor shares for each Berry share held, valuing Berry at $73.59 per share, compared with Monday's closing price of $67.05.

Nvidia was providing a lift on the Nasdaq, jumping nearly 5% ahead of its earnings release on Wednesday, with analysts at Stifel and Truist Securities raising their target prices for the stock.

Dow Jones - Risers

Walmart Inc. (WMT) $86.60 3.00%
Boeing Co. (BA) $145.60 1.20%
Coca-Cola Co. (KO) $62.59 1.18%
International Business Machines Corporation (CDI) (IBM) $210.08 1.04%
Microsoft Corp. (MSFT) $417.79 0.49%
Amgen Inc. (AMGN) $279.95 0.43%
Salesforce.Com Inc. (CRM) $323.23 0.37%
Apple Inc. (AAPL) $228.28 0.11%
Procter & Gamble Co. (PG) $170.85 0.01%
American Express Co. (AXP) $285.64 0.00%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $8.29 -4.27%
Intel Corp. (INTC) $24.20 -2.58%
Unitedhealth Group Inc. (UNH) $577.00 -2.15%
3M Co. (MMM) $128.07 -1.52%
Nike Inc. (NKE) $73.91 -1.31%
Travelers Company Inc. (TRV) $259.33 -1.30%
Dow Chemical Co. (DOW) $43.65 -1.29%
Johnson & Johnson (JNJ) $153.00 -1.14%
Goldman Sachs Group Inc. (GS) $581.72 -1.12%
Walt Disney Co. (DIS) $112.42 -0.99%

S&P 500 - Risers

Nvidia Corp. (NVDA) $147.01 4.89%
United Airlines Holdings Inc (UAL) $94.25 4.29%
Illumina Inc. (ILMN) $135.00 3.26%
Walmart Inc. (WMT) $86.60 3.00%
Netflix Inc. (NFLX) $871.61 2.90%
International Flavors & Fragrances Inc. (IFF) $88.98 2.68%
Healthpeak Properties, Inc (DOC) $21.43 2.54%
Carnival Corp. (CCL) $25.13 2.53%
Bristol-Myers Squibb (BMY) $58.21 2.52%
NetApp Inc. (NTAP) $122.19 2.39%

S&P 500 - Fallers

Incyte Corp. (INCY) $70.58 -8.30%
H&R Block Inc. (HRB) $55.42 -8.20%
Intuit Inc. (INTU) $644.14 -5.11%
Jacobs Solutions Inc. (J) $133.52 -4.87%
CenturyLink Inc. (LUMN) $7.74 -4.80%
Lowe's Companies Inc. (LOW) $259.26 -4.60%
Walgreens Boots Alliance, Inc. (WBA) $8.29 -4.27%
Under Armour Inc. Class A (UAA) $9.39 -4.18%
Vertex Pharmaceuticals Inc. (VRTX) $447.85 -4.10%
Advance Auto Parts (AAP) $38.56 -3.97%

Nasdaq 100 - Risers

Liberty Global plc Series A (LBTYA) $12.79 5.18%
Liberty Global plc Series C (LBTYK) $12.91 5.09%
Nvidia Corp. (NVDA) $147.01 4.89%
Illumina Inc. (ILMN) $135.00 3.26%
Netflix Inc. (NFLX) $871.61 2.90%
Trip.com Group Limited (TCOM) $62.76 2.35%
DENTSPLY Sirona Inc. (XRAY) $18.89 2.33%
Tesla Inc (TSLA) $346.00 2.14%
Synopsys Inc. (SNPS) $533.63 1.84%
Cadence Design Systems Inc. (CDNS) $299.70 1.83%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $0.36 -10.36%
Incyte Corp. (INCY) $70.58 -8.30%
Intuit Inc. (INTU) $644.14 -5.11%
Walgreens Boots Alliance, Inc. (WBA) $8.29 -4.27%
Vertex Pharmaceuticals Inc. (VRTX) $447.85 -4.10%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $341.98 -3.22%
Align Technology Inc. (ALGN) $222.58 -3.18%
Texas Instruments Inc (TXN) $201.05 -2.96%
NetEase Inc. Ads (NTES) $85.69 -2.91%
Intel Corp. (INTC) $24.20 -2.58%