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April 13, 2022

Corvus Insurance Reports Ransomware Attacks are Down from Recent Peaks, as Costs and Frequency of Claims Trend Downward

Corvus Hazard Insights Index™ finds 2021 normal ransoms compensated by quarter was $167K, down 44.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

BOSTON, April 13, 2022–(Business enterprise WIRE)–Corvus Insurance coverage, the major service provider of smart business insurance policy products powered by AI-driven risk facts, right now released findings from its next Corvus Danger Insights Index™, a compilation of marketplace trends and info examination based on the company’s proprietary IT safety scanning engineering, the Corvus Scan, in addition to outcomes from its Policyholder Cybersecurity Benchmarking Study, sent to current Cyber and Technological innovation Glitches & Omissions (Tech E&O) policyholders.

“In help of our mission to make the earth a safer area, it is our hope that this report presents steerage not only for our policyholders, but all of people seeking to protect their enterprise, personnel, and shoppers from cyber threats, primarily at this essential time in record,” claimed Jason Rebholz, Chief Details Safety Officer at Corvus Insurance policy. “Corvus’s serious-time knowledge and AI-run risk management equipment deliver unparalleled transparency concerning our hazard funds companions, policyholders, and brokers and allow us to share these actionable insights to improve awareness all over the present condition of cyber risk to help maintain absolutely everyone risk-free.”

In the second edition of the Corvus Chance Insights Index™, Corvus’s professionals — which includes knowledge scientists, underwriters, cybersecurity professionals, and statements professionals — replicate on the previous yr, present traits, and what’s to appear in the remainder of 2022. In reviewing the evolving cyber risk landscape, the report consists of a breakdown of the influence of zero-times and third-social gathering danger, updates on ransom severity, and a overview of latest key vulnerabilities. To get rid of light on concerns and views that are one of a kind to the smaller- and medium-sized enterprise (SMB) phase, the report also capabilities insights from Corvus’s very first Policyholder Cybersecurity Benchmarking Survey, which captured insights from their Cyber and Tech E&O policyholders.

Ransomware claims, prices, and severity

One particular of the ideal indicators of total cybercrime action is the charge of ransomware statements in the Corvus reserve of business enterprise. Primarily based on Corvus’s statements information, following all of the dire headlines in the course of 2021 the conclusion of the calendar year presented indicators of improvement:

In Q4, the rate of ransomware claims reached just half of the peak witnessed in Q1 2021 — lowering from .6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to .3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
While the Q3 2021 ordinary ransom compensated was atypically significant, the overall 2021 ransoms compensated by quarter normal was ~$167k, 44.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} a lot less than the Q3 figure.
All round, less ransoms are remaining paid out when compared to individuals demanded. The percentage for the last quarter of 2021 held constant in the lower twenties, down substantially from figures that as soon as ended up more than 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. As recently as Q3 2020, the ratio was 44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

This minimize in price tag and severity can be partly attributed to underwriting entities requiring more robust backups for insurance policy coverage, which is aiding to generate the broader development toward additional complex and resilient approaches to mitigating ransomware chance.

The details also exposed spikes in promises tied to important cybercrime occasions which include the Microsoft Trade Server vulnerability and the Kaseya ransomware assault. While these situations have been plenty of to considerably, but temporarily, impression the thirty day period-by-thirty day period ransomware promises level, the in general common severity of promises declined.

As the cyber menace landscape continues to evolve, Corvus’s Possibility Insights Index™ touched on Russia’s ongoing invasion of Ukraine, which has provided a hybrid warfare model involving cyber attacks from general public and non-public sector organizations. When assaults have led to elevated considerations in excess of opportunity collateral destruction, Corvus observed a 30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} reduction in ransomware promises frequency from Q4 2021 to Q1 2022 (by March 15), highlighting the fractured ransomware danger ecosystem all through a time of war.

