Tag: Stocks

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Stocks rise, recovering some losses as oil prices sink

Stocks rise, recovering some losses as oil prices sink

Stocks rose Wednesday to recover some losses after a volatile start to the week, as concerns over the impact of the punitive measures countries and companies have taken against Russia weighed on U.S. equity markets.

The S&P 500 closed 2.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher at 4,277.89 — posting its biggest gain since June 2020. The Dow gained 650 points, or 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, closing at 33,286.25. The Nasdaq jumped 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} closing at 13,255.55, logging its biggest advance since exactly a year ago on March 9, 2021. The CBOE Volatility Index, or VIX, dropped nearly 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} but still held above the 30 level. A day earlier, the S&P 500 dropped another 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Tuesday to bring its year-to-date losses to 12.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The Dow shed more than 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to sink further into a correction, while the Nasdaq Composite extended losses after sliding into a bear market earlier this week.

Crude oil prices pulled back from 14-year highs after Ukraine signaled it was aiming to pursue a diplomatic solution to Russia’s war. West Texas intermediate crude sank to just over $110 per barrel, while Brent crude traded just above $112 per barrel Wednesday afternoon. Gas prices at the pump, however, spiked to a fresh high across the U.S.

“You can’t have the rise at the fuel pumps not hit the economic pockets of everyday Americans, because it’s going to make everything go up in costs,” Victoria Greene, G-Squared Private Wealth founding partner, told Yahoo Finance Live. “Anything that rides on four wheels or six wheels, including all your shipping — it’s going to make all your costs rise. We’re already in an inflationary environment … it really is going to be something that we have to watch.”

“I don’t think that sanctions are going to go away,” she added. “The world is … angry at this situation. So let’s say miraculously we get a ceasefire tomorrow, I think the general shrinkage and the issues with supply chains are going to be a sticky situation for the rest of the year.”

And beyond the growing list of government-imposed sanctions against Russia, a myriad of major U.S. companies announced fresh plans to stop doing business in Russia for the foreseeable future. In the restaurants space, McDonald’s (MCD), Starbucks (SBUX), Coca-Cola (KO) and PepsiCo (PEP) said they would close some or all operations in Russia. Amazon Web Services said it would stop bringing on new sign-ups from Russia and Belarus, and Shopify announced it was suspending operations in the countries as well.

Given the ongoing geopolitical uncertainty and push to isolate Russia from the global economy, some strategists suggested investors should brace for more market volatility.

“I don’t think we’ve seen the bottom yet. And I’d like to be more optimistic, but the reason I say this is, when it comes to oil [and] other commodities, we’re still seeing shocks make their way through the system,” Ann Berry, Wheelhouse chief investment officer, told Yahoo Finance Live on Tuesday.

“We’re not done when it comes to oil and gas yet,” she added. “The U.K. and Europe have said that by the end of this year they’ll start weaning themselves from Russian exports – it’s not fast enough. And if the situation in Ukraine doesn’t get better, I do think there’s a scenario here where Europe will be pushed to take tougher actions faster, which is going to send oil prices only one way which is up from where it is right now.”

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4:00 p.m. ET: Nasdaq jumps 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in biggest advance in a year

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

  • S&P 500 (^GSPC): +107.16 (+2.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,277.86

  • Dow (^DJI): +652.65 (+2.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,285.29

  • Nasdaq (^IXIC): +459.99 (+3.59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,255.55

  • Crude (CL=F): -$14.10 (-11.40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $109.60 a barrel

  • Gold (GC=F): -$49.40 (-2.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,993.90 per ounce

  • 10-year Treasury (^TNX): +7.6 bps to yield 1.9480{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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1:11 p.m. ET: Crude oil prices sink, Brent drops more than 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after Ukraine official says country is ‘ready for a diplomatic solution’

Prices for West Texas intermediate and Brent crude oil prices sank Wednesday afternoon after a Ukrainian foreign policy aide to President Volodymyr Zelenskiy said the country was “ready for a diplomatic solution,” according to an interview with Bloomberg Television.

“Our first and foremost pre-condition for having such kind of negotiations is immediate cease-fire and withdrawal of Russian troops,” Ihor Zhovkva, deputy chief of staff to Zelenskiy, told Bloomberg. He added, however, that Ukraine would not trade “a single inch” of Ukrainian territory to Russia, and noted that Ukraine will continue to pursue NATO membership.

Zelenskiy also reiterated to German media outlet Bild TV Wednesday that he believed “only after the direct talks between the two presidents can we end this war,” referring to discussions with Russian President Vladimir Putin. For now, Zelenskiy has not had direct contact with Putin.

Brent crude oil prices dropped more than 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to trade just above $112 per barrel, while West Texas intermediate sank to hover just over $111 per barrel.

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10:47 a.m. ET: Bitcoin prices jump 9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, topping $42,000 after Biden announces crypto regulation executive order

The White House on Wednesday unveiled President Joe Biden’s executive order creating a framework for agencies to study and come up with a government-wide approach to regulating cryptocurrencies.

