Ukrainians have vowed to stay put, to put off Putin from taking away their sovereigntys. Likewise, Wallstreet’s seasoned investors have rolled off their sleeves to put up a strong wall against global market disruption by Russia. As Russians continue to strangle Ukraine pouring cold blood along the streets of Kyiv, across the sea, Wall Street deepened on red marking a 2-day losing streak.
On the first day of March in 2022, contracts of Dow Jones slid by 597 points (1.76%) rallying at 33,294 .95. In another lane, stocks on blue-chip average, S&P 500 declined by 1.6% losing 67 points and finally reading at 4,306.26. As usual, another major index that we feature in our daily journal is the tech-dominated Nasdaq. Yesterday, Nasdaq Composite lost 218 points (-1.6%) closing at 13,532.46.
Away from the Russia-Ukraine war, today our eyes will shift from the Moscow-Kyiv crisis to what Powel will share with US congress. Jerome Powell is scheduled to answer questions in Infront of a House panel, today. At the beginning of the year, rising inflation was the major headache facing Powel’s think tank. However, at the moment, his monetary policy calculations have been completely changed by the Ukraine-Russia war as stated by Helene Braun of coindesk.com
As leading mainstream media continue updating us on what is happening in Ukraine; Global Authority policymakers are pulling up their socks, keeping Putin on toes by adding sanctions on Russia. On Saturday, SWIFT (Worldwide inter-banking Telecommunication Society) removed Russia from its system. According to CNN Busines that is a ‘’nuclear move’’ against Russia’s financial muscles, which may soften Putin’s “war chest”.
Also, Wall Street investment families have not been left behind in coming in handy for Ukraine Nation. For instance, Apple (APLE) on Tuesday announced that they will back off from selling their products in Russia. On the same note, Disney (DIS) disclosed that they will put a halt to their schedule of releasing more films in Russia. Likewise, a host of S&P 500 components are compiling policies that will increase pressure on Russia.
As we have always stated in our daily reporting on investorchart.com, the energy sector is the direct victim of Putin’s chest-thumping. For example, recent prices of crude oil skyrocketed past $100 per barrel. All that happened at the heels of the release of sixty million barrels from international stockpiles. The release was to assist in controlling the pressure in the bottle-tight energy market.
As we brace ourselves for a new trading day, yesterday; 10 of eleven S&P 500 components declined by 3.7% led by the financial sector (.SPSY) as reported by Reuters.com. The major banking index (SPXBK) tumbled by 4.8% as the US Ten-Year Treasury bond deepened stamping a 5-week-lows. However, Chevron Corp (CVX.N) and (SPNY) the energy index jumped by 4% and 1% respectively.