Severity is lowered, but not across the board

The general severity of ransomware fees by sector shifted noticeably over the earlier year. The report implies a decreasing expense effects on instruction and social solutions, while the qualified services business (together with but not confined to regulation firms, consulting corporations, and architecture firms) professional improved ransomware charges. The facts highlights that:

The regular declare reached practically $400,000 in just the skilled products and services sector in Q4 2021, by significantly the maximum in that timeframe.
Healthcare, which noticed an alarmingly large ordinary in assert severity to start the 12 months, has returned to a traditionally low regular, with zero ransomware claims recorded in Q4 2021.

The reducing claims severity inside of healthcare may well be tied to dissipating general public fears and subsequent exploitation by threat actors through the height of the COVID-19 pandemic.

SMBs however playing cyber method catch up

Corvus’s very first Policyholder Cybersecurity Benchmarking Study, done in Q4 2021, showed that SMBs are nevertheless creating their cyber investments. The study was deployed to Corvus’s Cyber and Tech E&O policyholders, with the approximately 300 respondents’ titles ranging from C-suite to Vice Presidents, Directors, and IT Administrators. Participants’ business measurement ranged from less than 50 employees to in excess of 250. The results showed that SMBs are generally involved with external threats — attack vectors including ransomware and phishing — and unveiled:

Only 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the smallest businesses (with <50 employees) have a dedicated cybersecurity budget.
Among the largest businesses within the surveyed group — those with 250 or more employees — 18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} reported having a dedicated cybersecurity budget.
Spend on cybersecurity is expected to increase. Sixty percent of participants stated that their security spending is expected to increase with support from their CEO and senior management.
Of the participants who stated that they need help with security improvements, 72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} were companies that lacked a CISO — reinforcing the idea that a CISO can play a large part in improving security posture.

Survey respondents highlighted a lack of resources and the overall complexity of security as key driving factors currently preventing improvements in their defenses. Smaller companies (<50 employees) are more concerned with staying current on new threats, while larger organizations are more concerned with vendor breaches, bringing to light the fact that many companies may fail to emphasize and act on the need for an internal security culture.

“We are in the midst of a critical and challenging time for security professionals,” said Phil Edmundson, Founder and CEO of Corvus Insurance. “As the security landscape shifts and threat actors continue to evolve their attacks, this report provides the data-driven analysis critical for organizations to navigate and prepare for adverse events in this new cyber age.”

You can access the full Corvus Risk Insight Index™ here. To learn more about Corvus, please visit http://www.corvusinsurance.com.

About Corvus Insurance

Corvus Insurance is building a safer world through insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and include Smart Cyber Insurance^®, Smart Tech E+O^TM, Smart Cargo^®, and a suite of products for Financial Institutions. Our digital platforms and tools enable efficient quoting and binding and proactive risk mitigation.

Corvus Insurance offers insurance products in the US, Middle East, Europe, Canada, and Australia. Current insurance program partners include AXIS Capital, Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q’s Accredited, SiriusPoint, and Skyward Specialty Insurance. Corvus Insurance and Corvus London Markets are the marketing names used to refer to Corvus Insurance Agency, LLC and Corvus Agency Limited. Both entities are subsidiaries of Corvus Insurance Holdings, Inc. Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the US and in London, UK. For more information, visit corvusinsurance.com.

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March 3, 2022

Stocks plunge as Russia ramps up attacks on Ukraine

U.S. stocks fell sharply on Tuesday to mark a bleak first day of March on Wall Street as investors weighed intensifying Russian attacks on Ukraine and the impact of Western sanctions on Moscow.

[Click here to read what’s moving markets heading into Wednesday, March 3]

The S&P 500 tumbled 1.55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 4,306.19, and the Dow Jones Industrial Average plunged nearly 600 points, or 1.77{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to 33,293.96, marking its worst day since Feb. 17. The Nasdaq Composite dropped 1.59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 13,532.46. Losses also hit the 10-year U.S. Treasury index, which slid to 1.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The declines build on the Dow and S&P 500’s worst start to year since 2020. The Nasdaq has also recorded its worst January and February since 2009.

