Stocks fall, oil at $ 110 amid Russia’s invasion of Ukraine
Main St Asset Management CFO Erin Gibbs and Wells Fargo Advisors senior vice president Mark Smith give their take on investors facing volatility during the Russia-Ukraine conflict on ‘Making Money.’
US equity futures traded lower Friday as the invasion of Ukraine by Russian forces intensified outweighing a red-hot jobs report for February.
The major futures indexes suggest a decline of 1% continuing the downward trend from Thursday.
RUSSIA INVADES UKRAINE: LIVE UPDATES
| Ticker | Security | Cargo | Change | Change% |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGES | 33425.25 | -369.41 | -1.09% |
| SP500 | S&P 500 | 4322.27 | -41.22 | -0.94% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13452.870483 | -85.07 | -0.63% |
MANUFACTURERS OFFER ‘UPSKILLING’ AND SEEK ‘CREATORS’ TO FILL OVER 800,000 JOBS
The February jobs report blew past expectations with the addition of 678,000 nonfarm jobs last month. 467,000 jobs were added in January. The unemployment rate fell to 3.8%, the lowest since February 2020.
Russian forces gained ground, shelling Europe’s largest nuclear power plant and sparking a fire early Friday as they pressed their attack on a crucial energy-producing Ukrainian city. Oil prices remained elevated early Friday.
| Ticker | Security | Cargo | Change | Change% |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND LP | 74.53 | -0.89 | -1.18% |
| BNO | UNITED STS BRENT OIL FD LP UNIT | 30.67 | -0.93 | -2.94% |
US benchmark crude hovered around $ 109.10 per barrel while Brent crude, the international price standard, was above $ 111 per barrel.
BIPARTISAN PRESSURE TO BAN RUSSIAN ENERGY IMPORTS GROWS ON PRAYER
Oil prices are set to post their strongest weekly gains since the middle of 2020, with US crude up more than 22% and Brent at 16% after hitting their highest in a decade.
In stocks,
Costco shares were under pressure after nothing container delays remain an issue. Still, quarterly profit and revenue exceeded analyst expectations.
| Ticker | Security | Cargo | Change | Change% |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 533.05 | +5.05 | + 0.96% |
Smith & Wesson shares tumbled after the company disclosed demand for firearms has cooled from pandemic heights.
| Ticker | Security | Cargo | Change | Change% |
|---|---|---|---|---|
| SWBI | SMITH & WESSON BRANDS | 14.15 | -3.74 | -20.90% |
Airbnb is suspending all operations in Russia and Belarus.
| Ticker | Security | Cargo | Change | Change% |
|---|---|---|---|---|
| ABNB | AIRBNB INC. | 151.69 | -5.84 | -3.71% |
Cruise stocks remain in focus. Royal Caribbean noting it is altering some routes around Russia and Ukraine due to the conflict.
| Ticker | Security | Cargo | Change | Change% |
|---|---|---|---|---|
| RCL | ROYAL CARIBBEAN GROUP | 71.85 | -3.60 | -4.77% |
| CCL | CARNIVAL CORP. | 18.27 | -0.75 | -3.94% |
In cryptocurrencies, Bitcoin traded down to the $ 41,000 level.
Bitcoin traded around $ 41,000.
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FED’S POWELL TO PROPOSE 25 BPS RATE INCREASE AT MARCH MEETING
Powell warned Thursday that the fighting in Ukraine is likely to further magnify the high inflation troubling world economies. Russia is a key oil producer and prices have been rising as global supplies are threatened by the conflict, raising concerns that persistent inflation could become even hotter.
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Powell said he is committed to doing whatever is necessary to slow inflation, underscoring the high-risk challenge in raising interest rates enough to cool price pressures without triggering another recession.
Ken Martin and The Associated Press contributed to this report.