Traders on the NYSE floor, March 4, 2022.
Source: NYSE
Futures fell slightly in overnight trade on Monday after the S&P 500’s worst day since October, as investors remained vigilant about rising oil prices and slowing economic growth amid Russia. invade Ukraine.
Futures on the Dow Jones Industrial Average fell 100 points. S&P 500 futures traded 0.3% lower and Nasdaq 100 futures fell 0.4%.
The overnight action came after a sharp sell-off on Wall Street, where the S&P 500 fell nearly 3% for its biggest single-day drop in more than a year. The blue-chip Dow fell nearly 800 points in its fifth negative session in six sessions, while the tech-heavy Nasdaq Composite fell 3.6%, into bear market territory, down 20% from its high. record since November.
Adam Crisafulli, founder of Vital Knowledge, said in a note: “Emotions can be seen as negative. “Any hope/optimism that may have escaped seems to have completely evaporated from the market and is NOT profitable to buy the dips.”
Oil prices spiked at the beginning of the week as US crude fell the highest level in 13 years was $130. WTI crude oil futures ended Monday up 3.2% at $119.40, the highest settlement since September 2008. International benchmark Brent crude oil prices hit the highs. high at $139.13 one point during the night before closing at $123.21 a barrel, the highest level since July 2008.
Investors continue to monitor the development of escalating geopolitical tensions. Ukraine says Moscow is trying to manipulate its truce by allowing only Ukrainian civilians to evacuate to Russia and Belarus.
Secretary of State Antony Blinken said on Sunday that the United States and its allies were eyeing a ban on Russian oil and natural gas imports because of actions against Ukraine.
“There seems to be no evidence of improvement in Ukraine and the rhetoric about leaving DC continues to grow more hawkish,” said Cliff Hodge, chief investment officer at Cornerstone Wealth. “While it’s impossible to know where the final bottom might lie, from a risk-reward point of view the market looks very sensible.”
Dick’s Sporting Goods is set to report quarterly earnings on Tuesday before the alarm bells.