Financials led losses on Tuesday, with the XLF experiencing its biggest losses since June 2020, down 3.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Meanwhile, WTI crude oil spiked as much as 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to top $105 per barrel, marking its highest price since 2014 amid worries around a disruption in the energy sector.

As traders watch the war escalate overseas, in the U.S., they revert their attention back to the Federal Reserve and its plan to lift interest rates as soon as this month.

The worsening crisis in Ukraine has raised bets geopolitical uncertainty could knock the Federal Reserve off course for an aggressive first bump in interest rates. Investors have began pricing in a zero chance of a 50 basis point rate hike in March and minuscule chance of no increase at all.

Sky-high inflation prints month-over-month have previously elevated concerns among market participants that central bank officials will raise short-term borrowing costs more aggressively than expected to mitigate increasing prices, even stoking the possibility of a double interest rate hike of 50 basis points mid-March. But with ambiguity over how the Russia-Ukraine turmoil will pan out and potential economic disruptions, Fed watchers now anticipate the central bank may tread lightly on its rate hike.

Federal Reserve Chair Jerome Powell is scheduled to deliver a monetary policy update before the U.S. House Financial Services Committee on Wednesday and appear in front of Senate Banking Committee members Thursday in meetings that could offer hints on the Fed’s position ahead of its March 16 policy-setting meeting.

“Given the current conflict in the Ukraine, there remains considerable near term uncertainty with central bank intentions,” LPL Financial strategists Lawrence Gillum and Ryan Detrick said in a note, adding that upward pressure on the prices of oil and other commodities and sanctions against Russia could result in broader economic repercussions. “As such, inflationary pressures may remain high particularly as it relates to gas prices.”

Still, LPL has priced in a first hike of 25 basis points this month — for now.

Russia’s economy has been in the limelight this week after a ramp up on penalties by the U.S. and European allies for its invasion of Ukraine rocked the country’s financial system and sent the ruble tumbling 30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Monday. A trove of multinational companies severing business dealings with the country also mounted to the growing economic pressure on Moscow.

Measures by the U.S. and Europe, including a move to block some Russian banks from the SWIFT payment network and sanctions on the Central Bank of Russia, have already dealt a harder-than-expected blow to the country’s economy, testing a decades-long effort by President Vladimir Putin to make the system sanction-proof.

The U.S., European Commission, France, Germany, Italy, U.K. and Canada set forth a joint statement Saturday booting select Russian banks from the SWIFT messaging system, a network that works to facilitate trillions of dollars in global transactions.

On Monday, the U.S. also barred Americans from conducting business with the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federations and the Ministry of Finance of the Russian Federation. Western financial institutions are expected to follow suit, with HSBC curbing its dealings with a docket of Russian banks including the second-largest, VTB.

The Russia-Ukraine crisis “is going to create enormous pain and hurt to the Russian economy,” Virginia Sen. Mark Warner told Yahoo Finance Live on Monday. “This is a much bigger economic hit than Putin anticipated.”

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4:00 p.m. ET: All three major benchmarks plunge to mark turbulent first day of March

Here were the main moves at Tuesday’s close:

S&P 500 (^GSPC): -67.75 (-1.55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,306.19
Dow (^DJI): -598.64 (-1.77{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,293.96
Nasdaq (^IXIC): -218.94 (-1.59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,532.46
Crude (CL=F): +$8.69 (+9.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $104.41 a barrel
Gold (GC=F): +$47.10 (+2.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,947.80 per ounce
10-year Treasury (^TNX): -13.2 bps to yield 1.7070{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:05 p.m. ET: Stocks plunge as Russia-Ukraine conflict rages

Here were the main moves in markets during midday trading

S&P 500 futures (ES=F): -72.70 points (-1.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,301.24
Dow futures (YM=F): -696.50 points (-2.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 33,196.10
Nasdaq futures (NQ=F): -201.44 points (-1.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,549.96
Crude (CL=F): +$10.54 (+11.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1106.26 a barrel
Gold (GC=F): +$34.50 (+1.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,935.20 per ounce
10-year Treasury (^TNX): -14.44 bps to yield 1.695{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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11:25 a.m. ET: Construction jumps during January despite higher costs

U.S. construction spending jumped in January amid strong outlays on single-family homebuilding and private nonresidential structures.

