Monthly Archives: March 2022

Stocks Start Week Flat

MONDAY – Stocks were steady Monday morning as a week filled with key economic reports kicked off, and investors continue to keep a close eye on the Fed’s planned interest rate hikes.

Parts of The Treasury yield curve inverted on Monday, raising some recession concerns. Earlier on Monday, the yield on the 5-year Treasury note rose to 2.6361%, while the 30-year yield was down less than 1 basis point to 2.6004%.

However, the main yield spread that traders watch — the spread between the 2-year and the 10-year rate — remained positive for now.

The Dow and S&P 500 rose on Friday to close out their second consecutive winning week. The Dow gained 153 points, or 0.4%. The S&P 500 advanced 0.5% and has more than erased its losses since Russia invaded Ukraine in late February. Meanwhile, the Nasdaq Composite dipped 0.2% but still finished the week in the green.

The moves came as investors continue to monitor developments in Russia’s war on Ukraine and expectations about the Fed’s plans to hike interest rates.

Investors are looking forward to the Job Openings and Labor Turnover Survey, or JOLTS, this week. The JOLTS report is one set of employment data that the Federal Reserve is watching closely as it tightens monetary policy.

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Stocks Now Mixed, S&P Still Higher

HTML clipboard FRIDAY – The S&P 500 was steady Friday as the benchmark index looked to close out its second consecutive positive week.

Overall, stocks were mixed early.

For the week, the S&P 500 and Nasdaq are up more than 1% and 2%, respectively. The Dow is marginally higher.

The S&P 500 is now up more than 3% in March, more than erasing its losses since Russia invaded Ukraine late last month.

The rebound has come even as the war in Ukraine continues and the Federal Reserve is set to hike interest rates several more times this year – some analysts saying as many as seven increases.

On Monday, Fed Chair Jerome Powell vowed to be tough on inflation. The remarks came after the Federal Reserve raised interest rates for the first time since 2018 last week, with hikes coming at each of the six remaining policy meetings this year.

Powell noted rate hikes could go from quarter-percentage-point moves to more aggressive half-point increases.

The central bank chief’s comments led Wall Street to raise rate hike expectations, with firms from Goldman Sachs to Bank of America penciling in half-point hikes in future Fed meetings this year.

Meanwhile, investors looked to promising signs the economy can run strong even as the Fed tightens monetary policy to address inflation.

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Stocks Try To End Positive Week On A High Note

HTML clipboard FRIDAY – U.S. stocks rose slightly Friday morning as the S&P 500 looked to close out its second consecutive positive week.

The move comes after a solid session for stocks on Wednesday in which the S&P rose 1.4%, the Nasdaq Composite gained 1.9% and the Dow added 349 points.

For the week, the S&P 500 and Nasdaq are up 1.3% and 2.1%, respectively. Both are on track for their second-straight winning week. The Dow is down marginally week to date.

The rebound has come even as the war in Ukraine continues and the Federal Reserve is set to hike interest rates several more times this year.

Traders are keeping an eye on Europe as the Ukraine-Russia continues. The European Union on Friday struck a gas deal with the U.S. in an effort to reduce its dependency on Russian energy.

The news comes after President Joe Biden said Thursday at a NATO summit in Brussels that the U.S. would respond if Russia used chemical weapons in Ukraine.

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Stocks Rise Slightly After Wednesday’s Losses

HTML clipboard THURSDAY – Stocks rose early Thursday morning as investors tried to recover from declines in Wednesday’s regular trading session.

Investors are continuing to monitor the war in Ukraine and weigh the Federal Reserve’s rate hikes amid persistent inflation.

NATO leaders met in Brussels Thursday to discuss increasing pressure on Russia, as Ukraine appears to be retaking ground in the war.

Last week, the Fed raised interest rates for the first time since 2018. Chair Jerome Powell on Monday vowed to be tough on inflation and opened the door for more aggressive half-percentage-point rate hikes.

The S&P 500 fell into correction territory late February, but is now 7.5% off its highs. The Dow is also 7% from its intraday record and the Nasdaq Composite is off by 14%.

Stocks have seesawed this week, alternating between up and down days. The Dow is about 1% lower on the week while the S&P 500 and Nasdaq Composite are little changed.

All three major averages are on track to close the month at least 1% higher.

On the data front, initial jobless claims last week totaled 187,000.

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Stocks Extend Losses

U.S. stocks eased Wednesday as oil prices rose, renewing inflation fears.

The Dow Jones Industrial Average dropped about 410 points, or 1.2%. The S&P 500 declined 1%. The Nasdaq Composite dipped 0.9%.

Traders digested the latest news on the Ukraine-Russia war. Ukrainian President Volodymyr Zelenskyy called for more pressure on Russia from other countries as the conflict appears to be entering a stalemate.

Oil prices ticked higher on the day, with international oil benchmark Brent crude advancing nearly 5% to top $120 per barrel. U.S. crude gained around 4% to more than $114 per barrel.

The 10-year U.S. Treasury yield surpassed 2.41% at its session high Wednesday, the highest since May 2019. The benchmark rate has surged since the beginning of the week, when Federal Reserve Chairman Jerome Powell vowed to be aggressive on inflation. The Fed last week raised interest rates for the first time since 2018.

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Stocks Fall As Oil Prices Rise

WEDNESDAY – U.S. stocks dipped in early morning trading on Wednesday as oil prices gained, renewing inflation fears.

Traders digested the latest news on the Ukraine-Russia war. Ukrainian President Volodymyr Zelenskyy called for more pressure on Russia from other countries as the conflict appears to be entering a stalemate.

Oil prices ticked higher on the day, with U.S. crude gaining about 3% to more than $112 per barrel. Brent crude, the international benchmark, advanced about 3% to roughly $119.

The benchmark 10-year U.S. Treasury yield topped 2.41% at its session high Wednesday, the highest since May 2019.

Wall Street is coming off a strong session Tuesday in which the Dow jumped more than 250 points and the S&P 500 climbed 1.1%.

Federal Reserve Chair Powell on Monday promised aggressive action on inflation. The comments came after the Fed last week raised interest rates for the first time since 2018 and forecast a plan to hike rates by a quarter-point at each of the remaining six meetings of 2022.

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Stocks Drop Again To Start Week

U.S. equities fell Monday morning, but traded off their lows, as U.S. oil prices pulled back from their highest level since 2008 amid the ongoing war between Russia and Ukraine.

West Texas Intermediate crude futures, the U.S. oil benchmark, traded 6.3% higher to $122.96 per barrel, earlier hitting $130 per barrel at one point before pulling back partially. The international benchmark, Brent crude, traded 6.24% higher to $125.51 per barrel after earlier spiking to $139.13 per barrel — its highest since July 2008.

Gas prices surged to their highest level since 2008, with the national average hitting $4.06 a gallon, according to AAA.

Despite the move away from risk, government bond yields rose, indicating less demand for safe-haven assets. The benchmark 10-year Treasury note was most recently at 1.76%, up nearly 4 basis points on the session as inflation worries pushed yields up.

Positive data from the U.S. Labor Department wasn’t enough for investors to shrug off concerns about the war between Russia and Ukraine. On Friday the Bureau of Labor Statistics reported the economy added 678,000 jobs in February. The monthly jobs gain topped economists’ expectations of 440,000 as gauged by Dow Jones. The unemployment rate slipped to 3.8%.

Last, the Dow and S&P 500 slid about 1.3%. The Dow notched its fourth losing week and the S&P 500 closed in correction territory on Friday, down more than 10% from its record close. The Nasdaq Composite lost roughly 2.8% and is also in a technical correction.

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