April 26, 2022

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Stocks open lower on fears of escalation in Ukraine

Stocks open lower on fears of escalation in Ukraine

US stocks fell as investors expressed concern about a further escalation in Ukraine war Which leads to a shortage of supply of goods.

The S&P 500 fell 0.3% in early New York trading, a modest decline in the broad market index after It closed up 1.3% on Thursday. The tech-heavy Nasdaq Composite Index was down 0.4%, while the Dow Jones Industrial Average was down 0.3%, or 108 points.

Stocks have advanced over the past three days, putting the S&P 500 on track for its best weekly performance in more than a year. It’s up 4.5% so far this week. Investors said they were staying war effect In Ukraine on the US economy and that companies still have strong fundamentals. The recent rise in oil prices could dampen sentiment and spur more Inflation concernsthe investors said.

“Sentiment remains fragile, and the risk of further escalation remains a real concern despite the gains in the past two weeks,” said Michael Hewson, chief market analyst at CMC Markets.

Oil prices hovered at high levels, with Brent crude down 0.4% after jumping more than 8% on Thursday. The global index was trading at $106.28 a barrel. Traders remain concerned about reduced oil supplies due to long-term sanctions on Russia amid signs that the conflict may continue.

Russian and US officials said on Thursday that talks between Moscow and Kiev on a ceasefire had not yielded progress. President Biden He is scheduled to speak With China’s Xi Jinping on Friday, he is expected to try to deter Beijing from supporting Russia in the Ukraine war.

Traders worked on the floor of the New York Stock Exchange on Wednesday.


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Spencer Platt / Getty Images

The yield on the benchmark 10-year Treasury fell to 2.167% from 2.192% on Thursday, reversing the trend after four consecutive days of gains. Prices rise when returns fall.

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Jim Stop

It decreased by 9% after The company recorded a sudden loss In the last quarter of Thursday after the markets closed.

FedEx

It fell 3.7% after it reported lower freight volumes and said profit margins were under pressure.

Offshore, the Stoxx Europe 600 Continental Index was down 0.4%.

The Russian stock market remained closed and the central bank has not yet said whether it will open next week. The central bank kept the key interest rate at 20%. The ruble rose 1.3% against the dollar, trading at about 105 rubles to one dollar, after the Russian state avoided default by making Coupon payments on sovereign dollar-denominated bonds on Thursday.

“The markets were in a position to face a technical shortcoming of Russia, people were surprised,” said Ludovic Subran, chief economist at Allianz. He added that this gives a boost to the currency.

Russian government bonds also rose. Bonds maturing next year are trading around 55 cents on the dollar, up from 25 cents at the start of the week, according to AdvantageData.

In Asia, most major benchmarks have risen. Chinese stocks were mixed, with the Shanghai Composite Index rising for a third trading session in a row and extending the momentum spurred by policy makers in Beijing. Which indicates the support of capital markets earlier in the week. Hong Kong’s Hang Seng fell 0.4% on Friday but closed more than 4% higher for the week.

write to Anna Hertenstein at anna.hirtenstein@wsj.com

Corrections and amplifications
European stocks started trading at 4 AM ET. An earlier version of this article mistakenly described the moves as of the end of Thursday as having occurred on Friday morning.

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