US benchmark equity indexes experienced a mixed performance intraday as heightened tensions between Russia and Ukraine influenced trading. The Nasdaq Composite increased by 0.7% reaching 18,930.2, while the S&P 500 rose by 0.3% to 5,908.6. Conversely, the Dow Jones Industrial Average decreased by 0.2%, landing at 43,284.4.
Technology stocks led the gains, while the energy sector faced the largest declines. Ukraine launched an attack on a Russian weapons arsenal utilizing US-made missiles, as reported by sources within CNN. The recent authorization from the Biden administration permitted Ukraine to employ the longer-range American weaponry against targets within Russia. The US 10-year yield dipped by 3.4 basis points to 4.38% during the day, while the two-year yield fell 1.6 basis points to 4.27%. In corporate news, Super Micro Computer ($SMCI) saw its shares surge nearly 31%, emerging as the top performer among the S&P 500 and Nasdaq indexes.
The artificial intelligence server manufacturer disclosed that BDO USA has been appointed as its independent auditor and submitted a request to the Nasdaq Stock Market for additional time to ensure compliance with the exchange's continued listing standards. Walmart ($WMT) raised its full-year projections after reporting stronger-than-expected fiscal third-quarter results, bolstered by gains across all segments.
Its shares climbed 3.9%, marking it as the leading performer on the Dow and among the best in the S&P 500. Meanwhile, Lowe's ($LOW) reported third-quarter sales that fell short of expectations, yet the home improvement giant still raised its full-year outlook. The company noted that spending related to hurricane recovery is anticipated to persist through the fourth quarter.
Despite this positive outlook, Lowe's shares fell 4.2%, ranking among the largest declines on the S&P 500 due to a drop in demand for higher-ticket discretionary items. Incyte ($INCY) reported a notable decline of 11% in their stock price, making it the worst performer on the S&P 500. The company announced a halt in enrollment for a phase 2 study concerning MRGPRX2 in chronic spontaneous urticaria, citing “certain in-vivo preclinical toxicology findings.” Incyte also indicated that data regarding a phase 2 study into cholestatic pruritus did not support further product development. Keysight Technologies ($KEYS) is set to release its latest quarterly financial results following the closing bell on Tuesday, alongside other firms. West Texas Intermediate crude oil prices remained relatively stable at $69.14 per barrel on that day. On an economic note, US housing starts showed a decline greater than anticipated last month, as increases in multi-family projects were outweighed by decreases in single-family units, according to government reports.
Oxford Economics commented that the impacts of Hurricanes Helene and Milton significantly reduced housing starts in the South, although a rebound is expected as reconstruction in storm-affected regions commences. In commodities, gold prices rose by 0.7% to $2,632 per troy ounce, while silver saw a slight increase of 0.1% to $31.26 per ounce..