US Markets Close Mixed as Nvidia Drives Nasdaq Higher; ASX Set for a Mild Decline

November 20, 2024 11:01 AM AEDT | By Team Kalkine Media

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US Markets Close Mixed as Nvidia Drives Nasdaq Higher; ASX Set for a Mild Decline — Image source: shutterstock

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Highlights

US markets close mixed, with Nvidia's strong performance boosting the Nasdaq.

Escalating geopolitical tensions weigh on European markets.

ASX futures signal a slight dip amid key corporate actions.

US markets displayed mixed results as the Dow Jones Industrial Average slipped by 0.28% to close at 43,268.94, while Nvidia’s robust performance drove the Nasdaq higher by 1.04%, finishing at 18,987.47. The S&P 500 also gained modestly, rising 0.4%. Nvidia shares surged over 4% in late trading, ahead of its quarterly results release, with expectations of another strong performance.

In Europe, the pan-European STOXX 600 index recorded a third consecutive day of losses, falling 0.4%. Investor concerns were largely driven by fears of an escalation in the ongoing Russia-Ukraine conflict, which continues to impact market sentiment.

The Australian Securities Exchange (ASX) is expected to open on a softer note, with futures down approximately 0.1%. The focus is likely to be on several corporate actions and earnings reports today.

Packaging giant Amcor (ASX:AMC) will be in the spotlight following its announcement of an $8.4 billion USD (approximately $13 billion AUD) acquisition of Berry Group. This strategic move is anticipated to influence market activity, with Amcor's share price closely watched during the session.

Several key AGMs are scheduled on the ASX today, including Boss Energy (ASX:BOE), Charter Hall (ASX:CHC), Downer EDI (ASX:DOW), Mount Gibson Iron (ASX:MGX), and Pacific Smiles (ASX:PSQ). These events are expected to provide insights into company strategies and operational updates.

Additionally, Webjet (ASX:WEB) is set to release its earnings report, drawing attention to the travel sector amid ongoing recovery trends. The results are likely to reflect industry dynamics as travel demand continues to evolve.

Broader market movements in Australia may also be influenced by developments in technology and materials sectors, along with updates from the geopolitical landscape. Investors will closely track how these factors shape sentiment and trading activity during the day.

While global markets react to various regional and international concerns, Australian markets are poised to navigate a mix of corporate developments and external influences in today’s session.

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