*
Benchmark S&P 500 ends flat
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U.S. dollar rises
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Crude prices settle lower
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Bitcoin hits new record high
(Updates prices throughout with U.S. market close, adds oil and
gold settlement and fresh analyst comment)
By Chibuike Oguh and Amanda Cooper
NEW YORK/LONDON, Nov 20 (Reuters) - Global shares edged
lower on Wednesday as markets weighed tensions between Russia
and the West, while bitcoin hit a new record high and the dollar
gained after three straight sessions of losses.
Shares of Nvidia ( NVDA ) were down 0.4% in after-market
trading after the artificial intelligence powerhouse forecast
fourth-quarter revenue that was largely in line with analyst
estimates. The stock of the world's most valuable company had
closed down 0.8% in regular hours trading on Wednesday.
Benchmark S&P 500 finished flat while the Dow gained and the
Nasdaq ended lower. Healthcare, energy and materials stocks were
the biggest gainers, while consumer discretionary, financials
and technology equities were the biggest drag.
The Dow Jones Industrial Average rose 0.32% to
43,408.47, the S&P 500 was flat at 5,917.11 and the
Nasdaq Composite fell 0.11% to 18,966.14.
The MSCI All-World index was down 0.16% to
847.84. European shares finished down 0.02%.
"Nvidia ( NVDA ) is obviously a bellwether stock for the market and
it seems to be down a little bit after market, but it wasn't a
catastrophe by any stretch of the imagination," said James St.
Aubin, chief investment officer at Ocean Park Asset Management
in Santa Monica, California.
"The bar keeps getting raised and raised and raised. But
eventually it just becomes really difficult to exceed that bar.
And I think that's kind of where we're at with Nvidia ( NVDA )."
Safe-haven assets such as gold and government bonds got a
lift on Tuesday after news of Ukraine launching U.S.-made ATACMS
missiles into Russia, and with Russia announcing it had lowered
the threshold for nuclear action. Russian foreign minister
Sergei Lavrov, however, later downplayed the nuclear threat,
helping to calm markets.
Gold prices climbed for a third consecutive session to mark
a one-week high. Spot gold rose 0.69% to $2,649.89 an
ounce. U.S. gold futures settled 0.8% higher at
$2,651.70.
Investors are also watching President-elect Donald Trump's
pick for Treasury secretary, which may come as soon as
Wednesday.
Markets were realizing that some of Trump policies,
including tariffs and deportations, could be inflationary, said
Lukasz Tomicki, founding partner at LRT Capital in Austin,
Texas.
"There's been this belief that Trump's policies will be
inflationary and we've seen the spike in yields since his
election," Tomicki said.
The dollar index rose 0.54% to 106.68, snapping three
consecutive sessions of losses but still below one-year highs.
It has gained nearly 3% since the Nov. 5 U.S. general election.
The dollar was last up 0.48% against the yen at
155.40. Against the Swiss franc, the dollar was up
0.2% at 0.88410.
The Chinese yuan weakened against the greenback
after the central bank held benchmark lending rates steady, as
widely expected. In the offshore market, the yuan was down 0.22%
against the dollar at 7.251.
Bitcoin, which hit a fresh record high just shy of
$95,000, was up 2.53% at $94,579.01. The price has risen by well
over 30% since Trump's election, buoyed by expectations that he
will create a more crypto-friendly regulatory environment.
The gains in bitcoin have been aided by a Financial Times
report that Trump Media and Technology Group ( DJT ), which
operates Truth Social and is majority-owned by Trump, is close
to an all-stock acquisition of crypto trading firm Bakkt ( BKKT/WS )
.
Oil prices settled lower after U.S. crude and gasoline
stocks rose by more than expected last week. Brent crude
futures for January settled 0.68% at $72.81.
U.S. West Texas Intermediate crude futures for December
expired on Wednesday, and settled down 0.75% at $68.87,
while the more active WTI contract for January settled
down 0.71% at $68.75.