The Nasdaq Composite gained Tuesday, driven by Nvidia shares, as investors shrugged of concerns of mounting geopolitical tensions between Ukraine and Russia.

The Nasdaq popped 1%, while the S&P 500 gained 0.5%. The Dow Jones Industrial Average dipped 50 points, or 0.1%.

One bright spot was technology stocks and Nvidia, which gained nearly 5% ahead of its closely watched earnings report Wednesday. Walmart added 3% after posting better-than-expected earnings and hiking its outlook on strong discretionary spending. Tesla rose 2%, bringing its month-to-date rally to 38%. Shares are headed for their best month since January 2023. Alphabet and Amazon also added more than 1%.

“The underlying trend for the market is positive,” said Keith Lerner, Truist’s co-chief investment officer. “The geopolitical stuff — that’s certainly a risk — but you’re seeing some modest selling. I’m not seeing panic. It’s more of a digestion of the recent gains.”

The market pressure began overnight after Russian President Vladimir Putin warned the U.S. that the threshold for the use of nuclear weapons had lowered, a new stance coming after President Joe Biden allowed Ukraine to use U.S. weapons to strike inside Russia.

Then losses accelerated on news that Ukraine hit Russian border region Bryansk with U.S.-made missiles, according to the Russian military. The New York Times confirmed the attack, citing U.S. and Ukrainian officials. The attack was on an ammunition warehouse, according to the report.

“Rising geopolitical tensions has been and continues to be a risk for markets,” said Gaurav Mallik, chief investment officer at Pallas Capital Advisors. “The combination of Russia ratcheting up its war rhetoric and uncertainty about how the incoming U.S. presidential administration will respond, is a recipe for stock market volatility.”

Treasury prices increased as investors moved into the safe haven, driving yields lower. Gold futures also gained. The Cboe Volatility Index (VIX), considered the best “fear gauge” on Wall Street, spiked around 16.