The Commerce Department reported a 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase in construction spending and an upward revision on December data that reflected construction outlays rose 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} instead of the 0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} initially reported.

Bloomberg consensus data showed economists were anticipating a 0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} uptake in spending.

Homebuilding remains under pressure from higher costs on building materials despite the surge in January. The National Association of Homebuilders said last month that building material production snafus were inflating construction prices and delaying projects.

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10:25 a.m. ET: US manufacturing activity regains traction

Manufacturing activity in the U.S. picked up more than expected during the month of February as COVID-19 infections fell. Hiring at factories, however, slowed, worsening supply chain disruptions and placing upward pressure on input prices.

The Institute for Supply Management (ISM)’s latest print on its index of national factory activity rose to a reading of 58.6 last month from 57.6 in January, which marked the lowest figure since November 2020.

A reading above 50 points to an expansion in manufacturing, which accounts for 11.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the U.S. economy. Economists surveyed by Bloomberg anticipated a print of 58.0.

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10:00 a.m. ET: Kohls rises on better-than-expected outlook

Kohl’s Corp. (KSS) missed analyst estimates for the fourth quarter but reported an upbeat revenue outlook for 2022 and said it will “build its momentum” this year.

The company saw a 13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} slip in fourth-quarter net income to $299 million for the quarter ended Jan. 29, 2022, down from $343 million in the same period a year ago.

While down on a quarterly basis, net annual income jumped to $938 million, compared to a loss of $163 million in the 2020 due to the pandemic. Earnings per share reached a record high of $7.33 in 2021.

Meanwhile, the company said it was engaging with unsolicited bidders. Kohls has been under pressure from activist investors including Macellum Advisors and Engine Capital to raise its shareholder value and improve financials, and also urged to consider spinning the company off into separate online and brick-and-mortar businesses, calls the retailer rejected.

Shares of Kohls were up 4.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $58.11 a piece as of 9:59 a.m. ET.

SAN RAFAEL, CALIFORNIA – JANUARY 24: The Kohl’s logo is displayed on the exterior of a Kohl’s store on January 24, 2022 in San Rafael, California. Retailer Kohl’s has received an unsolicited $9 billion takeover offer from activist investor Starboard Value through Acacia Research Corp. The offer is for $64 per share compared to the last closing price of $46.84 per share on Friday. (Photo by Justin Sullivan/Getty Images)

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9:47 a.m. ET: Target surges at start of trading after earnings beat

Shares of Target (TGT) jumped 14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at open after the company reported a better-than expected outlook for its annual adjusted earnings per share.

The retailer smashed analysts’ profit forecasts for the fourth quarter as consumers sought out deals on apparel and food amid rising inflation.

“The quarter was driven by traffic. So that means consumers voted with their with their feet and their clicks and picked Target more often. So that’s an incredibly healthy sign for for our business,” Target CFO Michael Fiddelke said on Yahoo Finance Live.

Target was up 11.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to trade at $222.59 per share as of 9:47 a.m. ET.

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9:30 a.m. ET: US stocks hold steady as investors continue to monitor Russia, Ukraine

Here’s how markets opened for Tuesday’s trading session:

S&P 500 futures (ES=F): -11.34 points (-0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,362.60
Dow futures (YM=F): -169.64 points (-0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 33,722.96
Nasdaq futures (NQ=F): -46.40 points (-0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,705.00
Crude (CL=F): +$5.39 (+5.63{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $101.11 a barrel
Gold (GC=F): +$19.50 (+1.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,920.20 per ounce
10-year Treasury (^TNX): -6.0 bps to yield 1.779{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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7:00 a.m. ET: Futures decline as Russia’s attack on Ukraine enters sixth day

