U. S. stock market collapsing due to conflict in Ukraine

U. S. stock market collapsing due to conflict in Ukraine

Budrigannews.com - Wall Street's main indexes fell on Tuesday, with financial stocks taking the brunt for a second day in a row as the Russia-Ukraine crisis got worse. However, energy company shares rose as oil prices went up.

Financials fell 3.8%, marking its biggest daily percentage decline since June 2020, and ten of the 11 major S&P sectors fell.

NYSE: Wells Fargo As a result of a move toward safe-haven debt, U.S. 10-year Treasury yields fell to five-week lows, causing WFC) to lose 5.1% and the broader banks index to lose 4.9%. US/] On the other hand, as oil returned to above $100 a barrel, the energy sector outperformed with a gain of 0.4 percent. O/R] Chevron Corporation After the oil major also raised its share buyback program and forecast for operating cash-flow through 2026, CVX) climbed 2.7% to a record high.

On the sixth day of its assault on its western neighbor, Russia launched rockets at Kharkiv and issued a warning to Kyiv residents to leave their homes as a Russian armored column pounded Ukraine's capital city.

The West has reacted harshly to the conflict, preventing some Russian lenders from using the SWIFT international payment system.

David Petrosinelli, a senior trader at InspereX in New York, stated, "The worse the fighting is going to get, the longer this conflict lingers, and that can't possibly be good for equities."

"Stocks are very vulnerable even from the levels at which they are at right now, and this is largely due to what is happening in Ukraine and, to a lesser extent, the disruption that will come through with oil,"

The Nasdaq Composite was down 206.35 points, or 1.50%, at 13,545.05. The Dow Jones Industrial Average was down 693.60 points, or 2.05%, at 33,199.00. The S&P 500 was down 73.19 points, or 1.67 percent, at 4,300.75.

Data showed that manufacturing activity in the United States increased more than anticipated in February as COVID-19 infections decreased, while construction spending increased in January.

According to Jeff Schulze, an investment strategist at ClearBridge Investments, "Given the fact that the U.S. economy is accelerating, the uncertainty will be relatively short lived and it wouldn't be a surprise if the market found its footing, sometime over the next couple of weeks when clarity is restored."

Target Corporation TGT) increased 11.2% following the big-box retailer's forecast that sales and profits in 2022 would surpass those of analysts.

Stocks in the defense industry include Lockheed Martin Corp. Following a sharp rally in the previous session, LMT) gained. Apple Inc. and other mega-cap growth stocks (NASDAQ: AAPL) were each down more than 1%.

The CBOE volatility index, which is also known as Wall Street's fear gauge, reached its highest level since February 24 at 33.93.

NASDAQ: Zoom Video Communications ZM) Inc. fell 5.6% after it predicted lower revenue and profit for the full year. This indicates that the company was hurt by tough competition and fewer people signing up for its core Meetings platform.

On the NYSE, decliners outnumbered advancers 1.64 to 1, and on the Nasdaq, decliners outnumbered advancers 1.91 to 1.

There were 26 new 52-week highs and 14 new lows on the S&P index, while there were 32 new highs and 101 new lows on the Nasdaq.