We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
U.S. stocks ended lower on Wednesday on soaring oil prices, which renewed inflation fears, while President Joe Biden and other world leaders started reaching Brussels for a meeting on how to compel Russia to halt its invasion on Ukraine. All the three major indexes ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) slid 1.3% or 448.96 points to close at 34,358.50 points. Wednesday also marked the blue-chip index’s worst percentage decline since Mar 7.
The S&P 500 slipped 1.2% or 55.37 points to end at 4,456.24 points. All the sectors except energy finished in the red. Financial, health care and tech stocks were the worst performers.
The Energy Select Sector SPDR (XLE) jumped 1.7%. The Financials Select Sector SPDR (XLF), Health Care Select Sector SPDR (XLV) and Technology Select Sector SPDR (XLK) declined 1.9%, 1.8% and 1.1%, respectively. Ten of the 11 sectors of the benchmark index ended negative territory.
The tech-heavy Nasdaq fell 1.2% or 186.21 points to end at 13,922.60 points, recording its worst daily percentage decline since mar 14.
The fear-gauge CBOE Volatility Index (VIX) was up 2.75% to 23.57. Decliners outnumbered advancers on the NYSE by a 1.78-to-1 ratio. On Nasdaq, a 1.81-to-1 ratio favored declining issues. A total of 11.69 billion shares were traded on Wednesday, lower than the last 20-session average of 14.62 billion.
Multiple Tensions Shake Investors’ Confidence
It has been a volatile week so far, with stocks tumbling once again on Wednesday. Rising geopolitical tensions surrounding Russia’s invasion of Ukraine have been worrying investors. This has been taking a toll on stocks and Wednesday was no different. Investors are now closely watching the outcome of the emergency meeting to be held in Brussels.
Investors will be watching what steps President Biden and other world leaders take in the meeting in Brussels to create pressure on Russia to end its war with Ukraine. Rising geopolitical tensions, once again saw oil prices soaring but all the other sectors took a hit as a result of it.
The U.S. benchmark WTI crude jumped about 5% to touch almost $115 per barrel, while the international oil benchmark Brent crude gained over 5% to hit more than $121 per barrel. Shares of Exxon Mobil Corporation (XOM - Free Report) gained 1.6%, while Chevron Corporation (CVX - Free Report) advanced 1.1%. Chevron has a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Stocks took a further hit after investors digested fresh comments from Fed officials. On Wednesday, Cleveland Fed President Loretta Mester said that the central bank should consider some 50-basis points rate hikes in its coming policy meetings to handle rising inflation.
Also, the 10-year Treasury yield crossed 2.41% at its session high on Wednesday, a level not seen since 2019. However, it fell 5.5 basis points to settle at 2.32% at the day’s close.
Economic Data
Not much economic data was released on Wednesday but whatever was released wasn’t impressive. New home sales unexpectedly declined 2% to a seasonally adjusted annual rate of 772,000 units in February.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Stock Market News for Mar 24, 2022
U.S. stocks ended lower on Wednesday on soaring oil prices, which renewed inflation fears, while President Joe Biden and other world leaders started reaching Brussels for a meeting on how to compel Russia to halt its invasion on Ukraine. All the three major indexes ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) slid 1.3% or 448.96 points to close at 34,358.50 points. Wednesday also marked the blue-chip index’s worst percentage decline since Mar 7.
The S&P 500 slipped 1.2% or 55.37 points to end at 4,456.24 points. All the sectors except energy finished in the red. Financial, health care and tech stocks were the worst performers.
The Energy Select Sector SPDR (XLE) jumped 1.7%. The Financials Select Sector SPDR (XLF), Health Care Select Sector SPDR (XLV) and Technology Select Sector SPDR (XLK) declined 1.9%, 1.8% and 1.1%, respectively. Ten of the 11 sectors of the benchmark index ended negative territory.
The tech-heavy Nasdaq fell 1.2% or 186.21 points to end at 13,922.60 points, recording its worst daily percentage decline since mar 14.
The fear-gauge CBOE Volatility Index (VIX) was up 2.75% to 23.57. Decliners outnumbered advancers on the NYSE by a 1.78-to-1 ratio. On Nasdaq, a 1.81-to-1 ratio favored declining issues. A total of 11.69 billion shares were traded on Wednesday, lower than the last 20-session average of 14.62 billion.
Multiple Tensions Shake Investors’ Confidence
It has been a volatile week so far, with stocks tumbling once again on Wednesday. Rising geopolitical tensions surrounding Russia’s invasion of Ukraine have been worrying investors. This has been taking a toll on stocks and Wednesday was no different. Investors are now closely watching the outcome of the emergency meeting to be held in Brussels.
Investors will be watching what steps President Biden and other world leaders take in the meeting in Brussels to create pressure on Russia to end its war with Ukraine. Rising geopolitical tensions, once again saw oil prices soaring but all the other sectors took a hit as a result of it.
The U.S. benchmark WTI crude jumped about 5% to touch almost $115 per barrel, while the international oil benchmark Brent crude gained over 5% to hit more than $121 per barrel. Shares of Exxon Mobil Corporation (XOM - Free Report) gained 1.6%, while Chevron Corporation (CVX - Free Report) advanced 1.1%. Chevron has a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Stocks took a further hit after investors digested fresh comments from Fed officials. On Wednesday, Cleveland Fed President Loretta Mester said that the central bank should consider some 50-basis points rate hikes in its coming policy meetings to handle rising inflation.
Also, the 10-year Treasury yield crossed 2.41% at its session high on Wednesday, a level not seen since 2019. However, it fell 5.5 basis points to settle at 2.32% at the day’s close.
Economic Data
Not much economic data was released on Wednesday but whatever was released wasn’t impressive. New home sales unexpectedly declined 2% to a seasonally adjusted annual rate of 772,000 units in February.