4.05pm: Dow advances more than 400 points to break a three-day losing skid
US stocks finished the trading session sharply higher as the Russian Defense Ministry said it had begun pulling back some of its troops after training exercises near the Ukrainian border.
At the close, the Dow gained 423 points to 34,989, while the S&P 500 added 69 points at 4,471 and the tech-heavy Nasdaq climbed 349 points to 14,140.
Notable movers included shares of Nvidia Corporation, which jumped more than 8% ahead of the company’s earnings release this week.
12:05pm: US equities jump midday on easing Russia-Ukraine tensions
US stocks were higher midday as Russia appeared to be backing away from an immediate invasion of Ukraine.
The Russian Defense Ministry reportedly began returning some troops to deployment bases after training exercises near the Ukrainian border, cooling geopolitical tensions.
Airline and cruise stocks led the gainers while energy companies were the biggest losers as oil prices fell on the news.
As of noon, the Dow Jones Industrial Average was up 452 points, or 1.31%, to 35,019. The S&P 500 increased 66 points, or 1.51%, to 4,468.
And the tech-heavy Nasdaq rose 298 points, or 2.16%, to 14,088.
11.00am: Proactive North America news headlines:
Kenorland Minerals says it is well funded as it prepares for 2022 exploration activities
Marvel Discovery boosts Lac-Saint-Jean land position after survey results from Duhamel property in Quebec
Arizona Silver completes first two core holes at Philadelphia project in Arizona
VR Resources is set to kickoff Phase I drilling at its Amsel gold-silver property in Nevada
Potent Ventures unveils endangered Keystone Species product marketing strategy for its initial gummy product line
BANXA (TSX-V:BNXA, OTCQX:BNXAF) Holdings announces January 2022 total transaction value of US$121.4 million
Dalrada posts 1,096% jump in revenue in blowout fiscal 2Q thanks to its healthcare and technology divisions
Burcon NutraScience sees quarter-over-quarter revenue bump in fiscal 3Q as production capabilities increase at its Merit Functional Foods facility
BetterLife Pharma says LSD analog BETR-001 promotes structural neural plasticity in preclinical model
Pathfinder Ventures (TSX-V:RV) set to enter new markets and bolster executive team with C$4.5 million Black Sheep Income Corp deal
CLS Holdings USA (CSE:CLSH, OTCQB:CLSH) says Nevada subsidiaries generated $1.75M in revenue during January
ElectraMeccanica (NASDAQ:SOLO) launches autonomous SOLO EV pilot in partnership with Faction Technology
QC Copper and Gold hits “significant” copper equivalent in drilling at its Opemiska project in Quebec
Aurania Resources says its new head of corporate social responsibility has negotiated new access deal at Lost Cities-Cutucu project
Therma Bright says clinical study of its AcuVid COVID-19 Rapid Antigen Saliva Test successfully exceeded FDA EUA requirements
CULT Food Science portfolio company Fiction Foods introduces proprietary cell-based Performance Scramble
Psyched Wellness (CSE:PSYC, OTCQB:PSYCF) says 90-day oral toxicity study of Amanita Muscaria (AME-1) reveals no adverse effects
Thesis Gold says Ridge zone at Ranch project continues to deliver 'strong' results
Zynerba Pharmaceuticals (NASDAQ:ZYNE) appoints Albert Parker as its new chief legal officer upon retirement of Suzanne Hanlon at end-February
Xigem’s Cylix Data Corporation to launch next generation of business risk product
EverGen Infrastructure says its common shares will begin trading on the OTCQB Venture Market as of the market open today
Tocvan Ventures sees encouraging findings from Phase 3 drilling at Pilar project
Boosh acquires Beanfields, one of the fastest growing producers of plant-based snacks in the US and Canada
Looking Glass Labs says its chief creative officer, Jason Nguyen, will be a keynote speaker at the Superverse Conference in Dubai
Wellbeing Digital Sciences (NEO:MEDI.AQN, OTCQB:KONEF) delivers first IV ketamine treatment under new in-patient program
ESE Entertainment says Frenzy media division has expanded its esports broadcasting capabilities with launch of new European broadcast studio
Else Nutrition says former American Academy of Pediatrics chair Dr Susan Baker to join its scientific advisory board
9.44am: US stocks start higher Tuesday
Wall Street benchmarks started, as expected, in positive territory as tensions appeared to ease over the Russia-Ukraine situation.
In early New York deals, the Dow Jones Industrial Average added over 435 points at 35,001. The S&P 500 gained 61 points to stand at 4,463.
The Nasdaq Composite index advanced 242 points at 14,033.
"Risk appetite is much improved on Tuesday following reports that Russia is pulling back some troops, a significant de-escalation that makes the prospect of an invasion this week much less likely," said Craig Erlam, senior market analyst at Forex group Oanda.
"The Kremlin maintains that it never intended to invade Ukraine and the return of some troops to their regular bases following military exercises is proceeding as was always planned. While risks remain elevated, this looks like a big step in the right direction, and investors, like everyone else, are breathing a huge sigh of relief."
In oil, prices pulled back from yesterday's highs and are pulling steadily back from the US$100 level, which had been eyed by some commentators, as fears of a Russian invasion ease. West Texas Intermediate (WTI), the US benchmark, dropped 4.3% to US$91.41.
6.30am: US stocks seen opening up
US stocks are expected to rally at the open following reports that some Russian troops positioned on the border with Ukraine are returning to their bases after completing drills, providing investors with some relief after days of increasing tensions.
Futures for the Dow Jones Industrial Average rose 1.13% in Tuesday pre-market trading, while those for the broader S&P 500 index gained 1.46% and the tech-heavy Nasdaq added 1.97%.
Brent crude oil dipped back to $94 after rising to above $96 earlier.
Markets closed lower on Monday as investors weighed the Federal Reserve’s next move to raise interest rates and Russia’s threat to invade Ukraine.
St. Louis Federal Reserve President James Bullard said the central bank needs to react to accelerating inflation as its credibility is on the line. This may require it to front-load more of its planned removal of accommodation than it would have previously, he said in an interview on CNBC.
The Dow declined 0.49% to 34,566 and the S&P 500 dropped 0.38% to 4,402. The Nasdaq fell 0.23% to 13,791.
“While (the troop withdrawal) will certainly help reduce tensions in the region, it doesn’t necessarily mean Russia won’t invade Ukraine,” commented Fawad Razaqzada, market analyst with ThinkMarkets.
“More to the point, it doesn’t necessarily mean the end of troubles for technology stocks and other sectors of the market sensitive to interest rate rises. Indeed, inflation and policy tightening remain a bigger threat to stocks.”