Here’s how contracts on Wall Street’s main benchmarks fared ahead of Tuesday’s open:

S&P 500 futures (ES=F): -38.00 points (-0.87{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,330.00
Dow futures (YM=F): -258.00 points (-0.76{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 33,582.00
Nasdaq futures (NQ=F): -132.25 points (-0.93{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,095.75
Crude (CL=F): +$3.75 (+3.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $99.47 a barrel
Gold (GC=F): +$22.70 (+1.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,923.40 per ounce
10-year Treasury (^TNX): 0.00 bps to yield 1.839{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:05 p.m. ET Monday: Stock futures hold steady as investors monitor Russia-Ukraine crisis

Here were the main moves in markets ahead of overnight trading Monday:

S&P 500 futures (ES=F): +3.75 points (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,371.75
Dow futures (YM=F): +20.00 points (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 33,860.00
Nasdaq futures (NQ=F): -9.50 points (-0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,218.50
Crude (CL=F): +$0.16 (+0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $95.88 a barrel
Gold (GC=F): +$8.80 (+0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,909.50 per ounce
10-year Treasury (^TNX): -14.7 bps to yield 1.822{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

White House Press Secretary Jen Psaki listens as Deputy National Security Advisor for international economics Daleep Singh gives an update on sanctions during a daily press briefing on the U.S. response after Russia launched a massive military operation against Ukraine, at the White House in Washington, U.S., February 24, 2022. REUTERS/Leah Millis

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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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February 26, 2022

Stocks jump as investors eye strong data, Russia’s attacks in Ukraine

Stocks rallied Friday for a second day in a row as traders eyed the latest developments in Russia’s invasion of Ukraine and the world’s response.

The S&P 500 advanced more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, rising further after a 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} jump on Thursday. The Dow and Nasdaq also built on Thursday’s gains to add more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} intraday on Friday. The Dow closed up by more than 800 points, or 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, posting its best day of 2022. The Nasdaq ended higher by more than 200 points, or 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The move came after new economic data showed U.S. personal spending rose more than expected in January, even accounting for a surge in inflation. Personal consumption expenditures (PCE), a closely watched gauge of inflation, soared by 6.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or the fastest rate in 40 years.

Stocks moved higher even against the backdrop of Russia’s military attack of Ukraine and Western nation’s sanctions on Russia. Though equities have been sliding and energy commodity prices soaring in recent sessions as investors considered the financial market impacts of the conflict, markets at least temporarily stabilized in absence of further evidence of U.S. economic damage.

“The market is going to overreact to good news and bad. The news [Thursday] morning was sell, sell, sell,” Allan Boomer, Momentum Advisors chief investment officer, told Yahoo Finance Live on Thursday. “And now we analyzed the news … I think what the market has decided is that this Ukraine-Russia [situation] is a tragedy, [but] it’s not necessarily a global event that’s going to cause us to fall into a deep recession.”

“I think the biggest factor right now is the Fed,” he added. “And if anything, this Russian event may make the Fed a bit less hawkish.”

And indeed, market participants have now priced in a much lower probability that Federal Reserve officials will front-load their interest rate hiking cycle and raise rates by 50 basis points at the end of their March meeting. The last time the Fed raised rates by more than 25 basis points in one meeting was in 2000. While such a move would serve as an aggressive shift by the Fed to begin actively reining in inflation, it could also further roil financial markets that have already endured increased volatility this year and that have now also been spooked by the specter of further international conflict.

“This has been the second worst start to the year for U.S. equities since 2000. Yet, these moves are not solely (or even mostly) driven by the Russia/Ukraine tensions,” Seema Shah, Sharing Principal Global Investors chief strategist, wrote in an email. “Equity declines began in January and were, at least initially, driven by inflation concerns and expectations for significantly sharper central bank tightening.”