Bitcoin prices jumped nearly 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to top $42,000 following the announcement, which had been hinted at for weeks now. The executive order was originally set to be signed last month, though the timing was shifted due to the Russia-Ukraine crisis, Yahoo Finance’s Jennifer Schonberger reported.

One of the key tenets of the order calls for the government to explore a central bank digital currency (CBDC).

“The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans’ interests,” according to the White House. “The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including development of a plan for broader U.S. Government action in support of their work.”

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10:14 a.m. ET: Job openings hold near record high in January: JOLTS

U.S. job openings held at a near-record level in January, with widespread labor shortages still weighing on the domestic economy while keeping leverage high for workers looking to switch jobs.

Vacancies totaled 11.263 million in the first month of 2022, the Labor Department said in its Job Openings and Labor Turnover Summary (JOLTS) on Wednesday. This compared to an upwardly revised 11.4 million openings in December, which marked a record in data going back to 2001. Consensus economists were looking for 10.950 million vacancies for January, according to Bloomberg consensus data.

The number of quits in January edged down just slightly, or by 151,000 compared to December, to reach 4.3 million. And the quits rate decreased to 2.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, which was still elevated but retreated from December’s record high of 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

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9:32 a.m. ET: Stocks open sharply higher, Nasdaq gains more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

The three major indexes posted a rebound Wednesday morning to pare some recent declines as investors eyed the fallout from Russia’s invasion of Ukraine and mounting global sanctions.

The S&P 500, Dow and Nasdaq moved sharply higher Wednesday morning. Technology stocks led the way higher, helping the Nasdaq jump more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The Dow added more than 500 points, or 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. In the S&P 500, the consumer discretionary, information technology and financial sectors led the way higher.

Treasury yields rose across the curve as peak concerns over U.S. and global economic growth came down, and investors rotated back toward risk assets. The benchmark 10-year yield rose by nearly 4 basis points to break above 1.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

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7:22 a.m. ET: Stocks point to a higher open, Dow futures gain 450+ point

Here’s where markets were trading Wednesday morning:

  • S&P 500 (^GSPC): +64.75 points (+1.55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,233.50

  • Dow (^DJI): +459.00 (+1.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,061.00

  • Nasdaq (^IXIC): +257.50 (+1.94{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,524.50

  • Crude (CL=F): -$2.81 (-2.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $120.89 a barrel

  • Gold (GC=F): -$21.60 (-1.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $2,021.70 per ounce

  • 10-year Treasury (^TNX): +3.9 bps to yield 1.91{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:10 p.m. ET Tuesday: Stock futures open lower

Here’s where stocks were trading Tuesday evening:

  • S&P 500 futures (ES=F): -11.50 points (-0.28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,157.25

  • Dow futures (YM=F): -44 points (-0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,558.00

  • Nasdaq futures (NQ=F): -53.25 points (-0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,213.75

NEW YORK, NEW YORK - MARCH 08: Traders work on the floor of the New York Stock Exchange (NYSE) on March 08, 2022 in New York City. The Dow was up slightly in morning trading as the Russian invasion of Ukraine continues to unsettle global markets. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – MARCH 08: Traders work on the floor of the New York Stock Exchange (NYSE) on March 08, 2022 in New York City. The Dow was up slightly in morning trading as the Russian invasion of Ukraine continues to unsettle global markets. (Photo by Spencer Platt/Getty Images)

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

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Stocks turn lower as investors weigh U.S. ban on Russian energy

Stocks turn lower as investors weigh U.S. ban on Russian energy

Wall Street’s main benchmarks attempted a comeback into Tuesday’s close but turned lower as investors weighed an announcement by President Joe Biden that the U.S. will ban Russian imports of oil and energy, stoking worries the move could raise gas prices further and worsen inflation.

[Click here to read what’s moving markets heading into Wednesday, March 9]

Fears of a recession spurred by concerns over the economic consequences of Russia’s war in Ukraine have prompted investors to jettison stocks and stockpile safe-haven assets in recent days.

The S&P 500 shed 0.73{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 4,170.62, while the Dow Jones Industrial Average retreated from a 300-point jump to close 0.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} lower at 32,631.72. The Nasdaq Composite was down 0.28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 12,795.55. The moves extend losses from a sell-off in Monday’s session that saw the Dow fall into correction territory and the Nasdaq enter a bear market.

Meanwhile, energy prices have skyrocketed on talks Western nations will upend the use of Russian energy. The Biden administration moved forward with its ban on crude oil imports from the country Tuesday without participation of some European allies, acknowledging the countries “may not be in a position to join.” The U.K. is also expected to phase out imports of Russian oil and oil products by the end of 2022 and consider banning its natural gas.

“Surging oil prices can’t singularly trigger a recession and it would take more than sky-high energy prices for the consumer impact to become recessionary,” David Bahnsen, Chief Investment Officer of eponymoys firm, The Bahnsen Group, said in a note. “The big question now is what the plans are to replace Russian oil in American and European supply needs and then how effective an embargo may prove to be in de-escalating the military situation in Ukraine.”

Russian energy products comprise only 7.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of total petroleum imports, including crude oil, in the U.S., but European countries rely more heavily on Russian crude oil and natural gas for energy.

