Stocks Move Higher, Walmart Hits Record High, Natural Gas Reaches 5-Month Peak: What's Driving Markets Tuesday?

Wall Street managed to recover from a red start caused by heightened geopolitical tensions stemming from the ongoing Russia-Ukraine conflict.

Ukraine launched its first U.S.-made missile strike on a Russian city, while Russian President Vladimir Putin adjusted the nation's nuclear doctrine to broaden scenarios for a potential response. Yet, Russian Foreign Minister Sergei Lavrov sought to assuage fears of a nuclear escalation, stating that a nuclear war is not something Russia is considering.

Amid the geopolitical noise, investors remained focused on corporate earnings. Walmart Inc. WMT, often regarded as a bellwether of consumer health, surpassed expectations for the recent quarter. The retailer’s stock surged 4%, hitting fresh all-time highs and boosting market sentiment.

At midday, both the S&P 500 and Nasdaq 100 posted marginal gains, while blue-chip stocks showed a slight deceleration and small caps held steady.

In fixed income, longer-dated bond yields dipped, with the iShares 20+ Year Treasury Bond ETF TLT climbing 0.5%. The U.S. dollar gained 0.1%, attempting to rebound after two consecutive sessions of losses.

Geopolitical risks lifted demand for commodities, with gold and oil rebounding 0.8% and 0.5%, respectively. Natural gas prices – as closely tracked by the United States Natural Gas Fund LP UNG – extended the rally, adding 2.6% after a 5.3% jump on Monday and hitting the highest levels since June.

Meanwhile, Bitcoin BTC/USD continued to display extraordinary strength, with the cryptocurrency breaking to a new all-time high of $93,931, underscoring robust market interest despite broader macro uncertainties.

Tuesday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY rose 0.2% to $589.41.
• The SPDR Dow Jones Industrial Average DIA fell 0.3% to $433.10.
• The tech-heavy Invesco QQQ Trust Series QQQ edged 0.4% higher to $502.08.
• The iShares Russell 2000 ETF IWM fell 0.3% to $229.50.
• The Technology Select Sector SPDR Fund XLK outperformed, rising 0.5%. The Energy Select Sector SPDR Fund XLE lagged, down 0.7%.

Tuesday’s Stock Movers

• Super Micro Computer Inc. SMCI surged 22% after appointing BDO US as its auditor and submitting a compliance plan to Nasdaq, signaling a proactive effort to address delisting concerns. The news bolstered investor confidence in the company’s governance and market stability.
• United Airlines Holdings Inc. UAL climbed 3.5%, reaching its highest level since December 2019, following a bullish call from TD Owen, which raised the stock's price target from $100 to $110.
• Incyte Corp. INCY plummeted over 14% after announcing that data from its Phase 2 clinical study failed to support further development, disappointing investors hoping for progress in its pipeline.
• Valvoline Inc. VVV dropped 8% in reaction to a weaker-than-expected earnings report, as the market digested concerns over the company’s growth trajectory and profitability.
• Vertive Holdings Inc. VRT rallied 11.7% in reaction to price target raises from investment banks such as Deustsce Bank and Oppenheimer.

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Image created using artificial intelligence via Midjourney.