“Energy prices had been rising steadily throughout the pandemic recovery and in response to lower-than-expected OPEC+ production. Concerns around Federal Reserve balance sheet reduction caused credit spreads to start to gap out in early January,” she added. “The Russia/Ukraine situation is certainly significant—but it has simply compounded these already challenging market conditions.”

Other strategists also suggested that U.S. stocks would trade primarily based on the monetary policy and earnings implications of any impacts of the latest geopolitical tensions.

“The U.S. economy has pretty low exposure directly to Ukraine and the situation with Russia. However, the important thing here is, how does it impact inflation expectations? And that’s really what we’re keeping an eye on,” Anna S. Han, Wells Fargo Securities equity strategist, told Yahoo Finance Live on Thursday. “As inflation becomes a variable for corporates, the potential for it to eat away at earnings, or a potential for it to really steer the Fed to accelerate or decelerate that rate hike cycle — that’s what we’re looking at.”

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4:00 p.m. ET: Dow bas best day of 2022

Here were the main moves in markets as of 4:00 p.m. ET:

S&P 500 (^GSPC): +95.92 (+2.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,384.62
Dow (^DJI): +834.72 (+2.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,058.55
Nasdaq (^IXIC): +221.04 (+1.64{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,694.62
Crude (CL=F): -$0.60 (-0.65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $92.21 a barrel
Gold (GC=F): -$34.20 (-1.78{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,892.10 per ounce
10-year Treasury (^TNX): +1.7 bps to yield 1.9860{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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1:12 p.m. ET: Ford to pause F-150 production due to chip shortage

Ford (F) said on Friday that it would pause production of its top-selling F-150 pick-up trucks at its Kansas City factory due to the ongoing chip shortage.

The automaker is one of many to suspend or pull back on production due to supply chain-related disruptions. In September, General Motors cut production at a number of North American assembly plants due to chip shortages. Earlier this month, Ford had said it expected sales to drop by the single to low-double-digits due to semiconductor shortages.

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11:50 a.m. ET: Stocks head for back-to-back day of strong gains, Dow adds 600+ points, or 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

The three major stock indexes soared Friday midday, looking past geopolitical tensions and instead focusing on a bevy of solid economic data.

The S&P 500 jumped by 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, with the financials, healthcare and materials sectors leading the way higher. The Dow added more than 600 points, or nearly 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as Johnson & Johnson, Merck and Amgen outperformed. The Nasdaq added 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

The risk-on mood extended to Bitcoin, which jumped more than 9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to trade above $39,000. Treasury yields rose slightly, and the benchmark 10-year yield added 0.7 basis points to hover around 1.98{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

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10:09 a.m. ET: Pending home sales unexpectedly sink by the most since Feb. 2021 in January

Pending home sales posted the largest decline in nearly one year at the start of 2022, with rising interest rates and tight inventory levels weighing on housing market activity.

Homes under contract to be sold declined by 5.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in January compared to December and fell by 9.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} compared to the same month in 2021, the National Association of Realtors (NAR) said Friday. The monthly dip was the largest since February 2021, and represented a third straight monthly decline.

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10:00 a.m. ET: Consumer sentiment edged up in late Feb., but still hovered at 10-year low: University of Michigan

Consumer sentiment edged up in late February but still marked the lowest level in a decade, according to the University of Michigan’s closely watched monthly index.

The institution’s headline index from its Surveys of Consumers was upwardly revised to 62.8 in the final monthly print, up from the 61.7 previously reported. Still, even with the revision, this was the worst reading in about 10 years. In January, the index had stood at 67.2.

“The loss was still entirely due to a 12.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} decline among households with incomes of $100,000 or more,” Richard Curtin, Surveys of Consumers chief economist, said in a statement. “The February descent resulted from inflationary declines in personal finances, a near universal awareness of rising interest rates, falling confidence in the government’s economic policies, and the most negative long term prospects for the economy in the past decade.”

