After a hesitant start to the session, Wall Street moved upwards on Tuesday morning, thanks to the strength of Nasdaq technology stocks still in the wake of Nvidia.
At the end of the morning, the Dow Jones advanced 0.1% to settle at 42,919.2 points, a few dozen points from the threshold of 43,000 points, while the Nasdaq Composite gained 0.7% to 18,465 points, returning also a stone’s throw from his previous record of 18,671 points.
Even though the week has only just begun, the two benchmark indices are heading towards a sixth consecutive week of increases, like the S&P 500.
With a gain of 1.3%, the S&P index of the technology sector signed the best performance of the day, mainly driven by Nvidia (+2.6%) which benefits from recent announcements from AMD, which highlighted a strong demand for its dedicated AI chips.
Going against the trend, oil stocks remain at a standstill after a session marked by a further decline in crude prices, since the November contract on American light crude (West Texas Intermediate, WTI) fell by 1.6% to 74 .3 dollars per barrel
A sign of the appeasement of the market, the CBOE volatility index, known as the fear index, fell significantly, dropping 2% to return to the symbolic level of 20 points.
On the value side, Boeing lost more than 2% after announcing a heavy loss per share in the 3rd quarter as well as a reduction of 10% of its workforce.
Caterpillar suffered the biggest drop in the Dow index after a downgrade by analysts at Morgan Stanley, who said they were concerned about the fundamentals of the manufacturer of construction and earthmoving equipment.
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