Stocks are up after Wednesday’s sell-off

US stocks rose slightly, putting Wall Street indexes on track to recoup some of Wednesday’s losses, while oil prices hovered near recent highs.

The S&P 500 rose 0.3% in early trading Thursday, a day after down 1.2%. The technology-focused Nasdaq Composite rose 0.2% and the Dow Jones Industrial Average rose 0.2%.

Stocks have struggled this year amid rising inflation, conflicting economic signals, the war in Ukraine, and the ongoing turmoil from the pandemic. The S&P 500 is down about 6% year-to-date, and the Nasdaq, which is down about 11%, is in its longest bear market since 2008.

But this decline comes against the backdrop of a long march. Wednesday marked the second anniversary of the pandemic’s decline in US stocks. Since then, the S&P 500 and Nasdaq have doubled, while the Dow is up nearly 90%.

Investors have wrestled with how Russia’s war with Ukraine It will put additional pressure on supply chains already disrupted by Covid-19. Oil prices, still above $100 a barrel, have raised concerns that consumers could see higher energy prices and even Products such as plastic wrap or herbal fertilizer. Federal Reserve officials put in an additional series Interest rate increases To curb inflation this year.

US crude fell 1.2 percent to $113.58 a barrel.

“During mid-February it was all about price hikes, then it was all about the war, and what is worrying now is that it has come together,” said Daniel Morris, chief market strategist at BNP Paribas Asset Management. “The challenge in this environment is what you buy. You can’t sit around with cash. It’s kind of a ‘least bad option’ kind of market.”

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


Photo:

Brendan McDermid/Reuters

Among individual stocks, shares

Nicola

It rose 12% after the company confirmed that production of its commercial electric truck is slated to.

Uber

It rose 3.3% after it said it would list all New York City taxis on its app.

Stock market jumped in Russia First limited trading session Since the West unveiled punitive sanctions about a month ago. The benchmark MOEX index added about 4%.

The increase is unlikely to be interpreted as a sign that the Russian economy is doing well. Only 33 shares were allowed to trade out of the 50 shares in the index. To prevent a sharp sale, the Central Bank of Russia banned short selling, and foreigners, who make up a significant part of the market, forbade selling their shares.

The move will also help prevent the ruble’s weakening, as foreign investors are likely to sell their ruble-denominated shares and then dump the ruble against the dollar or the euro. The Russian currency pared some of its losses against the dollar in recent sessions, trading at 98 rubles to the dollar on Thursday.

In the bond markets, the yield on the benchmark 10-year Treasury rose to 2.367% from 2.320% on Wednesday. Yields and prices move inversely.

Offshore, the Stoxx Europe 600 Index is down 0.2%. The major indices in Asia closed with a mixed performance. China’s Shanghai Composite Index is down 0.6%, and Hong Kong’s Hang Seng Index is down 0.9%. Japan’s Nikkei 225 index added approximately 0.3%.

New orders for durable goods – products designed to last at least three years – fell 2.2% in February from the previous month after auto production was again delayed due to supply chain bottlenecks and

Boeing Company.

It was a relatively weak month for plane orders.

Number of Americans filing for unemployment benefits for the first time decreased to 187000 In the week ending March 19, down from 215,000 in the previous week.

Write to Caitlin Ostroff at [email protected]

Copyright © 2022 Dow Jones & Company, Inc. all rights are save. 87990cbe856818d5eddac44c7b1cdeb8

See also  The collapse of the IPO of real estate 'tech' and SPAC stocks: House Flippers Opendoor and Redfin Come Unglued, after Zillow

Leave a Reply

Your email address will not be published.