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S&P 500: 4,348.87,-31.39(-0.72%)
Dow 30: 34,079.18,-232.85(-0.68%)
Russell 2000: 2,009.33,-18.76(-0.92%)
Stock market news
“Stocks extended declines Friday to close a second straight week in negative territory with geopolitical tensions intensifying to contribute to a further risk-off tone in markets.
The S&P 500 fell 0.71% to 4,348.97, building on a 2% loss in the previous session, while the Dow Jones index closed down 0.68% to 34,079.12 after erasing 1.8% Thursday for its worst day in nearly three months. The Dow also closed at its lowest level since September. The Nasdaq Composite shed 1.23% to 13,548.07 — its lowest level since January. Meanwhile, the CBOE Volatility Index (VIX), or “fear gauge,” spiked back to hover near 28 Friday.
The souring in sentiment came after U.S. officials said they estimated Russia had built up around 190,000 military personnel near Ukraine, raising the specter of a near-term attack. And this came a day after President Joe Biden told reporters on Thursday that the threat of a Russian invasion of Ukraine was “very high” in the coming days. Crude oil prices fell Friday morning to pause a recent run-up even as Russia-Ukraine tensions resurged.
“The two things we’re most concerned about right now in terms of headwinds for the market and causes for volatility, are clearly tensions with Russia-Ukraine … and then clearly, our concern over not just inflation but what the monetary policy response to that inflation is going to be,” Art Hogan, National chief market strategist, told Yahoo Finance Live on Thursday. “And those headlines have changed quite a bit too.”
“We’ve gone from thinking the Fed would be very, very deliberate in their actions starting in March and telegraph everything … to having some outliers on the committee talking about being very aggressive, a lot more aggressive than what’s priced into the market,” he added. “Every day the story changes a bit.”
Treasury yields fell further after dropping across the curve on Thursday, with the 10-year yield holding back below 2%. This came as markets priced in a lower probability of a front-loaded 50 basis-point interest rate hike from the Federal Reserve in March, with investors looking past hawkish commentary from St. Louis Fed President James Bullard calling for a more aggressive path on interest rates.”
Stock market data: Yahoo Finance