U.S. markets closed mostly higher on Tuesday, supported by strong corporate earnings, with artificial intelligence-related stocks leading the gains. Traders took support from a significant decline in crude oil prices, with U.S. crude oil futures tumbling by 2.5 percent. However, market participants remained cautious following National Association of Realtors (NAR) report stated that Pending home sales in the U.S. plunged by much more than expected in the month of September. NAR said its pending home sales plummeted by 7.3 percent to 66.0 in September after rising by 0.3 percent to 71.2 in August. Street had expected pending home sales to fall by 0.4 percent. Meanwhile, investors appeared reluctant to make substantial moves ahead of earnings announcements from major technology companies, including SpaceX (SPCX), Tesla (TSLA), and Meta Platforms (META).
On the sectoral front, pharmaceutical stocks moved significantly higher during the day, driving the NYSE Arca Pharmaceutical Index up by 2.8 percent to a two-month closing high. Housing stocks also showed considerable strength, with the Philadelphia Housing Sector Index jumping by 2.6 percent.
Dow Jones Industrial Average surged by 529.85 points or 1.02 percent to 52,495.88, S&P 500 increased by 21.84 points or 0.28 percent to 7,712.57, while Nasdaq declined by 6.06 points or 0.02 percent to 26,424.81.
About The Author
