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The Middle East, earnings season, and a strong economy shake Wall Street – the stock market

The Middle East, earnings season, and a strong economy shake Wall Street – the stock market

Major North American indices closed mixed on Tuesday, on a day when investors were weighing higher-than-expected US retail sales data, as well as results from some major companies.

The numbers show that the economy remains resilient, supporting the possibility that key interest rates, set by the Federal Reserve, will remain high for longer than expected.

The S&P 500 index, a benchmark for the region, fell 0.01% to 4,373.20 points, and the Dow Jones Industrial Average advanced 0.04% to 33,997.65 points, and the Nasdaq technology index fell 0.25% to 13,533.75 points.

Retail sales rose 0.7% in September, compared with estimates of 0.3% growth, according to economists polled by Reuters.

Among the market movers, Bank of America, which filed its third-quarter accounts before the opening of the session, advanced by 2.33%.

Bank of America achieved profits of $7.8 billion between July and September, an increase of 10% compared to the same period last year. The bank’s results were driven by higher-than-expected gains in financial margin, the difference between interest paid on loans and interest charged on deposits.

Goldman Sachs shares, which also presented third-quarter results before the start of the session, fell 1.6%. The bank, led by David Solomon, recorded a 33% drop in profits to $2.06 billion. However, the results are higher than analyst estimates, given the higher-than-expected revenues from the trading segment.

Shares of chip manufacturers Nvidia and AMD fell by 4.68% and 1.24%, respectively, after the Biden administration announced a new crackdown on the export of these components to China, according to Bloomberg.

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The market remains attentive to the development of the conflict in the Middle East. Iranian Supreme Leader Ayatollah Ali Khamenei said on Tuesday, citing Reuters, that the “genocide” of Palestinians in the Gaza Strip must stop immediately, raising fears that the conflict could escalate.

US President Joe Biden will visit Israel on Wednesday, after the White House announced that Israeli Prime Minister Benjamin Netanyahu had agreed to allow humanitarian aid to be provided to residents of the Gaza Strip.