“You’re going to see alternative sources of supply from countries that might not have been part of the developed economy before,” Interos Inc. CEO Jennifer Bisceglie told Yahoo Finance Live on Tuesday. “You’re seeing China, India, and Latin America stand up and say ‘we can do this too.’”

WTI crude oil futures rose to $124.12 per barrel on Tuesday, while Brent crude oil futures hit $128.38 per barrel. Gold futures remained above $2,000 per ounce after hitting the highest level in 18 months Monday.

“While oil prices could rise above $150 per barrel and well beyond that, the key question for investors is not what price oil could reach, but what price oil could be sustained at,” Bahnsen said in his note. “The price that oil will settle at will carry the most economic ramifications.”

Meanwhile, Nickel trading was suspended on the London Metal Exchange (LME) after its price spiked above $100,000 per metric ton thanks to a short-squeeze on the commodity driven by supply concerns over the Russia-Ukraine war. The LME said it does not expect to restart nickel trading before March 11.

“What we’re seeing is the reminder that volatility is a feature of financial markets,” Brown Brothers Harriman chief investment strategist Scott Clemons told Yahoo Finance Live. “I would be very nervous about energy, not only because of how it’s done, but as a reminder, geopolitical unrest like this can lead to a spike in oil prices — and they can be quite scary — but they can also resolve rather quickly.”

“We’re seeing a lot of energy companies that have run away far on the upside anticipating not just elevated prices of the underlying commodity but extended elevated prices,” Clemons said. “That is certainly a possible outcome if this prolongs and disruptions continue, but oil can go right back down as quickly as it went up if there is a quicker resolution to these unrests in Ukraine than markets currently anticipate.”

The exacerbating crisis in Ukraine has raised worries a dent in global trade flows and further supply chain disruptions could push inflation even higher. The Bureau of Labor Statistics’ latest CPI print due out Thursday could show an annual jump of as much as 7.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, according to consensus economist estimates.

The geopolitical turmoil is also expected to derail the Federal Reserve from an aggressive first bump in interest rates — investors had previously considered the likelihood of a 50 basis point rate hike — with Fed Chair Jerome Powell signaling a potential move of 0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at the Fed’s policy meeting on March 15 and 16 in congressional testimony last week.

“Of course, a policy mistake is possible, but we believe the Fed will manage interest rate adjustments with the economic impacts of the war in Ukraine,” Comerica Wealth Management Chief Investment Officer John Lynch said in a note. “Fed Chair Jerome Powell appears poised to tackle inflation and is prepared to take the steps necessary to support consumers from surging energy prices.”

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4:00 p.m. ET: Stocks falter as investors mull implications of U.S. Russian oil embargo

Here’s how markets fared at the end of Tuesday’s trading session:

  • S&P 500 (^GSPC): -30.47 (-0.73{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,170.62

  • Dow (^DJI): -185.66 (-0.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,631.72

  • Nasdaq (^IXIC): -35.41 (-0.28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,795.55

  • Crude (CL=F): +$4.72 (+3.95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $124.12 a barrel

  • Gold (GC=F): +$63.00 (+3.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $2,058.90 per ounce

  • 10-year Treasury (^TNX): +12.1 bps to yield 1.8720{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:25 p.m. ET: Indexes claw back into positive territory

Here were the main moves in markets as of 12:24 p.m. ET:

  • S&P 500 (^GSPC): +31.88 (+0.76{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,232.97

  • Dow (^DJI): +303.75 (+0.93{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,121.13

  • Nasdaq (^IXIC): +168.35 (+1.31{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,999.32

  • Crude (CL=F): +$6.50 (+5.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $125.90 a barrel

  • Gold (GC=F): +$56.00 (+2.81{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $2,051.90 per ounce

  • 10-year Treasury (^TNX): +10.3 bps to yield 1.8540{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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11:47 a.m. ET: Stocks extended losses as investors weigh U.S. ban on Russian energy

Here were the main moves in markets as of 11:45 a.m. ET:

  • S&P 500 (^GSPC): -35.23 (-0.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,165.86

  • Dow (^DJI): -176.47 (-0.54{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,640.91

  • Nasdaq (^IXIC): -134.65 (-1.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,696.31

  • Crude (CL=F): +$8.36 (+7.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $127.76 a barrel

  • Gold (GC=F): +$72.70 (+3.64{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $2,068.60 per ounce

  • 10-year Treasury (^TNX): +10.2 bps to yield 1.8530{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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9:50 a.m. ET: Small biz confidence falls to lowest level in more than a year

U.S. small business confidence dropped to the lowest in over a year in February as surging inflation forced a record number of mom- and pop-operations to raise prices and dampened their economic outlook, a survey out Tuesday reflected.

The National Federation of Independent Business reported its Small Business Optimism Index dropped 1.4 points to 95.7 last month from 97.1 in January, marking the lowest print since January 2021.

A large component of businesses – more than one quarter of respondents – said inflation was their main concern. A record 68{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} said they were implementing price increases of their own as a result, but higher costs on goods still failed to improve bottom-line profit in most cases.

