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Major U.S. benchmark indexes ended lower on Tuesday as investors continued to assess rising tensions between Russia and Ukraine, with the United States imposing a ban on imports of Russian energy including oil and natural gas. All the three major indexes ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) shed 0.6% or 184.74 points to finish at 32,632.64 points.
The S&P 500 declined 0.7% or 30.39 points to end at 4,170.70 points, slipping further into a technical correction and recording its worst day since October 2020. Consumer staples and health care stocks were the worst performers.
The Consumer Staples Select Sector SPDR (XLP) and the Health Care Select Sector SPDR (XLV) declined 2.7% and 2%, respectively. Nine of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq fell 0.3% or 35.42 points to close at 12,795.55 points.
The fear-gauge CBOE Volatility Index (VIX) was down 3.62% to 35.13. A total of 19 billion shares were traded on Tuesday, higher than the last 20-session average of 13.4 billion. Decliners outnumbered advancers on the NYSE by a 1.02-to-1 ratio. On Nasdaq, a 1.09-to-1 ratio favored declining issues.
Energy Stocks Rally but Geopolitical Tensions Continue
On Monday, Nasdaq confirmed that it is in bear market. The tech-heavy index slipped further on Tuesday, while the overall markets continued to suffer.
On Tuesday, investors continued to grapple with surging commodity prices. To add to the worries, continuing geopolitical tensions arising from the Russia-Ukraine war further raised fears of a slowdown economic growth. Rising prices of oil, natural gas and precious metals like nickel is escalating fears that global economic growth will slow down if the Russia-Ukraine war lasts for a longer period.
Also, President Joe Biden announced a ban on Russia oil and natural gas as punishment to Moscow for invading Ukraine. Russia, on the other hand, threatened to cut natural gas supply to Europe on Tuesday. Oil futures ended the day higher on Tuesday, with April West Texas Intermediate crude climbing 3.6 percent to $123.70 a barrel.
The only bright spot in Tuesday’s trading session was that soaring oil prices sent energy stocks on a rally. Shares of Exxon SunPower Corporation (SPWR - Free Report) rallied 18.7%, while Chevron Corporation’s (CVX - Free Report) shares jumped 5.2%. Chevron sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Economic Data
the National Federation of Independent Business's small-business confidence index fell 1.4 points to 95.7 in February, hitting a one-year low.
In other economic data released on Tuesday Meanwhile, U.S. trade deficit increased 9.4% in January to hit a record $89.7 billion as the country spent more on buying imported oil, automobiles and other goods.
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Stock Market News for Mar 9, 2022
Major U.S. benchmark indexes ended lower on Tuesday as investors continued to assess rising tensions between Russia and Ukraine, with the United States imposing a ban on imports of Russian energy including oil and natural gas. All the three major indexes ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) shed 0.6% or 184.74 points to finish at 32,632.64 points.
The S&P 500 declined 0.7% or 30.39 points to end at 4,170.70 points, slipping further into a technical correction and recording its worst day since October 2020. Consumer staples and health care stocks were the worst performers.
The Consumer Staples Select Sector SPDR (XLP) and the Health Care Select Sector SPDR (XLV) declined 2.7% and 2%, respectively. Nine of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq fell 0.3% or 35.42 points to close at 12,795.55 points.
The fear-gauge CBOE Volatility Index (VIX) was down 3.62% to 35.13. A total of 19 billion shares were traded on Tuesday, higher than the last 20-session average of 13.4 billion. Decliners outnumbered advancers on the NYSE by a 1.02-to-1 ratio. On Nasdaq, a 1.09-to-1 ratio favored declining issues.
Energy Stocks Rally but Geopolitical Tensions Continue
On Monday, Nasdaq confirmed that it is in bear market. The tech-heavy index slipped further on Tuesday, while the overall markets continued to suffer.
On Tuesday, investors continued to grapple with surging commodity prices. To add to the worries, continuing geopolitical tensions arising from the Russia-Ukraine war further raised fears of a slowdown economic growth. Rising prices of oil, natural gas and precious metals like nickel is escalating fears that global economic growth will slow down if the Russia-Ukraine war lasts for a longer period.
Also, President Joe Biden announced a ban on Russia oil and natural gas as punishment to Moscow for invading Ukraine. Russia, on the other hand, threatened to cut natural gas supply to Europe on Tuesday. Oil futures ended the day higher on Tuesday, with April West Texas Intermediate crude climbing 3.6 percent to $123.70 a barrel.
The only bright spot in Tuesday’s trading session was that soaring oil prices sent energy stocks on a rally. Shares of Exxon SunPower Corporation (SPWR - Free Report) rallied 18.7%, while Chevron Corporation’s (CVX - Free Report) shares jumped 5.2%. Chevron sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Economic Data
the National Federation of Independent Business's small-business confidence index fell 1.4 points to 95.7 in February, hitting a one-year low.
In other economic data released on Tuesday Meanwhile, U.S. trade deficit increased 9.4% in January to hit a record $89.7 billion as the country spent more on buying imported oil, automobiles and other goods.