US Stocks Sell-Off Continues, European Stocks Ended in The Red.
London, Monday, 07 March 2022
US Markets Summary
Investors continued to assess stagflation concerns as an escalation of the crisis in Ukraine pushed commodities prices to new highs, sending the main stock market indexes in the United States significantly lower on Monday, following four weeks of falls.
The Dow dropped nearly 800 points, the S&P 500 fell 3%, and the Nasdaq fell 3.6 percent.
European Markets summary
All major European stock exchanges ended Monday's session in the red, with the DAX 30 index plunging nearly 2% to a 16-month low of 12,850 on persisting concerns about global economic stagflation.
Concerns about increased inflationary pressures on economies have been heightened by the prospect of a concerted US-European ban on Russian oil, which, along with sluggish Eurozone growth, puts ECB policymakers in a difficult position when they meet later this week to determine policy.
Losses were led by banks, retailers, and autos, while gains were led by energy and commodities stocks.
Investors are now anticipating employment and GDP statistics from the Eurozone on Tuesday, as well as the European Central Bank's monetary policy meeting and macroeconomic predictions on Thursday.
U.S. Stock Market Indexes as at 4:00 p.m. ET
S&P 500: -127.98 (-2.96%) to 4,200.89
Nasdaq: -482.48 (-3.62%) to 12,830.96
Dow Jones: -801.24 (-2.38%) to 32,813.56
European Stock Market Indexes
STOXX Europe 600: -15.58 points, or 1.10%, to 417.14
FTSE 100 in London: -27.7 points, or 0.40%, to finish at 6,959
DAX 30 in Germany: worst performer of the day, -259.9 points or 1.98%, to end the day at 12,834
CAC 40 in France: -79.39 points, or 1.31%, to 5,982.
FTSE MIB 30 in Italy: -304.6 points, or 1.36%, to close at 22,160
IBEX 35 in Spain: -76.3 points, or 0.99%, to 7,644
Ten-year U.S. Treasury note: +2.7 bps to yield 1.7510%
Dollar index: +0.59 or + 0.60% as on 99.24
VIX volatility index: +4.47 (13.98%) at 36.45
Brent crude: +1.29 or + 1.08% at $ 120.65 as on Mar 7, 2022 at 6:48 p.m. EST
West Texas Intermediate: +1.22 or + 1.02% at $ 120.73 as on Mar 7, 2022 at 6:49 p.m. EST
Gold: +26.89 or +1.36% at $ 1,998.79 an ounce as on Mar, 07 2022 at 19:01 NY Time
Silver: -0.05 or -0.18% at $ 25.69 an ounce as on Mar, 07 2022 at 19:01 NY Time
Bitcoin: −20.40 (0.054%) at 37,998.00 as on 7 Mar, 23:59 UTC
Ethereum: −3.81 (0.15%) at 2,491.67 as on 7 Mar, 23:59 UTC
(Written and edited by: The Decision Maker)