Dow, S&P shut decrease after 4 days of features as Russia bombs Ukraine

Dow, S&P close lower after 4 days of gains as Russia bombs Ukraine - Reuters

The brand for the New York Inventory Trade (NYSE) is displayed on the ground of the NYSE in New York Metropolis, U.S., March 29, 2022. REUTERS/Brendan McDermid

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    U.S. bond market spurs recession worryPrivate payrolls elevated by 455,000 jobs in MarchDow down 0.19%, S&P 500 down 0.63%, Nasdaq down 1.21%

NEW YORK, March 30 (Reuters) – U.S. shares fell on Wednesday, with the Dow and S&P 500 snapping four-session successful streaks, on waning indicators of progress for peace talks between Ukraine and Russia in opposition to a backdrop of a hawkish Federal Reserve curbing financial development.

Russian forces bombarded the outskirts of Kyiv and a besieged metropolis in northern Ukraine, a day after promising to scale down operations. learn extra

The S&P has rebounded greater than 5% in March after beginning the 12 months with two straight month-to-month declines. Nonetheless, the benchmark index is on monitor for its first quarterly decline because the first quarter of 2020, when the COVID-19 pandemic in the US was reaching full swing.

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Inventory costs have reacted to headlines about negotiations to resolve Russia’s invasion of Ukraine. Costs for commodities similar to oil and metals have surged because the invasion, intensifying already-high U.S. inflation.

“Ukraine is the controlling narrative for this market, if we’re going to get a settlement and we get the potential from that settlement for decrease vitality costs, which is absolutely the important thing, after which some kind of return to normalcy when it comes to the world economic system that could be a actual constructive for the market,” stated Rick Meckler, companion at Cherry Lane Investments in New Vernon, New Jersey.

“If not, we’re going to proceed to simply travel right here because the market tries to digest who the winners and losers are as a result of there are lots of unintended penalties popping out of this conflict,” Meckler added.

The Dow Jones Industrial Common (.DJI) fell 65.38 factors, or 0.19%, to 35,228.81, the S&P 500 (.SPX) misplaced 29.15 factors, or 0.63%, to 4,602.45 and the Nasdaq Composite (.IXIC) dropped 177.36 factors, or 1.21%, to 14,442.28.

As inflation intensifies, so does hypothesis the Federal Reserve might get extra aggressive in elevating rates of interest, which might put a damper on financial development.

The S&P vitality index (.SPNY) was the main sector on the plus facet with a acquire of 1.17%. It’s up almost 40% this 12 months, which might mark its strongest quarterly efficiency ever.

The sector is at present one among solely three which can be constructive on the 12 months and has far outpaced the following closest performer in utilities (.SPLRCU), that are up almost 4% on the 12 months however closed at a file excessive for a fourth straight session.

Some traders have taken a defensive stance resulting from fears of extreme Fed tightening and up to date indicators within the bond market that usually act as precursors to a recession. learn extra

Nonetheless, financial information continues to point a powerful labor market. The ADP Nationwide Employment Report confirmed personal payrolls rose by 455,000 jobs final month after advancing 486,000 in February. Buyers will look ahead to Friday’s payrolls report. learn extra

Lululemon Athletica Inc (LULU.O) surged 9.58% after forecasting full-year revenue and income above estimates, as demand for athletic put on stays sturdy. learn extra

Quantity on U.S. exchanges was 11.69 billion shares, in contrast with the 13.93 billion common for the complete session over the past 20 buying and selling days.

Declining points outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.98-to-1 ratio favored decliners.

The S&P 500 posted 44 new 52-week highs and 1 new low; the Nasdaq Composite recorded 51 new highs and 47 new lows.

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Reporting by Chuck Mikolajczak; Modifying by Will Dunham and David Gregorio

Our Requirements: The Thomson Reuters Belief Rules.


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