The Nasdaq beat its peers in Tuesday’s mixed US stock market, driven by soaring megacap technology giants.
Market players are anticipating Wednesday’s publication of important consumer inflation data. It might have an impact on this month’s next interest rate decision by the US Federal Reserve. December 17–18 is the date of the Fed meeting.
At 9:37 a.m. ET, the S&P 500 dropped 0.16 points to 6,052.69, the Dow Jones Industrial Average dropped 145.77 points, or 0.33 per cent, to 44,256.16, and the Nasdaq Composite increased 82.12 points, or 0.42per centt, to 19,818.81.
The Dow Jones Industrial Average dropped 110.4 points, or 0.2per centnt, to 44,291.57 at the opening bell. The Nasdaq Composite increased 59.7 points, or 0.per cent, to 19,796.39, while the S&P 500 increased 4.7 points, or 0 per cent, to 6,057.59.
Alphabet, the parent company of Google, had a 4.7% increase in technology stocks after revealing Willow, a new quantum computing processor.
Sundar Pichai, the CEO of Google, unveiled the processor on Monday, emphasizing both its performance in benchmark testing and its capacity to drastically lower processing errors.
Oracle’s stock fell 8.4% after the company reported quarterly profits that were below expectations, even though the artificial intelligence division had “extraordinary” growth.
Shares of Alaska Air Group increased 14% after the company released a medium-term forecast that predicted “at least” $10 in earnings per share by 2027.
After Reuters revealed that Boeing had resumed production of its 737 MAX aircraft last week, the company’s stock increased 2.8%.
Piper Sandler lowered Pinterest’s recommendation from “overweight” to “neutral,” which caused the stock to drop 3.5%.
Despite reporting a lower loss for the third quarter, the AI software business C3.ai saw a 6.9% decline.
Late on Monday, the yield on the 10-year Treasury increased from per per cent to 4.22 per cent.
Crude oil
Due to ongoing worries about an impending glut, oil prices remained stable on Tuesday.
The price of Brent futures fell below $72 per barrel.
Bullion
Tuesday saw a spike in gold prices due to growing global tensions and anticipation of the Federal Reserve’s third rate cut next week.
At 9:35 am ET (1435 GMT), spot gold was valued at $2,687.69 per ounce, up 1.1%. US gold futures were trading at $2,712.10, up 1%.
The price per ounce increased by 0.6% due to spot silver.
