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Target ( TGT ) plunges after muted holiday-quarter sales forecast

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Nvidia ( NVDA ) slips before results due after market close

(Updates prices and market activity to the close)

By Abigail Summerville and Lisa Pauline Mattackal

Nov 20 (Reuters) -

The tech-heavy Nasdaq closed lower on Wednesday, taking a

break from the prior session's rally as investors worried about

escalation of Russia-Ukraine tensions and weak results from

Target ( TGT ), while awaiting earnings from megacap Nvidia ( NVDA ).

The Dow and S&P 500 ticked up late in the session. The Dow

closed higher and the S&P 500 was close to unchanged.

Stocks fell after a report said Ukraine fired long-range

British Storm Shadow missiles into Russian territory. On

Tuesday, Ukraine launched U.S.-made ATACMS missiles into Russia,

and Russia announced it had lowered the threshold for nuclear

action.

Wall Street's "fear gauge" jumped to 18.79 before

easing slightly, still at its highest since the Nov. 5 U.S.

presidential election.

"It's gotten a little more defensive today after a

strong rally yesterday from growth stocks and the tech sector,"

said James Regan, Director of Wealth Management Research at D.A.

Davidson

"Maybe there's a conservative view ahead of Nvidia ( NVDA ) earnings

or a broader reaction from Target's ( TGT ) earnings which is a consumer

bellwether. There are also more geopolitical concerns with

tensions in Ukraine and Russia and the U.S. evacuating

embassies," Regan said.

AI leader Nvidia ( NVDA ) fell ahead of its results that

are scheduled for after the bell. The index heavyweight dragged

down the Information Technology sector and the

tech-heavy Nasdaq.

Target ( TGT ) plunged after the retailer forecast

holiday-quarter comparable sales and profit below Wall Street

expectations following a third-quarter estimate miss.

The consumer discretionary index was the

biggest sectoral decliner.

Growth stocks like Tesla and Amazon.com ( AMZN )

also fell.

According to preliminary data, the S&P 500

gained 0.31 points, or 0.00%, to end at 5,916.83 points,

while the Nasdaq Composite lost 22.38 points, or 0.12%,

to 18,965.59. The Dow Jones Industrial Average

rose 138.98 points, or 0.32%, to 43,407.92.

All eyes remained on Nvidia ( NVDA ), which has nearly tripled in

value this year, accounting for about 20% of the S&P 500's

returns over the last 12 months, according to BofA Global

Research.

However, given the lofty earnings expectations, the company

could struggle to impress investors. Options traders are primed

for a nearly $300-billion swing in Nvidia's ( NVDA ) market value after

the results.

"We're starting to see commentary from larger companies that

have been deploying capital in the AI, tech spend space talking

about examples of how that spend is converting to either higher

revenue or cost savings. That bodes well for companies like

Nvidia ( NVDA ) that are on the picks and shovels side of that tech, AI

spend trade," said Bill Merz, head of Capital Markets Research

for U.S. Bank's asset management group.

Cryptocurrency stocks ticked higher as bitcoin jumped above

$94,000, with MicroStrategy ( MSTR ) and MARA Holdings ( MARA )

both up.

Traders have increased bets on the U.S. central bank leaving

interest rates unchanged at its December meeting in the wake of

strong economic data and signs of persistent inflation.