I'm a day late posting this because I was given a free HBO weekend this past Friday so I've been binge-watching for three days, especially the wonderful series "The Gilded Age." The promo ends at midnight tonight so I'll be trying to catch the film "Dune" this evening. Meanwhile, here is my weekly post of the market summaries for each day of this past week.
Mon March 7, 2022 4:37 PM
Wall
St slides as oil prices surge, Nasdaq confirms bear market
By Lewis Krauskopf , Devik Jain and Sabahatjahan
Contractor
I’ve been
wondering since the beginning how we can really hurt Russia as long as we continue
buying their oil. I understand the quandary that cutting off their oil will
make this already very bad inflation much worse. But still, this is war. How is
the war effort being helped if we keep buying Russian oil? So today, it didn’t
even take an announcement that a ban was coming, only the consideration of an
announcement to make the markets come crashing down. With the U.S. and Europe taking more
seriously the importance of a ban, the Dow crashed 797 points, the Nasdaq 482,
and the S&P an astonishing 127. The
Dow is now nearly 11% down confirming a correction, the Nasdaq just over 20%
down confirming a bear market. The price of oil has again spiked and it’s just
going to keep getting worse until the conflict in Ukraine is over. The next step is the consumer price report
due Thursday, which will update the picture on inflation. Volume was off the chart at 17 billion.
DJ: 33,614.80 -179.86 NAS: 13,313.44
-224.50 S&P: 4,328.87
-34.62 3/4
DJ: 32,817.38 -797.42 NAS: 12,830.96 -482.48 S&P: 4,201.09
-127.78 3/7
Tue March 8, 2022 6:35 PM
Wall
St ends down in rocky session as U.S. bans Russian oil imports
By Lewis Krauskopf , Devik Jain and Sabahatjahan
Contractor
The Dow was
just mildly in the red up until just about the noon hour and then suddenly shot
up about 600 points which was probably at the time Biden made the announcement
of the ban on Russian oil. But it didn’t
stay that way for long. It started
plummeting again at 1 pm and by 2 had fallen back to break-even and by close
was down almost 200 again. So investors are obviously trying to figure out how
to play these moves, obviously elated over the ban but quickly turning
sentiment sour at the prospect of much higher oil prices and more rocketing
inflation. The consumer, who has been the mainstay of this economy for some
time now, will likely take a breather from purchasing with the high oil prices.
Volume was huge at 19 billion.
DJ: 32,817.38 -797.42 NAS: 12,830.96
-482.48 S&P: 4,201.09
-127.78 3/7
DJ: 32,632.64 -184.74 NAS: 12,795.55 -35.41 S&P: 4,170.70
-30.39 3/8
Wed March 9, 2022 4:45 PM
Tech,
financials lead resurgent Wall St as oil plunges
By Lewis Krauskopf , Devik Jain and Sabahatjahan
Contractor
It turns
out ‘twas no matter that the U.S. banned Russian oil because the UAE
immediately turned around and decided to increase production to help ease the
supply crunch. The result was that global oil prices had their biggest plunge
in two years and the market spurted way up again, the Dow up a big 653, the
Nasdaq an equally impressive 460, and the S&P seeing its biggest day in
nearly two years. Or is this really a
case, as today’s expert put it, that the market is just reacting to “an
oversold rally on cooling in commodities” and that “the market is taking a
break.” Either way, it was done with
great enthusiasm as volume remains sky high at 14 billion.
DJ: 32,632.64 -184.74 NAS: 12,795.55
-35.41 S&P: 4,170.70
-30.39 3/8
DJ: 33,286.25 +653.61 NAS: 13,255.55 +460.00 S&P: 4,277.88
+107.18 3/9
Thu March 10,
2022 7:26 PM
Wall
Street closes lower as inflation hits 40-year high,
inviting
aggressive Fed tightening
By Stephen Culp
The Dow
dropped almost 500 points in the morning but recovered most of it in the
afternoon to close down just 112. Yesterday’s
elation over the UAE increasing their oil output was quickly squashed today by
the CPI report showing a 7.9% growth rate for February. This alone would not have been enough to
panic anyone except that it does not even include the tumult caused by Ukraine
since Ukraine had not yet happened. So the March report and likely also April
will almost certainly be worse. This
triggered fears that the Fed will almost certainly have to become much more
aggressive with rate hikes with the smart money betting on four to seven hikes
in the next two years. Of course, energy
prices are the main culprit with gas going up 6.6% just in February and that is
certainly going to be much worse in March and April. Volume is slowing but still quite vigorous at
12.5 billion.
DJ: 33,286.25 +653.61 NAS: 13,255.55
+460.00 S&P: 4,277.88
+107.18 3/9
DJ: 33,174.07 -112.18 NAS: 13,129.96 -125.58 S&P: 4,259.52
-18.36 3/10
Fri March 11,
2022 4:23 PM
Wall
Street slumps in broad swoon to end bumpy week
By Lewis Krauskopf , Devik Jain and Sabahatjahan
Contractor
The Dow was
up 340 points in the morning, then steadily downhill through the rest of the
day to break-even shortly after 2 pm and then continue the slide to close down
229. Lots of up and down continues to
testify to the fact that “there is still too much uncertainty out there.” First
there’s a hint of possible “shifts” in talks with Ukraine, then talk of a
Russian regrouping for a possible assault on Kyiv. Consumer sentiment also fell
more than expected which should have come as no surprise given the spike in gas
prices. Volume remains brisk at 13
billion.
DJ: 33,174.07 -112.18 NAS: 13,129.96
-125.58 S&P: 4,259.52
-18.36 3/10
DJ: 32,944.19 -229.88 NAS: 12,843.81 -286.15 S&P: 4,204.31
-55.21 3/11
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