“Inflation is a huge problem for small business,” Comerica Bank chief economist Bill Adams said in a note. “Business sentiment will likely take a leg down in March as companies react to surging energy prices and other spillover from Russia’s invasion of Ukraine.”

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9:30 a.m. ET: Stocks open mixed as investors continue to monitor Russia-Ukraine crisis

Here’s how the major indexes opened at the start of Tuesday’s trading session:

  • S&P 500 (^GSPC): +4.81 (+0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,205.90

  • Dow (^DJI): +86.45 (+0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,903.83

  • Nasdaq (^IXIC): -10.91 (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,820.05

  • Crude (CL=F): +$4.69 (+3.93{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $124.09 a barrel

  • Gold (GC=F): +$24.50 (+1.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $2,020.40 per ounce

  • 10-year Treasury (^TNX): +9.6 bps to yield 1.8470{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:53 a.m. ET: US likely to ban imports of Russian oil without EU allies

The White House is expected to ban Russian oil imports and is working closely with European allies on the matter, Democratic U.S. Senator Chris Coons said on Tuesday in an interview with CNN. The announcement may come Tuesday or Wednesday.

After President Joe Biden held a conference call with the leaders of France, Germany and the United Kingdom Monday seeking their support for a Russian oil ban, Reuters reported the U.S. may follow through on an embargo without the participation of allies in Europe.

Russian energy products comprise only 7.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of total petroleum imports, including crude oil, in the U.S., but European countries rely more heavily on Russian crude oil and natural gas for energy. Germany, the biggest buyer of Russian crude oil, has rejected plans to ban energy imports but is working to expand its use of alternative energy.

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7:44 a.m. ET: Nickel trading suspended on LME after price skyrockets on supply worries

Nickel trading was suspended on the London Metal Exchange (LME) Tuesday after its price spiked above $100,000 per metric ton thanks to a short-squeeze on the commodity driven by supply concerns over the Russia-Ukraine war.

“Following further unprecedented overnight increases in the 3-month nickel price, the LME has made the decision to suspend trading for, at minimum, the remainder of today,” the exchange said in a statement.

“The LME, in close discussion with the Special Committee, has been monitoring the LME market and the effect of the evolving situation in Russia and Ukraine,” the LME added. “It is evident that this has affected the nickel market in particular, and given price moves in Asian hours this morning, the LME has taken this decision on orderly market grounds.”

The price of nickel, used in stainless steel and lithium-ion batteries, more than doubled Tuesday after a 70{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} surge on Monday as traders with large short positions scrambled to cover their positions. Russia’s position as the third largest nickel producer in the world has placed pressure on supply of the commodity.

UKRAINE - 2022/01/11: In this photo illustration, the London Metal Exchange (LME) logo is seen on a smartphone screen and a stock market information in the background. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

UKRAINE – 2022/01/11: In this photo illustration, the London Metal Exchange (LME) logo is seen on a smartphone screen and a stock market information in the background. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

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7:35 a.m. ET: Shell to withdraw entirely from Russian oil and gas amid attack on Ukraine

Energy giant Shell said it will halt purchases of Russian crude oil immediately and suspend its service stations in the country. The company also issued an apology after buying a cargo of the commodity last week.

“We are acutely aware that our decision last week to purchase a cargo of Russian crude oil was not the right one and we are sorry,” Shell Chief Executive Officer Ben van Beurden said.

The move by the U.K.-based oil and gas conglomerate adds to a growing list of companies banning Russian crude oil and comes as U.S. officials discuss an import ban.

Last week, Shell vowed to withdraw from all Russian operations, including the flagship Sakhalin 2 LNG plant, 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} owned and operated by Russian gas group Gazprom, in which it holds a 27.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} stake. London-based oil and gas company BP has also recently abandoned its 19.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} stake in Russian oil giant Rosneft.

Shell's logo is pictured at a Shell petrol station, in Manchester, on March 8, 2022 as the prices of petrol and diesel fuel continue to rise. - Energy giant Shell said on March 8, 2022 it would withdraw from its involvement in Russian gas and oil, including an immediate stop to purchases of crude from the country. The company also said it would shut its service stations, aviation fuels and lubricants operations in Russia. (Photo by Oli SCARFF / AFP) (Photo by OLI SCARFF/AFP via Getty Images)

Shell’s logo is pictured at a Shell petrol station, in Manchester, on March 8, 2022 as the prices of petrol and diesel fuel continue to rise. – Energy giant Shell said on March 8, 2022 it would withdraw from its involvement in Russian gas and oil, including an immediate stop to purchases of crude from the country. The company also said it would shut its service stations, aviation fuels and lubricants operations in Russia. (Photo by Oli SCARFF / AFP) (Photo by OLI SCARFF/AFP via Getty Images)

—

7:00 a.m. ET: Futures tied to S&P 500, Dow, and Nasdaq turn higher ahead of open

Here were the main moves in markets in early trading Tuesday:

  • S&P 500 futures (ES=F): +20.25 points (+0.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,218.75

  • Dow futures (YM=F): +147.00 points (+0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,929.00

  • Nasdaq futures (NQ=F): +26.50 points (+0.20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,347.25

