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U.S. and allies step up sanctions pressure on Russia
Stocks slide as Ukraine concerns escalate
Retail earnings continue with Lowe’s, TJX Companies
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| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $33,131.76 | -464.85 | -1.38% |
| I:COMP | $13,037.49 | -344.03 | -2.57% |
| SP500 | $4,225.50 | -79.26 | -1.84% |
Stocks were slammed Wednesday following Ukraine’s declaration of a state of emergency, with the S&P 500 falling further into correction territory and the Dow closing less than 15 points from correction level.
U.S. President Biden speaks during a virtual event in the Eisenhower Executive Office Building of the White House in Washington, D.C., U.S., on Tuesday, Feb. 22, 2022. (Photographer: Samuel Corum/Bloomberg via Getty Images)
President Biden announced that he will be imposing sanctions on the owner of the Nord Stream 2 pipeline connecting Russia and Germany, in response to Russian actions in Ukraine.
The move reverses a May 2021 decision to waive sanctions on the project, which was heavily criticized by Republicans. The sanctions will affect Nord Stream 2 AG and its CEO Matthis Warnig.
In a statement issued from the White House Wednesday afternoon, Biden referenced Germany’s recent announcement that it would halt the pipeline’s certification and thanked Chancellor Olaf Scholz for his cooperation in “holding Russia accountable” for its aggression.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $33,215.27 | -381.34 | -1.14% |
| I:COMP | $13,120.87 | -260.64 | -1.95% |
| SP500 | $4,242.39 | -62.37 | -1.45% |
Stocks tumbled to levels not seen in at least seven months, as Ukraine‘s declared state of emergency drives fears of war with Russia.
FILE – In this Sept. 30, 2021, file photo, Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing on Capitol Hill in Washington. Powell says the tangled supply chains and shortages that have bedeviled the U.S. economy since this summer have gotten worse and will likely keep inflation elevated well into next year. (Sarah Silbiger/Pool Photo via AP, File)
The rapidly escalating tensions between Ukraine and Russia have cast fresh uncertainty on the Federal Reserve’s policy outlook and could force central bank officials to take a more nimble approach as they begin raising interest rates for the first time in three years.
“Overly restrictive monetary policy could result in an outright policy error especially if the business cycle continues to deteriorate,” JPMorgan Chase strategist Dubravko Lakos-Bujas wrote in an analyst note to clients this week. “At the same time, the Russia/Ukraine crisis could force a reassessment of the Fed tightening path resulting in central banks turning less hawkish, while policymakers may consider additional fiscal stimulus.”
Stock Market Check
Ukraine has officially declared a 30-day state of emergency and is urging its citizens in Russia to flee as Kyiv prepares for a potential invasion by Russian forces. Ukraine has been hit by massive cyber attack per reports spooking investors and sending stocks lower.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $33,562.83 | -33.78 | -0.10% |
| SP500 | $4,305.06 | +0.30 | +0.01% |
| I:COMP | $13,373.63 | -7.89 | -0.06% |
U.S. stocks opened in the green on Wednesday as investors continue to monitor the situation between Russia and the Ukraine.
Home Depot incoming CEO talks rising lumber prices…
A Lowe’s employee assists a customer at a local store.
U.S. home improvement chain Lowe’s Cos Inc lifted its full-year sales and profit forecast on Wednesday, as home improvement retailers benefit from resilient demand for tools and building materials.
Lowe’s shares, which fell nearly 4% on Tuesday following the profit margin warning from larger rival Home Depot, rose 2.6% in premarket trading.
The surge in spending on do-it-yourself home projects seen during the early stages of the pandemic has so far held up better than feared even as restrictions ease, while builders and handymen are upgrading their toolkits to complete a backlog of delayed projects.
Traders work on the floor at the New York Stock Exchange (AP Photo)
U.S. equity futures attempted to rebound Wednesday morning from the prior session’s plunge on anxiety over Russian President Vladimir Putin’s authorization to send soldiers into eastern Ukraine. Continue reading
Bitcoin & Gold (iStock)
Investors continued to monitor the escalating tensions on the Russia-Ukraine border.
In a rare move Tuesday, while stocks fell drastically, bitcoin and other crypto bucked the trend and actually gained, although trading bounced between gains and losses during overnight hours. Continue reading
Youth Groups Protest Ukraine Intervention With Human Chain At Russian Embassy (Getty)
An armed clash between Ukraine and Russia, coupled with punishing sanctions for Moscow, could push U.S. stocks toward another major loss, according to Goldman Sachs economists.
The S&P 500 entered correction territory Tuesday, down 10% from its last peak, as investors weighed the conflict and fresh U.S. and U.K. sanctions on Russia. For the year, it’s down over 9%. Continue reading
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This material may not be published, broadcast, rewritten, or redistributed. © FOX News Network, LLC. All rights reserved. FAQ – New Privacy Policy