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Wall Street tumbled on Thursday on concerned regarding the geopolitical conflicts between Russia and Ukraine. Market participants remained highly uncertain about the global economic impact of this lingering dispute. All three major stock indexes ended in negative zone.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) slid 1.8% or 622.24 points to close at 34,312.03. Notably, 25 components of the 30-stock index ended in red while 5 in green. The blue-chip index suffered its biggest single-day decline since Nov 30.
The tech-heavy Nasdaq Composite finished at 13,716.72, plunging 2.9% or 407.38 points due to the weak performance of large-cap technology stocks. The tech-laden index suffered its worst single-day performance since Feb 3.
However, the S&P 500 tanked 2.1% to end at 4,380.26. Nine out of eleven sectors of the benchmark index closed in negative territory while two in green. The Technology Select Sector SPDR (XLK), the Consumer Discretionary Select Sector SPDR (XLY), the Communication Services Select Sector SPDR (XLC) and the Financials Select Sector SPDR (XLF) nosedived 3%, 2.7%, 2.7% and 2.5%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was up 15.7% to 28.11. Decliners outnumbered advancers on the NYSE by a 2.81-to-1 ratio. On Nasdaq, a 3.63-to-1 ratio favored declining issues. The S&P 500 recorded 6 new 52-week highs and 19 new lows while the Nasdaq Composite posted 27 new 52-week highs and 249 new lows.
Geopolitical Tensions Heighten
On Feb 17, Wall Street plummeted after President Joe Biden warned that the threat of Russia invading Ukraine is “very high,” and an attack could come within “the next several days.” Situations aggravated after White House warned on Feb 11 that Russia may enter the geographical territory of Ukraine soon. Any Americans still in Ukraine should leave “immediately,” the White House said.
On Feb 15, the Russian Ministry of Defense announced that some Russian military units started returning to barrack after completing drills near the Ukraine border. However, on Feb 16, the NATO accused Russia that there is no evidence that Russian troops are moving back. Instead, NATO accused Russia of increasing the deployment of its forces near the Ukraine broader.
State Department Special Envoy for Energy Affairs Amos Hochstein and Coordinator for the Middle East and North Africa Brett McGurk met Saudi Arabia officials to discuss issues related to global supply of crude oil and natural gas in light of a possible invasion by Russia in Ukraine.
Economic Data
The Department of Labor reported that weekly jobless claims increased 23,000 to 248,000 for the week ended Feb 12, higher than the consensus estimate of 217,000. Previous week’s data was revised upward from 223,000 to 225,000. Continuing Claims (those who already received government benefit) for the week ended Feb 5, came in at 1.593 million — the lowest weekly figure since the first week of the year — and a good step below the upwardly revised 1.62 million the previous week.
The Census Bureau reported that housing starts dropped nearly 4% in January to a seasonally adjusted 1.638 million units, lagging the consensus estimate of 1.687 million units. December’s data was revised upward from 1.702 million units to 1.708 million units. Year over year, housing starts increased 1% in January.
Building permits rose nearly 1% in January to a seasonally adjusted 1.899 million units, beating the consensus estimate of 1.750 million units. December’s data was revised upward from 1.873 million units to 1.885 million units. Year over year, building permits increased 1% in January.
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Stock Market News for Feb 18, 2022
Wall Street tumbled on Thursday on concerned regarding the geopolitical conflicts between Russia and Ukraine. Market participants remained highly uncertain about the global economic impact of this lingering dispute. All three major stock indexes ended in negative zone.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) slid 1.8% or 622.24 points to close at 34,312.03. Notably, 25 components of the 30-stock index ended in red while 5 in green. The blue-chip index suffered its biggest single-day decline since Nov 30.
The major loser of the Dow was salesforce.com, inc. (CRM - Free Report) , which plummeted 5.5%. salesforce carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The tech-heavy Nasdaq Composite finished at 13,716.72, plunging 2.9% or 407.38 points due to the weak performance of large-cap technology stocks. The tech-laden index suffered its worst single-day performance since Feb 3.
However, the S&P 500 tanked 2.1% to end at 4,380.26. Nine out of eleven sectors of the benchmark index closed in negative territory while two in green. The Technology Select Sector SPDR (XLK), the Consumer Discretionary Select Sector SPDR (XLY), the Communication Services Select Sector SPDR (XLC) and the Financials Select Sector SPDR (XLF) nosedived 3%, 2.7%, 2.7% and 2.5%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was up 15.7% to 28.11. Decliners outnumbered advancers on the NYSE by a 2.81-to-1 ratio. On Nasdaq, a 3.63-to-1 ratio favored declining issues. The S&P 500 recorded 6 new 52-week highs and 19 new lows while the Nasdaq Composite posted 27 new 52-week highs and 249 new lows.
Geopolitical Tensions Heighten
On Feb 17, Wall Street plummeted after President Joe Biden warned that the threat of Russia invading Ukraine is “very high,” and an attack could come within “the next several days.” Situations aggravated after White House warned on Feb 11 that Russia may enter the geographical territory of Ukraine soon. Any Americans still in Ukraine should leave “immediately,” the White House said.
On Feb 15, the Russian Ministry of Defense announced that some Russian military units started returning to barrack after completing drills near the Ukraine border. However, on Feb 16, the NATO accused Russia that there is no evidence that Russian troops are moving back. Instead, NATO accused Russia of increasing the deployment of its forces near the Ukraine broader.
State Department Special Envoy for Energy Affairs Amos Hochstein and Coordinator for the Middle East and North Africa Brett McGurk met Saudi Arabia officials to discuss issues related to global supply of crude oil and natural gas in light of a possible invasion by Russia in Ukraine.
Economic Data
The Department of Labor reported that weekly jobless claims increased 23,000 to 248,000 for the week ended Feb 12, higher than the consensus estimate of 217,000. Previous week’s data was revised upward from 223,000 to 225,000. Continuing Claims (those who already received government benefit) for the week ended Feb 5, came in at 1.593 million — the lowest weekly figure since the first week of the year — and a good step below the upwardly revised 1.62 million the previous week.
The Census Bureau reported that housing starts dropped nearly 4% in January to a seasonally adjusted 1.638 million units, lagging the consensus estimate of 1.687 million units. December’s data was revised upward from 1.702 million units to 1.708 million units. Year over year, housing starts increased 1% in January.
Building permits rose nearly 1% in January to a seasonally adjusted 1.899 million units, beating the consensus estimate of 1.750 million units. December’s data was revised upward from 1.873 million units to 1.885 million units. Year over year, building permits increased 1% in January.