  • Crude (CL=F): +$3.29 (+2.76{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $122.69 a barrel

  • Gold (GC=F): +$18.00 (+0.90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $2,013.90 per ounce

  • 10-year Treasury (^TNX): 0.00 bps to yield 1.7510{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:04 p.m. ET Monday: Stock futures edge lower after earlier sell-off

Here’s where stocks were trading heading into the overnight session Monday:

  • S&P 500 futures (ES=F): -8.25 points (-0.20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,190.25

  • Dow futures (YM=F): -48.00 points (-0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,734.00

  • Nasdaq futures (NQ=F): -37.00 points (-0.28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,283.75

  • Crude (CL=F): +$1.35 (+1.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $120.75 a barrel

  • Gold (GC=F): +$6.10 (+0.31{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $2,002.00 per ounce

  • 10-year Treasury (^TNX): +2.7 bps to yield 1.7510{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

People walk near the New York Stock Exchange at Wall Street on February 24, 2022 in New York. - Wall Street stocks opened sharply lower Thursday, joining a global equity sell-off after Russia's invasion of Ukraine lifted energy prices and prompted debate on further sanctions. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

People walk near the New York Stock Exchange at Wall Street on February 24, 2022 in New York. – Wall Street stocks opened sharply lower Thursday, joining a global equity sell-off after Russia’s invasion of Ukraine lifted energy prices and prompted debate on further sanctions. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

—

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

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Stocks fall, oil soars amid Russia’s war in Ukraine

Stocks fall, oil soars amid Russia’s war in Ukraine

Stocks extended declines on Monday and oil prices soared as investors nervously considered the potential for even higher inflation and greater global economic damage from Russia’s war in Ukraine and sanctions that have ensued.

The S&P 500 closed down nearly 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at 4,200.89, its worst day in more than a year, while the Dow fell 2.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 32,813.56. The Nasdaq Composite dropped 3.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at 12,380.96 clocking in its worst day in more than a month, and formally entered a bear market after dropping more than 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from its recent record high. The German DAX index (DAX) as well as the STOXX 50 (FEZ) also each sank to drop into bear markets. Traders piled into safe haven assets, and gold prices (GC=F) briefly jumped above $2,000 per ounce for the first time since September 2020. U.S. Treasury yields advanced.

In energy markets, Brent crude oil prices (BZ=F), the international standard, soared to as much as $137 per barrel, building on gains over the past several weeks. U.S. West Texas intermediate crude oil (CL=F), likewise, rose to as much as $130.50 a barrel.

The jump in energy prices came as the White House and European nations weighed an import ban on Russian crude oil in a further punitive move for the country’s invasion of Ukraine. Secretary of State Antony Blinken told CNN on Sunday that the Biden Administration was “now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil,” while ensuring global markets remain sufficiently supplied.

The U.S. receives only a small portion of energy products from Russia, with just about 7.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of total petroleum imports including crude oil coming from the country in 2021, according to the Energy Information Administration. However, such a ban could more negatively impact European countries that have been more reliant on Russian crude oil as well as natural gas for energy. Prices for metals used in fuel cell batteries and other clean energy products including palladium and nickel also spiked on Monday as traders eyed an accelerated move toward renewable alternatives.

“Russia’s invasion of Ukraine—and the Western response to it—will exacerbate the supply-demand imbalance that lies at the heart of the global inflation surge,” Goldman Sachs economist Jan Hatzius wrote in a note Sunday. “Reducing trade with a current account surplus country via sanctions and boycotts means that the rest of the world needs to produce a larger share of what it consumes.”

Hatzius added that “the potential shift is fairly small at an aggregate level,” given Russia comprises less than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the global goods trade and gross domestic product. But in oil, Russia supplies 11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of global consumption, and 17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of natural gas — including as much as 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Western European consumption.

“If Western countries buy less Russian oil, China and India could in principle buy more Russian oil and correspondingly less Saudi and other oil, which can then flow to the West,” Hatzius added. “But this ‘rearrangement of the deck chairs’ isn’t perfect, not only because of increased transport costs and other technical frictions but also because China and India may be reluctant to increase their imports and corresponding payments sharply at a time when Russia is becoming a global pariah.”

The uncertainty over global trade and supplies of key goods has further stoked fears over a further surge in inflation. Later this week, the Bureau of Labor Statistics is set to release its February Consumer Price Index, which economists expect will show a 7.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annual rise for the largest jump since 1982. And given the latest set of commodity price increases this month, a further rise is also possible.

“We had thought that February was going to mark the peak,” Michelle Girard, NatWest co-head of global economics, told Yahoo Finance Live on Friday. “However, with the rise in energy prices that we’re seeing, I don’t think we can any longer assume that’s going to be the case. Certainly, with respect to the headline numbers, I think, it’s likely that we’ll continue to see upward pressure.”

