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As of 11:18 a.m. ET, the Nasdaq has turned solidly green for the day. NVIDIA (Nasdaq: NVDA) continues to move north ahead of earnings, its shares are now up 2.92% on the day.
Walmart (NYSE: WMT) also is seeing gains grow as the trading day moves on, and is now up 4% after opening up closer to 2% after it released outstanding earnings this morning.
Some other standouts include:
As of 10:15 a.m. ET the Nasdaq is down just .20%, trimming losses from premarket trading. The Dow Jones Industrial Average is still down 411 points, or close to 1%.
Among large stocks, NVIDIA (Nasdaq: NVDA) and Walmart lead the gainers. NVIDIA is up 1.7% after falling due to reports of overheating chips in recent days. It reports earnings tomorrow.
Here are a couple of stocks making the biggest moves in premarket trading:
Live coverage has ended. The full story is below.
Across indexes, there’s a wall of red in premarket trading this morning. As of 9 a.m. ET, here’s where major indexes stand:
As you can see, each index is down a similar amount, so today doesn’t appear to be a trading day where there will be strength in some sectors while others fall steeply. Selling is across the board.
Let’s look at the key storylines driving the market today.
On Tuesday, Vladimir Putin once again raised the prospect of nuclear weapons use. The new threat comes after Ukraine struck a target about 100 miles in Russia using ATACMS missiles provided by the United States.
While nuclear weapons are always a scary headline, its worth noting that Russia has repeatedly warned of the increasing likelihood of their use. Beyond the recent ATACMS strike, Donald Trump’s National Security nominee has spoken of allowing Ukraine to get more aggressive by striking more targets inside Russia with weaponry provided by the United States.
So, this could be part of a larger warning to the incoming Administration. Regardless, Wall Street abhors uncertainty so escalating tensions will lead to selling.
Earnings season continues to provide evidence of increasing consumer spending. Bellwether Walmart (NYSE: WMT) reported earnings on Tuesday morning that topped revenue and profit expectations.
The big news is that Walmart is now expecting sales will grow in the range of 4.8% to 5.1% this year, which is above previous guidance of 3.75% to 4.75%.
Overall, EPS for the quarter came in at $.58, which was strongly above estimates of $.53. Same-store sales growth clocked 5.3% at Walmart stores and 7% at Sam’s Club, their competitor to Costco. Walmart is up 2% in premarket trading.
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Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.
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