US benchmarks end with steep losses amid geopolitical standoff between Russia and Ukraine

At the close, the S&P 500 was down 1.8% at 4,226, while the Nasdaq Composite suffered heavy losses of 2.6% at 13,037, and the Dow Jones Industrial Average was down more than 450 points or 1 .4%, closing at 33,132.

4:02 p.m .: S&P fell 1.8%

U.S. stocks ended with steep losses on Wednesday as the S&P 500 plunged deeper into correction territory amid fears of a war between Ukraine and Russia.

At the close, the S&P 500 was down 1.8% at 4,226, while the Nasdaq Composite suffered heavy losses of 2.6% at 13,037. The Dow Jones Industrial Average was down more than 450 points or 1, 4%, closing at 33,132.

Among the companies that suffered significant losses on Wednesday were Macy’s, down 5%, and Tesla, whose shares were down more than 7%.

Investors continued to worry about inflation and the Fed’s watchdog policy decision – all as the standoff between Ukraine and Russia threatened the supply chain, mounting inflationary pressure .

12:05 p.m.: S&P 500 plunges deeper

U.S. benchmarks fell midday as morning gains faded amid escalating tensions between Russia and Ukraine.

The S&P 500 plunged 0.2%, falling deeper into correction territory, while the tech-savvy Nasdaq Composite lost 0.5% and the Dow Jones Industrial Average lost 18 points or so. percentage stable at 33,574.

“Yet another bounce has been sold, with stocks falling as the US session continues,” said Chris Beauchamp, chief market analyst at online trading platform IG.

While the first round of sanctions imposed on Russia by the West may have been mild, a Russian response and further Western sanctions will put additional pressure on the global economy, the analyst warned.

“In addition to dealing with the conflict itself, should it arise, investors should worry about the risk of headlines in the form of retaliatory sanctions from Russia and further sanctions against Moscow from the US. ‘West,” Beauchamp said.

He added: “For a market that was already worried about how higher interest rates and higher inflation would affect growth, the prospect of further sanctions and another hit to economic growth means that stock valuations are always in question.”

On the corporate front, shares of Lowe’s Companies soared after its upbeat quarterly results showed a 5% increase in sales. Shares of the company gained more than 3% on Wednesday.

11:05 am: Proactive titles in North America:

Globex Mining Enterprises Announces Completion of Infill Drilling on Vanadium Iron Royalty Property in Quebec

Vejii Says Record January 2022 Revenues Reflect Organic, Earned Growth

Baird initiates coverage of TRACON Pharmaceuticals (NASDAQ:TCON) with ‘outperform’ rating and $10 price target

Electra Battery Materials Partners with Government of Ontario, Glencore and Talon Metals for Battery Materials Fleet Study

Gratomic updates on drilling progress at the Capim Grosso project; reports visual graphite in six holes

South Star Battery Metals Obtains Brazilian Mining Authority Approval for Final Exploration Reports for Santa Cruz Mine

Royal Road Minerals reveals results from six more drill holes at the Guintär project in Colombia

Silver Range Resources (AIM:RRL, ASX:RRS) says mineralization on the Strongbox property may be much more widespread than initially thought

Therma Bright Says It Received Patent For Device To Apply Topical Treatment From USPTO

New Pacific Metals (TSX:NUAG, NYSE:NEWP) Sees Extensive Gold Mineralization and Encouraging Grades in New Drill Results from the Carangas Project

Esports Entertainment Reveals Plans to Install OMEGA at GAMMAX Venues in the Netherlands

Hawkmoon Resources seeks permits for Wilson 2022 drilling program in Quebec

Potent Ventures appoints former Pepsi exec Bruce Gillies to its advisory board as it prepares to launch The Gummy Project

Context Therapeutics (NASDAQ:CNTX) Prepares for a Busy 2022 Advancing Women’s Oncology Treatments

Golden Shield Resources (CSE:GSRI) awaiting results after an initial 13-hole drill program at the Marudi Mountain gold project in Guyana

Wishpond Technologies Recognized by Gartner Digital Markets for Marketing-Focused Online Commerce Solutions

ElectraMeccanica (NASDAQ:SOLO) Vehicles Announces Initial Purchase of a Fleet of 20 SOLO Cargo Electric Vehicles from Mountain Mike’s Pizza

Think Research processed over 300,000 digital referrals through a partnership with the Ontario eServices program and CognisantMD in 2021

Minto Metals Receives Exploration Permit for Minto Mine Property in Yukon; prepares for a 30,000 meter drill program

Goldseek Resources launches 4,000 meter drill program at its Beschefer project in Quebec