—

4:00 p.m. ET: Stocks end at session lows

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

  • S&P 500 (^GSPC): -127.98 (-2.96{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,200.89

  • Dow (^DJI): -801.24 (-2.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,813.56

  • Nasdaq (^IXIC): -482.48 (-3.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,830.96

  • Crude (CL=F): +$4.44 (+3.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $120.12 a barrel

  • Gold (GC=F): +$34.00 (+1.73{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $2,000.60 per ounce

  • 10-year Treasury (^TNX): +2.7 bps to yield 1.7510{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

2:26 p.m. ET: Shares of U.S.-listed Chinese stocks slump amid risk-off move

Shares of major Chinese companies listed in the U.S. sank on Monday amid a broader risk-off tone across global equity markets, and as investors eyed the country’s rising COVID-19 cases.

The Nasdaq Golden Dragon China Index (^HXC), which tracks a basket of major U.S.-listed Chinese stocks, dropped more than 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Monday afternoon to set a record low in data spanning back to early 2017. Major components including Baidu (BIDU) and Chinese electric-vehicle maker XPeng (XPEV) also fell more than 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} each intraday.

—

12:26 p.m. ET: Stocks extend declines, indexes drop more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

The three major equity indexes dropped more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during afternoon trading, building on earlier losses. Here’s where markets were trading after 12 p.m. ET:

  • S&P 500 (^GSPC): -97.90 (-2.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,230.97

  • Dow (^DJI): -675.37 (-2.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,939.43

  • Nasdaq (^IXIC): -300.53 (-2.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,012.09

  • Crude (CL=F): +$2.28 (+1.97{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $117.96 a barrel

  • Gold (GC=F): +$20.30 (+1.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,986.90 per ounce

  • 10-year Treasury (^TNX): +1.4 bps to yield 1.736{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

10:26 a.m. ET: ‘Look for these dips to offer opportunities that are shorter-term in nature’: Strategist

With major equity indices continuing to trend lower this year, at least one strategist suggested investors shift from pursuing the buy-and-hold strategy that paid off during the pandemic to a more tactical approach.

“What we saw late last year was a pretty significant loss of long-term upside momentum developing, and of course that’s manifested itself in a pretty sizable corrective phase at this point in thee major indices,” Katie Stockton, Fairlead Strategies founder, told Yahoo Finance Live on Monday. “So that loss of upside momentum suggests that the market has moved into a trading range perhaps, and with a trading range environment, when you just buy and hold long-term, it doesn’t tend to pay off.”

“However, if you can be more short to intermediate term in your focus, with a time frame of perhaps a couple months maybe, that would be a little bit of a safer bet in terms of adding exposure into corrective phases in a trading range,” she added. “So that’s what our recommendation has been: To look for these dips to offer opportunities that are shorter-term in nature as opposed to having the kind of buy and hold market that we had last year and even part of the year before off of the COVID corrective low.”

—

9:50 a.m. ET: Mobileye, Intel’s self-driving unit, files confidentially for an IPO

Mobileye, the self-driving unit of Intel (INTC), filed confidentially for an initial public offering on Monday, according to a statement from Intel.

While Intel did not provide many details about the IPO, the deal could value the automotive tech unit at more than $50 billion, according to a report from Reuters. Intel first bought Mobileye for $15.3 billion in 2017.

—

9:30 a.m. ET: Stocks mixed, coming off overnight lows

Here’s where stocks were trading Monday morning just after market open:

  • S&P 500 (^GSPC): -7.19 (-0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,321.68

  • Dow (^DJI): -111.09 (-0.33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,503.71

  • Nasdaq (^IXIC): +14.94 (+0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,332.30

  • Crude (CL=F): +$0.57 (+0.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $116.75 a barrel

  • Gold (GC=F): +$8.90 (+0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,975.50 per ounce

  • 10-year Treasury (^TNX): -6.5 bps to yield 1.787{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

8:19 a.m. ET: Bed Bath & Beyond shares soar by more than 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after activist Ryan Cohen discloses nearly 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} stake

Ryan Cohen’s investment firm RC Ventures disclosed a 9.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} stake in Bed Bath & Beyond (BBBY) on Monday, sending shares of the retailer soaring by more than 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in pre-market trading.

Cohen, the co-founder of Chewy and chairman of GameStop, also wrote a letter to the board of Bed Bath & Beyond calling for a sweeping set of operational changes and for the board to consider alternatives including a full sale of the company. Cohen was also critical of the compensation of its top executives even as the company experienced share price declines and market share losses.

—

7:40 a.m. ET Monday: Stocks head for a sharply lower open

Here’s where stocks were trading Monday morning:

  • S&P 500 futures (ES=F): -47.75 points (-1.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,279.50

  • Dow futures (YM=F): -365.00 points (-1.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,218.00

  • Nasdaq futures (NQ=F): -177.5 points (-1.28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,662.25

  • Crude (CL=F): +$7.66 (+6.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $123.34 a barrel

  • Gold (GC=F): +$25.40 (+1.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,992.00 per ounce

  • 10-year Treasury (^TNX): +5.5 bps to yield 1.777{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

NEW YORK, NEW YORK - MARCH 04: Traders work on the floor of the New York Stock Exchange (NYSE) on March 04, 2022 in New York City. The Dow fell over 300 points in morning trading despite a positive jobs report as the war in Ukraine continues to worry investors. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – MARCH 04: Traders work on the floor of the New York Stock Exchange (NYSE) on March 04, 2022 in New York City. The Dow fell over 300 points in morning trading despite a positive jobs report as the war in Ukraine continues to worry investors. (Photo by Spencer Platt/Getty Images)

—

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

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Stocks plunge as Russia ramps up attacks on Ukraine

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.”

