Stock market news today
How did the US stock market close today? In the red. All major stock indexes closed lower.
S&P 500: 4,306.26,-67.68(-1.55%)
Dow 30: 33,294.95,-597.65(-1.76%)
Russell 2000: 2,008.51,-39.58(-1.93%)
Latest US stock market news
“U.S. stocks fell sharply on Tuesday to mark a bleak first day of March on Wall Street as investors weighed intensifying Russian attacks on Ukraine and the impact of Western sanctions on Moscow.
The S&P 500 tumbled 1.55% to 4,306.19, and the Dow Jones Industrial Average plunged nearly 600 points, or 1.77%, to 33,293.96, marking its worst day since Feb. 17. The Nasdaq Composite dropped 1.59% to 13,532.46. Losses also hit the 10-year U.S. Treasury index, which slid to 1.7%. The declines build on the Dow and S&P 500’s worst start to year since 2020. The Nasdaq has also recorded its worst January and February since 2009.
Financials led losses on Tuesday, with the XLF experiencing its biggest losses since June 2020, down 3.66%.
Meanwhile, WTI crude oil spiked as much as 10% to top $105 per barrel, marking its highest price since 2014 amid worries around a disruption in the energy sector.
As traders watch the war escalate overseas, in the U.S., they revert their attention back to the Federal Reserve and its plan to lift interest rates as soon as this month.
The worsening crisis in Ukraine has raised bets geopolitical uncertainty could knock the Federal Reserve off course for an aggressive first bump in interest rates. Investors have began pricing in a zero chance of a 50 basis point rate hike in March and minuscule chance of no increase at all.
Sky-high inflation prints month-over-month have previously elevated concerns among market participants that central bank officials will raise short-term borrowing costs more aggressively than expected to mitigate increasing prices, even stoking the possibility of a double interest rate hike of 50 basis points mid-March. But with ambiguity over how the Russia-Ukraine turmoil will pan out and potential economic disruptions, Fed watchers now anticipate the central bank may tread lightly on its rate hike.
Federal Reserve Chair Jerome Powell is scheduled to deliver a monetary policy update before the U.S. House Financial Services Committee on Wednesday and appear in front of Senate Banking Committee members Thursday in meetings that could offer hints on the Fed’s position ahead of its March 16 policy-setting meeting.”