Algernon Pharmaceuticals begins manufacturing Repirinast and launches new chronic kidney disease research program

PharmaDrug Announces Positive Results of DMT-Like Program to Treat Glaucoma

ME2C Environmental (OTCQB: MEEC) signs a multi-year contract renewal with an annual value expected to reach $1.5 million

Adastra Holdings (CSE:XTRX) expands its co-manufacturing portfolio by expanding its production plant

ImagineAR Says Heavyweight Boxing Champion Tyson ‘Gypsy King’ Fury Joins Metaverse as Holographic Electronic Greeting on FameDays.com

Aurion Resources (TSX-V:AU) Announces Start of Winter Drilling Program at Finnish Joint Venture

C3 Metals reaches “some of the highest copper grades to date” in recent drilling at its Jasperoide project in Peru

Cloud DX (TSX-V: CDX, OTCQB: CDXFF) and Medtronic sign their first contract with the Ontario Hospital

Esports Entertainment posts revenue of $14.5 million in the 2nd quarter; remains “extremely optimistic” for the year ahead

Biocept explains how its CNSide cerebrospinal fluid test could improve brain cancer treatment options

i-80 Gold begins underground mining program at Granite Creek in Nevada

CULT Food Science Completes Seed Investment in Precision Fermentation Dairy Company De Novo Dairy

CareRx Welcomes Ontario Ministry of Health’s Delay of Long-Term Care Pharmacy Funding Changes

Benchmark Metals says latest drill results from Cliff Creek deposit at Lawyers show open pit and underground mining potential

Plurilock Announces Spring 2022 Product Release

10 a.m.: Market rebound

US markets opened in the green a day after the S&P ended in correction territory amid escalating geopolitical tensions between Russia and Ukraine, leading the US to impose sanctions on Moscow.

The S&P 500 recouped losses, gaining 0.5% to 4,318, while the Dow Jones Industrial Average gained 0.2%, or 70 points, to 33,667, and the tech-heavy Nasdaq Composite rose 0. .2%.

“Stock markets are back in positive territory on Wednesday as investors await Russia’s response to the West’s initial sanctions,” said Craig Erlam, senior market analyst, UK and EMEA, OANDA.

Erlam noted that as long as both sides continue to claim a desire for a diplomatic solution and troops remain on the correct side of the border, “we could continue to see these kinds of bounces.”

“Markets have been under a lot of pressure this year and investors are going to be tempted to get back to those levels,” he added.

Investors are under increased market pressure and volatility ahead of threats of war between Ukraine and Russia, as well as potential Federal Reserve interest rate hikes, likely to be exceeded by at least 25 basis points baseline at the mid-March meeting.

6:30 am: US stocks open

US stocks are set to open higher, recouping some of their losses after the European Union and countries like the US, UK and Japan imposed only moderate sanctions on Russia after President Vladamir Putin has sent troops to two breakaway regions of Ukraine.

Futures for the Dow Jones Industrial Average rose 0.5% pre-market on Wednesday, while those for the broader S&P 500 index gained 0.58% and the tech-heavy Nasdaq added 0. .88%.

U.S. stocks closed lower on Tuesday amid the Russia-Ukraine standoff on fears that geopolitical tensions could also lead to supply chain issues, adding to inflationary pressures as the Federal Reserve prepares to raise rates of interest from March.

At the close, the Dow Jones Industrial Average fell 1.42% to 33,597, while the S&P 500 fell 1.01% to 4,305, and the Nasdaq Composite lost 1.23% to 13,382.

“Markets are peeking behind the curtain of risk as sanctions announced by the US, UK and Europe against Russia have failed to address the market’s worst fears,” commented Han Tan, chief market analyst at Exinity Group.

“Most Asian markets rise alongside European and US stock futures as bulls attempt to pull the S&P 500 out of a technical correction again.”

Tan noted that safe havens have moderated, with spot gold falling back below $1,900, Treasury yields rising and the dollar losing ground against most of its G10 peers.

“Instead of sending the strongest possible message, the first tranche of sanctions by Western allies are seen as mere thumbtacks that induce only limited discomfort on Russia, at least for now. Some of the Sanctions imposed on Russian banks are largely symbolic and have limited impact on its financial relations with the rest of the world.

Although Ukraine’s Western allies have highlighted other possibilities for economic retaliation, Mr. Tan said Tuesday’s announcements hinted at more room for maneuver for Russia, noting that the measures of the EU still needed to be confirmed by member states, while U.S. lawmakers continued to wrangle over a bipartisan set of Russian sanctions.

Comments are closed.