—

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}

—

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}

—

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)

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}

—

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}

—

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

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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Stocks mixed amid Russia’s invasion, sanctions escalation

Stocks mixed amid Russia’s invasion, sanctions escalation

U.S. stocks ended mixed and energy prices soared Monday after an escalation of sanctions against Russia amid an ongoing conflict in Ukraine stoked further uncertainty over the outlook for global financial markets.

The S&P 500 and Dow dropped, but came well off session lows. The Nasdaq ended slightly higher. West Texas intermediate crude oil prices (CL=F) soared to as much as $99.10 per barrel before paring some gains. Brent crude (BZ=F), the international standard, rose to a near seven-year high of more than $104 per barrel. Gold prices jumped while Treasury yields slid as investors piled into safe haven assets.

The market moves Monday came following a tumultuous weekend of fighting in Ukraine as Russia continued its attacks. A new set of sanctions slammed Russia as major Western countries responded to the invasion. And news that Russian President Vladimir Putin had put the country’s nuclear deterrence forces on high alert added to jitters across global financial markets.

The U.S., European Commission, France, Germany, Italy, U.K. and Canada issued a joint statement Saturday agreeing to exclude certain key Russian banks from the SWIFT messaging system, which helps facilitate transactions for trillions of dollars globally. The U.S. on Monday also said it was further prohibiting Americans from transacting 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.

The SWIFT bank bans “would make it more difficult (though not impossible) for these institutions to make cross-border payments,” Capital Economics group chief economist Neil Shearing wrote in a note Monday. “So far at least the West has stopped short of a ban on energy imports from Russia, which would be the most powerful sanctions they could implement.”

“At the same time, the US, European Union, UK and Canada have announced sanctions on the Central Bank of Russia (CBR),” Shearing added. “This is perhaps a more significant move since it will substantially reduce the ability of the CBR to liquidate its foreign assets to support the ruble and help Russian firms service FX-denominated liabilities. Around 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Russia’s international reserves are held in the financial systems of the countries that have signed up to these sanctions.”

The newest sanctions from the West add to a host of others unleashed against major Russian financial institutions, sovereign debt and key officials last week. The ruble opened lower by about 30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} against the dollar in offshore trading, and Russia’s central bank more than doubled its benchmark interest rate to a near two-decade high of 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in a move to try and help counter the currency’s depreciation.

“While market fundamentals in the U.S. have seen very minimal deterioration, sentiment-driven concerns are unlikely to change anytime soon. From a market perspective, sanctions against Russia will likely have the largest impact on currency markets, including the ruble, the Euro and the dollar,” David Bahnsen, chief investment officer of The Bahnsen Group, wrote in an email Monday morning.

Still, investors have closely monitored for further fallout for global financial markets and corporations. Automakers including Volkswagen, Renault and Finnish tire-maker Nokian Tyers said late last week they were halting or shifting production due to supply chain disruptions and shortages exacerbated after Russia’s invasion of Ukraine. And while sanctions have stopped short of curbing energy exports from Russia, the world’s third-largest oil producer, traders have remained on alert for any direct or indirect impact of the geopolitical conflict to the already tight global energy markets.

“We continue to think that the overall impact on global supply chains will be relatively small, but the expulsion of some Russian banks from SWIFT means that non-energy trade between Russia and Europe is likely to slump,” Capital Economics’ Shearing said. “Attacks on infrastructure that carries gas to Western Europe may push up prices further and add to inflation pressure. And the additional sanctions may prompt retaliation from Russia, which could cut energy imports to Western Europe.”

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11:09 a.m. ET: Bitcoin prices top $40,000, reaching highest since mid-February

Bitcoin (BTC-USD) shook off volatility seen in other risk assets and jumped Monday, rising about 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to top $40,000.

The largest cryptocurrency by market capitalization reached more than $41,000 just after 11 a.m. in New York, according to Yahoo Finance data. This marked the highest since Feb. 17.

The move came amid a surge in volume of ruble-denominated crypto trading, with many hastening to get their money out of Russia’s currency as sanctions ramped up from major Western nations. According to CoinDesk, ruble-denominated Bitcoin volume recently reached a 9-month high.

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10:11 a.m. ET: U.S. goods trade gap yawns to all-time high as imports jump to record

The U.S. goods trade deficit rose to a record level in January after the value of imports jumped further as companies looked to meet elevated consumer demand.

The trade gap came in at $107.6 billion at the start of 2022, the Commerce Department said Monday. This was larger than the $99.5 billion consensus economists were expecting, according to Bloomberg data, and increased from the $100.5 billion goods trade deficit from December.

Imports rose by $4.4 billion in January compared to December to reach $262.5 billion — also a record high. Exports, meanwhile, shank by $2.8 billion, falling to $154.8 billion in January.

