FX.co ★ US Stocks Mixed, Nvidia Falls Sharply

On Tuesday, the S&P 500 remained relatively unchanged, while the Nasdaq decreased by 0.4%, surrendering some of the impressive gains from the day before. In contrast, the Dow Jones rose approximately 270 points. Investors processed a range of fresh and varied economic data alongside new corporate developments. Retail sales figures were underwhelming, pointing to a more pronounced slowdown in consumer spending than anticipated. Additionally, the recent ADP report highlighted that U.S. companies eliminated an average of 13,500 jobs per week over the four weeks leading up to November 8th. Conversely, producer inflation saw an uptick in September. Despite these mixed economic indicators, there is still a significant expectation—around 85%—for a 25 basis points Federal Reserve rate cut next month. Among sectors, communication services, healthcare, and materials outperformed, whereas technology lagged. Nvidia declined 4.8% following news of Meta’s discussions to invest heavily in Google’s AI chips. Oracle fell 6.2%, and AMD decreased by 7.4%. On the positive side, Alphabet saw a 1.9% increase, while Meta rose by 1.5%.