“The financial harm and growing angst among consumers about rising inflation have pushed nearly nine-in-ten consumers to anticipate interest rate hikes,” he added. “The Fed’s clinging to the transient hypothesis meant missed opportunities to nip inflation at its earliest stages; aggressive actions are now needed to avoid the potential establishment of an inflationary psychology that acts to form a self-fulfilling prophecy.”

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9:31 a.m. ET: S&P 500, Dow open higher

Here’s where stocks were trading Friday morning:

S&P 500 (^GSPC): +12.35 (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,301.05
Dow (^DJI): +174.10 (+0.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,397.93
Nasdaq (^IXIC): -10.12 (-0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,464.71
Crude (CL=F): -$0.78 (-0.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $92.03 a barrel
Gold (GC=F): -$37.30 (-1.94{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,889.00 per ounce
10-year Treasury (^TNX): +0.9 bps to yield 1.981{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:41 a.m. ET: Personal spending rises 2.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in January, exceeding estimates

U.S. consumer spending rose at a faster rate than expected in January even adjusting for price increases, suggesting the biggest part of U.S. economic activity was holding up despite persistent inflationary pressures.

Personal spending rose at a 2.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rate in January, the Bureau of Economic Analysis (BEA) said Friday. This came in well above the 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} jump expected, according to Bloomberg consensus data, and helped reverse a 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} monthly drop in spending in December.

Real personal spending also exceeded estimates, rising by 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during the month versus the 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase anticipated.

The latest consumer spending data tracked with the Commerce Department’s better-than-expected January retail sales report released earlier this month. That report showed a 3.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise during the month, or well above the 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase expected at the time.

BEA data Friday also showed a flat monthly reading on personal income, following a 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise in income in December. Still, this was better than the 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} drop anticipated.

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8:36 a.m. ET: PCE inflation jumps by most since 1982 in January

A closely watched measure of inflation soared at the fastest rate in 40 years in January, adding to a bevy of recent data underscoring persistently elevated levels of inflation reverberating throughout the U.S. economy.

The Personal Consumptions Expenditures (PCE) index jumped 6.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in January over last year, the Bureau of Economic Analysis said Friday. This represented the fastest rise since 1982, and topped expectations for a 6.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-on-year increase, according to Bloomberg consensus data. In December, PCE rose by 5.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on an annual basis. On a month-over-month basis, the PCE rose 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, matching expectations.

Core PCE, which strips out volatile food and energy prices, rose 5.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year in January. This core measure of inflation — and the Federal Reserve’s preferred gauge of underlying price trends — also accelerated from the 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annual rate seen in December. And at 5.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, this marked the fastest increase since 1983.

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7:29 a.m. ET Friday: Stock futures point to slightly lower open

Here’s where stocks were trading ahead of the opening bell:

S&P 500 futures (ES=F): -13 points (-0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,272.00
Dow futures (YM=F): -119 points (-0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 33,037.00
Nasdaq futures (NQ=F): -18.25 points (-0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,948.25
Crude (CL=F): +$0.49 (+0.53{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $93.30 a barrel
Gold (GC=F): -$23.20 (-1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,903.10 per ounce
10-year Treasury (^TNX): +2.3 bps to yield 1.995{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:01 p.m. ET Thursday: Stock futures open lower after rally

Here were the main moves in markets Tuesday evening:

S&P 500 futures (ES=F): -21.5 points (-0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,262.50
Dow futures (YM=F): -145 points (-0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 33,011.00
Nasdaq futures (NQ=F): -86.75 points (-0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,879.75

Traders work on the floor of the New York Stock Exchange at the opening bell on February 22 2022, in New York. - Wall Street stocks retreated early on February 22 as Russian President Vladimir Putin's latest escalation of the Ukraine conflict stoked volatility in markets. (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images) — Traders work on the floor of the New York Stock Exchange at the opening bell on February 22 2022, in New York. – Wall Street stocks retreated early on February 22 as Russian President Vladimir Putin’s latest escalation of the Ukraine conflict stoked volatility in markets. (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

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