U.S. Stocks Close Tuesday with Mixed Results
The Dow Jones Industrial Average surged 559.33 points—a 1.18 percent climb—closing at 47,927.96. The S&P 500 edged upward by 14.18 points, advancing 0.21 percent to settle at 6,846.61. In contrast, the Nasdaq Composite Index tumbled 58.87 points, sliding 0.25 percent to finish at 23,468.3.
A broad-based advance lifted ten of the eleven primary S&P 500 sectors into positive territory, with health and energy stocks commanding the charge—posting gains of 2.33 percent and 1.29 percent, respectively. Technology stocks defied the broader market trend, declining 0.72 percent.
Major technology names faced mounting selling pressure throughout the session. Nvidia plummeted nearly 3 percent despite Monday's 5 percent-plus surge, as market participants digested reports that Japan's SoftBank had liquidated its complete position in the semiconductor giant.
CoreWeave, the Nvidia-backed cloud computing firm, cratered more than 16 percent after releasing disappointing forward guidance on Monday.
Fresh economic data revealed softening labor conditions. ADP released figures showing private employers eliminated an average of more than 11,000 positions weekly during the four weeks concluded October 25, pointing toward deterioration in employment dynamics.
In legislative developments, the U.S. Senate passed late Monday a funding package to restore government operations and terminate the shutdown. The legislation advances to the House of Representatives, where lawmakers anticipate a vote as early as Wednesday afternoon. U.S. President Donald Trump has indicated his intention to sign the measure.
"The shutdown had exacerbated concerns about sentiment and the job market, but these concerns already existed before and will continue to linger after the shutdown is resolved," said Benjamin Schroeder, senior rates strategist at ING. "Similarly, concerns about persistently too high inflation still linger, with a somewhat hawkish comment by the Fed's Musalem adding to the bear flattening as we started the week."
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