London, Thursday, 08 March 2022
US Markets Summary
On Tuesday, US markets ended a bumpy session lower, extending yesterday's dramatic drop, as the Russian invasion of Ukraine and the resulting surge in commodities prices fuelled fears of a worldwide economic slowdown.
The key Wall Street indices plummeted as US President Biden ordered an embargo on Russian oil imports, putting supply chains in jeopardy and increasing inflationary pressure on countries around the world.
The Dow Jones finished 185 points lower at 32,632 after giving up a 585-point gain in the session, while the S&P 500 and the tech-heavy Nasdaq slid 0.7 percent and 0.3 percent, respectively. Energy stocks benefited from rising crude oil prices, with Chevron (5.1 percent) seeing strong gains.
The renewable energy sector, led by Enphase Energy (10.8 percent) and SunPower, has also benefited from higher petroleum prices (18.7 percent).
European Markets Summary
On Tuesday, Europe's major stock indices swung back and forth between gains and losses, with the DAX and FTSE 100 finishing flat, while the CAC 40 and the Stoxx 600 each down 0.3 percent and 0.4 percent.
The news of embargoes on Russia's energy goods, the EU's large expenditure plans, and the ongoing war in Ukraine dominated market mood.
The United States has prohibited the importation of crude oil, LNG, and coal, while the United Kingdom's approach will be phased in over the following months and will not target natural gas.
The EU remained divided, as Russia continues to play a larger role in oil and gas deliveries.
In addition, the EU would consider issuing joint bonds to fund energy and defence spending, while Ukrainian and Russian officials concluded yet another round of ceasefire talks with little progress. Banks gained 2% after hitting a one-year low on the eve, while media companies lost 3.6 percent.
U.S. Stock Market Indexes as at 4:00 p.m. ET
S&P 500: -30.47 (-0.73%) to 4,170.62
Nasdaq: -35.41 (-0.28%) to 12,795.55
Dow Jones: -185.66 (-0.57%) to 32,631.72
European Stock Market Indexes
STOXX Europe 600: −2.12 (0.51%) at 415.01 as on 8 Mar, 18:00 CET
FTSE 100 in London: +4.63 (0.067%) at 6,964.11 as on 8 Mar, 16:35 GMT
DAX 30 in Germany: −3.14 (0.024%) at 12,831.51 as on 8 Mar, 17:55 CET
CAC 40 in France: −19.31 (0.32%) at 5,962.96 as on 8 Mar, 18:05 CET
FTSE MIB 30 in Italy: +177.85 (0.80%) at 22,338.13 as on 8 Mar, 17:42 CET
IBEX 35 in Spain: +138.80 (1.82%) at 7,783.40 as on 8 Mar, 17:38 CET
Ten-year U.S. Treasury note: +12.1 bps to yield 1.8720%
Dollar index: -0.19 or -0.19% at 99.10 Mar 8, 2022 5:20 p.m. EST
VIX volatility index: −1.32 (3.62%) at 35.13 as on 8 Mar, 15:15 GMT-6
Brent crude: +5.37 or + 4.50% at $ 124.77 per barrel as on Mar 8, 2022 4:59 p.m. EST
West Texas Intermediate: +5.37 or +4.50% at $ 124.77 per barrel as on Mar 8, 2022 4:59 p.m. EST
Gold: +51.50 or +2.58% an ounce as on Mar, 08 2022 at 17:36 NY Time
Silver: +0.75 or +2.92% an an ounce as on Mar, 08 2022 at 17:36 NY Time
Bitcoin: +536.70 (1.41%) at $ 38,534.70 as on 8 Mar, 22:34 UTC
Ethereum: +76.09 (3.05%) at $ 2,567.76 as on 8 Mar, 22:34 UTC
(Written and edited by: The Decision Maker)