• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Top Trading Strategy
No Result
View All Result
Home Breaking News

Dow rebounds 600 points as rally in commodity prices driven by Ukraine conflict cools off

by
March 9, 2022
in Breaking News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

Ryanair cabin crew in Spain announce 12 new days of strikes in July

Blasts kill three in Russian city near border; Ukraine concedes last eastern bastian could fall

Germany Risks a Cascade of Utility Failures, Economy Chief Says

Meta could be ‘bracing for a tornado-like quarter’: Wedbush’s Dan Ives

Stock futures posted strong gains early Wednesday as surging in commodity prices eased while the war in Ukraine continues.

Futures tied to the Dow Jones Industrial Average rose 458 points, or about 1.4%. S&P 500 futures climbed 1.6% and Nasdaq 100 futures gained 2%.

The gains came amid an easing in commodity prices that have spooked the broader market. Energy and agriculture products in particular have catapulted higher amid the fighting in Ukraine, while some metals also have posted major gains.

West Texas Intermediate crude, the U.S. oil benchmark, was last down 2.2% to $120.92, while Brent crude, the international standard, fell 1.7% to $125.78. Wheat futures also were sharply lower, falling 6.3% to $1,206 a bushel, though palladium continued its march higher, rising 3.8% to $3,082 per ounce.

Treasury yields also climbed as investors focused on the overall trend of higher inflation. The benchmark 10-year note rose about 3.7 basis points to 1.91%. A basis point equals 0.01%.

Pepsico shares rose 1.8% in premarket trading after the soft drink giant said it will suspend sales in Russia, though it will continue to sell snacks and essentials such as baby formula. Elsewhere, shares of dating service Bumble soared nearly 23% after it reported profit and expected growth that was much better than Wall Street expectations.

The major averages all closed lower Tuesday after a day of whipsaw trading. The Dow gave up a 585-point gain to end the day lower by 184 points, falling deeper into its correction. The S&P 500 slid 0.7%, in correction territory. The Nasdaq Composite lost 0.2%, after entering bear market territory Monday.

The market volatility was driven by uncertainty among investors as they continued to assess surging prices in commodities like oil, gasoline, natural gas and precious metals. That fueled concerns about a slowdown in global growth amid surging inflation.

It remains to be seen if the Federal Reserve will manage a soft economic landing, but the U.S. should be able to avoid a recession, according to Ross Mayfield, investment strategy analyst at Baird.

“The strength of the U.S. labor market, consumer and aggregate corporate sector should act as the weight to keep us out of recession near-term,” he told CNBC. “Overall, volatility is likely to persist, [there’s a] wide range of outcomes possible in Ukraine, but the fundamentals of the U.S. economy still look decent, especially if the Fed can navigate raising rates without breaking demand.”

Stock picks and investing trends from CNBC Pro:

Goldman says buy these global stocks to beat the volatility — and gives several over 50% upside

Wall Street says these Nasdaq stocks have the best shot at bouncing back from the bear market

Nickel surge just raised the input cost for an electric vehicle by $1,000, Morgan Stanley estimates

Energy stocks were a bright spot in the market as oil prices continued to climb, jumping to their highs of the session as President Joe Biden announced a ban on Russian fossil imports, including oil, in response to the country’s invasion of Ukraine. That was after oil hit a 13-year high of $130 to start the week.

Other commodity prices resumed their push higher, including nickel, which touched a new record above $100,000 a metric ton.

Earnings continue Wednesday with Campbell Soup, Crowdstrike and Marqeta all set to report.

On the economic data front, investors are looking forward to homebuying data from the Mortgage Bankers Association as well as the Job Openings and Labor Turnover Survey, or JOLTS.

Next Post

Amazon referred to DOJ for potential criminal obstruction of Congress

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Ryanair cabin crew in Spain announce 12 new days of strikes in July

by
July 3, 2022
0

A Ryanair aircraft, which was carrying Belarusian opposition blogger and activist Roman Protasevich and diverted to Belarus, where authorities detained...

Read more

Ryanair cabin crew in Spain announce 12 new days of strikes in July

Blasts kill three in Russian city near border; Ukraine concedes last eastern bastian could fall

Germany Risks a Cascade of Utility Failures, Economy Chief Says

Meta could be ‘bracing for a tornado-like quarter’: Wedbush’s Dan Ives

Forget the 1970s — this market is drawing comparisons to the 1870s

Mark Zuckerberg issues dire economic warning to Meta employees

Load More

All rights reserved by www.toptradingstrategy.net

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.