Stocks finish down on hawkish Fed comments
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Biden warns of ‘evolving intelligence’ suggesting possible Russian cyberattacks against the US
President Biden on Monday warned that there is “evolving intelligence” to suggest that the Russian government is exploring options for potential cyberattacks against the United States, amid its multi-front war against Ukraine, and urged the private sector to “immediately” harden “cyber defenses.”
In a statement Monday, the president said
this is “a critical moment to accelerate our work to improve domestic cybersecurity and bolster our national resilience.”
Metal stocks, ETFs buck down day on Wall Street
Markets seeing earnings growth as oil costs, inflation grow
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Stocks lower as Powell highlights inflation in prepared remarks
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $34,512.03 | -242.90 | -0.70% |
| SP500 | $4,453.26 | -9.86 | -0.22% |
| I:COMP | $13,814.02 | -79.81 | -0.57% |
Powell issues new warning on inflation at 38th Annual Economic Policy Conference (NABE)
“”the inflation outlook had deteriorated significantly this year even before Russia’s invasion of Ukraine” said Federal Reserve Chairman Jay Powell.
Developing Story
Oil tops $109
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Stock Watch: Boeing, China Eastern Airlines
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Buffett expands insurance portfolio
Russia, Ukraine new hurdle for global, US economy
Futures at a glance
U.S. equity futures were lower Monday as investors watched efforts to mediate a settlement to Russia’s attack, which has pushed up oil prices and added to uncertainty about the global economic outlook.
Meanwhile, Brent crude futures rose more than 4.3% to $112.38 a barrel. U.S. West Texas Intermediate futures climbed 4.4% to $109.10 a barrel.
Cryptocurrency trending lower overnight
Bitcoin was trading above $41,000 early Monday morning as the cryptocurrency market was down overall.
According to Coindesk, Bitcoin was trading at $41,218, down 1.64%, while Ethereum and Dogecoin were trading at $2,882 (-1.53%) and approximately 12 cents (-1.88%), respectively, the report said.
Bitcoin and other major cryptocurrencies fell slightly last week, but finished a mostly upbeat week higher than when they started the week, showing stamina to withstand the U.S. central bank’s first interest rate hike in four years and Russia’s escalating attacks on Ukraine.
US stocks lower heading into early Monday morning
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $34,754.93 | +274.17 | +0.80% |
| SP500 | $4,463.12 | +51.45 | +1.17% |
| I:COMP | $13,893.84 | +279.06 | +2.05% |
U.S. stocks were moving downward early Monday morning after gains last week put the market in positive territory for March.
Wall Street’s S&P 500 index rose 1.2% on Friday after markets appeared to welcome the Federal Reserve’s attempt to fight surging inflation by raising its key interest rate.Friday’s gains were Wall Street’s biggest weekly gain in 16 months.
Investors watched efforts to mediate a settlement to Russia’s attack, which has pushed up oil prices and added to uncertainty about the global economic outlook.
On Friday, the S&P rose to 4,463.12, adding to a streak that included two days of 2% gains. The Dow advanced 0.8% to 34,754.93 and the Nasdaq composite added 2% to 13,893.84. The three indexes had their best week since November 2020.
Gas prices slightly lower heading into new workweek
The price of gasoline continued moving lower over the weekend after setting a record high a week ago.
The average price for a gallon of gasoline in the U.S. slipped on Monday to $4.252 according to the latest numbers from AAA. The price on Sunday was $4.255.
The previous record high was $4.33, set on Friday March 11, 2022.
Several lawmakers made moves Friday to lessen the pinch on consumer’s wallets caused by the rise in gas prices.
With little progress in Russia-Ukraine talks, oil prices rise in Asia Monday
Oil prices rose in Asian trade Monday after talks between Ukraine and Russia show little signs of progress, Dow Jones Newswires reported.
Financial markets are still largely determining oil prices by assessing the likelihood of a diplomatic solution to the Ukraine conflict, CBA said.
“Physical shortages, linked to current sanctions on Russia, though will eventually play a more dominant role in oil price determination,” CBA says.
Germany calls for new talks on transatlantic trade agreement: report
Germany is calling for renewed negotiations over a free trade agreement between the U.S. and European Union, Reuters reported Sunday.
“We should resume negotiations on a transatlantic free trade agreement,” Christian Lindner, the finance minister of Europe’s largest economy, told the Handelsblatt newspaper, Reuters reported.
“Especially now in the [Ukraine] crisis, it is becoming clear how important free trade is with partners around the world who share our values,” Lindner said.
The U.S. embassy in Berlin didn’t respond directly to Lindner’s comments but said an existing U.S.-EU Trade and Technology Council ensured that current policies support global growth, Reuters reported.