U.S. stock futures fell Monday amid ongoing tensions between Russia and Ukraine and as earnings season winds down.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34738.06 | -503.53 | -1.43% |
| SP500 | S&P 500 | 4418.64 | -85.44 | -1.90% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13791.154014 | -394.49 | -2.78% |
Further losses come after the S&P 500 index tumbled 1.9% on Friday after the White House encouraged Americans to leave Ukraine within 48 hours. Other governments including Russia were pulling diplomats and their citizens out of the country.
Russia is one of the biggest oil producers. Any military action that disrupts supplies could send shockwaves through energy markets and global industry.
“Markets are belatedly waking up to the geopolitical risks posed by Russian military action against Ukraine,” Rabobank said in a report. Oil climbed to the $92 per barrel level, while Brent Crude, the global benchmark, was hovering around the $93 level.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 65.74 | +1.78 | +2.78% |
| BNO | UNITED STS BRENT OIL FD LP UNIT | 25.69 | +0.97 | +3.92% |
In corporate news,
SoFi shares rose after Bank of America initiated coverage of the fintech company with a buy rating and a $17 price target.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SOFI | SOFI TECHNOLOGIES | 12.40 | +0.01 | +0.08% |
Among the companies reporting are two Dow members – computer networking firm Cisco Systems and retailing giant Walmart.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 135.33 | -0.75 | -0.55% |
| CSCO | CISCO SYSTEMS INC. | 53.90 | -0.97 | -1.77% |
Other names to watch include mass media and entertainment company ViacomCBS, graphics chip maker Nvidia, online lodging marketplace Airbnb, food processor Kraft Heinz and agricultural machinery maker Deere to name a few.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| VIAB | n.a. | n.a. | n.a. | n.a. |
| NVDA | NVIDIA CORP. | 239.49 | -18.75 | -7.26% |
| HNZ | n.a. | n.a. | n.a. | n.a. |
| DE | DEERE & CO. | 392.67 | -0.48 | -0.12% |
| KHC | THE KRAFT HEINZ CO. | 34.73 | +0.44 | +1.28% |
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The market price of a 10-year Treasury rose, pushing down its yield, or the difference between the day’s price and the payout if held to maturity, to 1.91% from Thursday’s 2.03%.
Treasury prices had been falling on expectations the Fed will raise interest rates as many as seven times this year. If the Fed succeeds in cooling inflation, that would increase the buying power of the payout from bonds, making them a more attractive investment.
The Bank of Japan made an offer for unlimited government bond purchases on Monday, moving to curb a surge in long-term interest rates. Japan’s central bank set the interest rate for purchasing 10-year government bonds at 0.25%. The offer drew no bids but still had the effect of lowering interest rates and likely reassured investors of continued support for the markets.
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In cryptocurrencies, Bitcoin slipped to the $42,000 level.
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The Associated Press contributed to this report.