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US Stocks Return to Negative, European Stocks Closed Lower.


London, Thursday, 10 March 2022



US Markets Summary


Stocks in the United States have resumed their downward trend. Thursday came as US economic data showed another 40-year high CPI print and discussions between Russia and Ukraine's foreign ministers failed to make headway on establishing a truce.


After achieving its greatest rise in two years the previous session, the S&P 500 fell 0.43 percent to 4,259.49, while the Dow Jones Industrial Average fell 113 points, or 0.34 percent, to 3,173.22 after a 650-point rally Wednesday.


The Nasdaq Composite Index dropped nearly 1% to 13,129.96. Meanwhile, the yield on the 10-year US Treasury note increased by 6.6 basis points to 2%. The 30-year yield in the United States increased to 2.39 percent, the highest level since May 2021.


Sergei Lavrov met with his Ukrainian counterpart Dmytro Kuleba in Turkey on Thursday to discuss a 24-hour ceasefire across the combat zone and the creation of a corridor in the southern Ukrainian port of Mariupol, but Lavrov allegedly did not commit to either.


The dips came after markets halted a losing skid the previous day and posted their best day in two years as investors hoped for a de-escalation of Russia's war in Ukraine.


Following reports that Ukrainian President Volodymyr Zelensky was willing to pursuing a diplomatic settlement with Russia, energy prices plummeted to a 14-year high on Wednesday.


WTI crude oil dipped to roughly $110 per barrel, while Brent crude dropped to around $112. The Energy sector of the S&P 500 lost its eight-day winning streak.


European Markets Summary


The ECB's statement of a possible early end to asset purchases, as well as little progress in diplomatic talks between Ukraine and Russia, rocked European equities markets on Thursday, with Germany's DAX down more than 3%.


Automobiles were the biggest losers, with BMW and Volkswagen both down more than 4.5 percent. Hugo Boss generated a profit of €144 million in FY2021, up from a deficit of €219 million the year before.


The Stoxx 600, a pan-European stock index, fell nearly 2% after posting its best gain since March 2020 in the previous session.


U.S. Stock Market Indexes as at 4:00 p.m. ET

  • S&P 500: -18.48 (-0.43%) to 4,259.40

  • Nasdaq: -125.58 (-0.95%) to 13,129.96

  • Dow Jones: -113.23 (-0.34%) to 33,173.02


European Stock Market Indexes

  • STOXX Europe 600: - 7.33 points, or 1.69%, to close at 427.12 points

  • FTSE 100 in London: -91 points, or 1.27%, to finish at 7,099

  • DAX 30 in Germany: -405 points, or 2.93%, to end the day at 13,442

  • CAC 40 in France: -180 points, or 2.83%, to 6,207.

  • FTSE MIB 30 in Italy: worst performer of the day, -1,002 points, or 4.2%, to close at 22,886

  • IBEX 35 in Spain: -93 points, or 1.15%, to 8,069


Other markets

  • Ten-year U.S. Treasury note: +6.3 bps to yield 2.0110%

  • Dollar index: +0.55 or + 0.56% as on Mar 10, 2022 6:05 p.m. EST

  • VIX volatility index: −2.22 (6.84%) at 30.23 as on Mar 10, 3:15 PM CST


Oil price

  • Brent crude: -0.15 or -0.14% at $ 109.18 per barrel as on Mar 10, 2022 10:59 p.m. GMT

  • West Texas Intermediate: +1.14 or +1.08% at $ 107.18 per barrel as on Mar 10, 2022 at 7:24 p.m. EST


Precious metals

  • Gold: +5.33 or +0.27% at $1,995.70 an ounce as on Mar, 10 2022 at 19:35 NY Time

  • Silver: +0.21 or +0.81% at $ 25.87 an ounce as on Mar, 10 2022 at 19:35 NY Time


Cryptocurrencies

  • Bitcoin: −90.80 (0.23%) at $ 39,342.90 as on Mar 11, 12:34 AM UTC

  • Ethereum: −4.00 (0.15%) at $ 2,604.21 as on Mar 11, 12:34 AM UTC


(Written and edited by: The Decision Maker)