Market Update: Key Developments and Shifts

On Tuesday, Saudi Prince Mohammed bin Salman met with President Donald Trump in Washington. This visit comes as Saudi Arabia deliberates over the potential purchase of the F-35, which could involve Lockheed Martin. Interestingly, Lockheed’s stock has increased by 14% since reaching a high last November, and it has seen a 4% rise just within the last week.

In the commodities market, West Texas Intermediate crude oil has dipped nearly 5% over the last three months, while Brent crude oil is down 2.8% in the same timeframe. Conversely, natural gas prices have surged almost 50% recently.

Shifting to the tech sector, both Nvidia and Palantir experienced declines today. Palantir dropped by 1.6%, while Nvidia decreased by 1.9%. To put it in perspective, Palantir is down nearly 18% from its peak two weeks ago, and Nvidia has fallen 12% since its high in October. CNBC’s tech reporter Cristina Persineveros will explore Nvidia’s downturn following its earnings release on Wednesday.

Financial conditions haven’t been looking great either. Overall, the financial sector decreased by about 2%, with the Dow and S&P 500 both dropping roughly 1%. Despite being up 5% since the highs in September, JPMorgan has seen a decline of 3.5% this month, although it has risen 7% from last week’s peak. Goldman Sachs fell nearly 2% in November and is presently down 8% from its November 13 high. Other banks, like Citigroup and Bank of America, are also facing downward trends.

In earnings news, Home Depot is scheduled to report on “Squawk Box” with hosts Becky Quick, Andrew Ross Sorkin, and Joe Kernen. The retailer has seen a 10% decrease since its last earnings report three months ago but is up 19% from its 52-week high recorded last November.

Lastly, the company that owns brands like Wilson, Louisville Slugger, Atomic, and Salomon Skis disclosed its finances on Tuesday morning. Its stock has declined by 20% since the previous report three months ago and is down 27% from its high in August.