Nearly every goods categories posted an increase in imports for the month. On a percentage basis, foods, feeds and beverages saw the largest jump at 8.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, with the value of these rising to $17 billion. Industrial supplies and capital goods imports each rose by around 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, coming in at nearly $62 billion and $69 billion, respectively.

A 12.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} plunge in exports of consumer goods contributed heavily to the overall contraction in January exports. Exports or automotive vehicles and industrials supplies also fell.

—

9:31 a.m. ET: Stocks open lower

Here’s where markets were trading just after the opening bell Monday morning:

  • S&P 500 (^GSPC): -48.34 (-1.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,336.31

  • Dow (^DJI): -471.26 (-1.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,587.49

  • Nasdaq (^IXIC): -89.64 (-0.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,603.10

  • Crude (CL=F): +$3.57 (+3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $95.16 a barrel

  • Gold (GC=F): +$29.60 (+1.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,917.20 per ounce

  • 10-year Treasury (^TNX): -9.7 bps to yield 1.887{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

7:55 a.m. ET Monday: Stock futures sink as Russia’s invasion, sanctions escalate

Here were the main moves in markets Monday morning:

  • S&P 500 futures (ES=F): -45 points (-1.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,335.00

  • Dow futures (YM=F): -304 points (-0.89{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 33,690.00

  • Nasdaq futures (NQ=F): -136.25 points (-0.96{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,044.25

  • Crude (CL=F): +$4.14 (+4.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $95.73 a barrel

  • Gold (GC=F): +$23.20 (+1.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,910.80 per ounce

Photo by: NDZ/STAR MAX/IPx 2022 2/17/22 Atmosphere at the NY Stock Exchange in New York City.

Photo by: NDZ/STAR MAX/IPx 2022 2/17/22 Atmosphere at the NY Stock Exchange in New York City.

—

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

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European stocks fall as pressure builds on Russian financial system

European stocks fall as pressure builds on Russian financial system

European stocks dropped, oil charges rallied, the rouble plunged and investors herded into the dollar and very rated federal government financial debt immediately after new sanctions imposed on Russia heightened tensions throughout economic markets.

The regional Stoxx 600 share index fell 1.6 per cent, Germany’s Xetra Dax misplaced 1.8 for every cent and the UK’s FTSE 100 fell 1.5 for each cent. The moves arrived soon after Russian President Vladimir Putin place his country’s nuclear forces on significant warn and western powers imposed sanctions on Russia’s central bank in reaction to the invasion of Ukraine.

A sub-index of European banks fell more than 7 for every cent as traders responded to uncertainty about the opportunity worldwide consequences of western allies locking some Russian loan providers out of the Swift payments method.

Hong Kong’s Hang Seng index fell as significantly as 1.6 for every cent to its least expensive level in nearly a yr. Brent crude, the intercontinental oil benchmark, rose 4.4 for every cent to $102.17 a barrel.

Worldwide equities experienced rallied on Friday in a shift analysts attributed to sanctions levelled versus Russia steering clear of focusing on the nation’s power exports. But following financial sanctions in opposition to Russia were ratcheted up about the weekend, fund supervisors moved to de-danger their portfolios, backing away from powerful bets on the global financial system and future central bank coverage though loading up on very low-possibility and easily tradeable belongings.

“Investors are cutting down their lively bets,” said Michael Metcalfe, head of macro approach at Point out Avenue. “Right now is a time to consider stock, decrease positions and test to assess all the probable results that could arise” from the geopolitical situation, he additional.

The dollar index, which measures the currency from 6 other individuals, rose .5 for each cent. The generate on the two-12 months US Treasury take note dropped .09 share factors to nearly 1.5 for every cent, reflecting a substantial increase in the selling price of the credit card debt.

“It’s a flight to safety and funds is king at these occasions,” mentioned Tatjana Greil Castro, co-head of community marketplaces at credit score investor Muzinich & Co. “Asset managers will have worries about shoppers wanting to acquire revenue out and you want to pre-empt that by having liquidity to meet up with probable redemptions.”

The rouble dropped as a lot as 29 per cent to practically 118 towards the US greenback on Monday early morning. Russia’s central lender then extra than doubled curiosity rates to 20 for every cent and banned overseas offering of neighborhood securities in a bid to stem the fallout from sanctions.

In the meantime, futures joined to TTF, Europe’s wholesale natural gas value, rose far more than a fifth to €112 for every megawatt hour.

A FTSE index of rising industry stocks also outperformed on Monday, falling just .3 for every cent, as buyers backed out of a well-known trade primarily based on betting versus developing economies that stay impacted by superior costs of coronavirus.

“If buyers have sizeable positions away from their concentrate on benchmark, these positions could sense also dangerous at the moment,” Metcalfe said. “One of the energetic bets quite a few have experienced is to be underweight [emerging markets] so a little perversely they have to invest in back.”

In other places, shares in BP dropped 6.8 for every cent following the British group mentioned at the weekend it would divest its in close proximity to 20 for each cent stake in Russian condition oil supplier Rosneft.

Futures markets implied the US S&P 500 share index would fall 1.7 per cent in early New York dealings.

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