4.06pm: Stocks close in the red
US stocks closed with sharp losses Tuesday as investors continued to follow the escalating war between Russia and Ukraine as well as economic data that furthered expectations for a Fed rate hike expected later this month.
At the closing, the Dow Jones Industrial Average lost almost 600 points, or 1.8% at 33,294, while the S&P 500 shed 1.5% at 4,306, and the tech-laden Nasdaq Composite was down by 1.6% at 13,532.
“The invasion of Ukraine by Russian forces is continuing to intensify despite talks yesterday between delegations from both sides on the border with Belarus,” Craig Erlam, senior market analyst, UK & EMEA. “Further talks are expected to take place this week but that's not slowing the assault on Kyiv, to the horror of most countries around the world.”
Erlam noted that there's been a wide array of PMI data from around the world today which hasn't attracted the kind of attention it normally would. “While much of the data looks quite promising, it doesn't take into account recent events, and being revised data, was largely priced in already.”
Like much of the economic data this week, it was never likely to have any kind of significant impact on the markets, with the focus very much on what's happening in Ukraine, Erlam said.
Financial stocks suffered the most Tuesday. Charles Schwab (NYSE:SCHW) lost more than 6%, while Wells Fargo was down by 5%.
12.15pm: Stocks extend losses
US equities further declined midday on Tuesday as Russia-Ukraine war situations continued to worsen for the sixth day.
At noon, the Dow Jones Industrial Average recorded sharp losses of 695 points, or almost 2% at 33,208, while the S&P 500 shed 1.7%, and the Nasdaq Composite lost another 1.5%.
“Screens across global markets have turned red again, as market sentiment shifts back towards risk aversion, due to the worsening situation in Ukraine,” commented Chris Beauchamp, chief market analyst at online trading platform IG.
“While the start to the day was rather shaky, there had been hopes that equities might continue to push higher even with the difficult backdrop of the war in Ukraine. But those hopes have evaporated,” he said.
Financial stocks that took the most hit were Bank of America (NYSE:BAC), which was down by 4.5%, and Well Fargo & Company losing 5%.
11.20am: Proactive North America headlines:
Cloud DX (TSX-V:CDX, OTCQB:CDXFF) issues update on its partnerships, new contracts, and contract renewals in 2022
Cardiol Therapeutics (TSX:CRDL, NASDAQ:CRDL) receives clearance to expand eligible patient group for its LANCER study
HempFusion (TSX:CBD.U, OTCQX:CBDHF) Wellness announces brokered private placement to raise up to US$3.0M in aggregate gross proceeds
Vejii Holdings (CSE:VEJI, OTCQB:VEJIF) says its VEDGEco USA subsidiary to exhibit at this year’s Natural Products Expo West
HighGold (TSX-V:HIGH, OTCQX:HGGOF) Mining reports new assay results from Johnson Tract that help define a zinc-rich halo around the deposit
Steppe Gold back in production at ATO gold mine in Mongolia after receiving key reagents
Sonoro Gold reports multiple high-grade gold intercepts at Cerro Caliche in Mexico
Nextech AR launches ARitize Holograms for smartphone devices available in Apple App Store
NEXE receives first XOMA Superfoods order under distributor deal with PSC Natural Foods
Delta 9 Cannabis announces grand opening of its seventeenth retail store, and twelfth cannabis store in the Province of Manitoba
Vyant Bio (NASDAQ:VYNT) says it is ‘well-positioned’ to discover novel therapeutics to treat neurological diseases
BANXA (TSX-V:BNXA, OTCQX:BNXAF) Holdings delivers 2Q revenue of A$28M as transaction volumes surge thanks to new coins, payments
CULT Food Science gains cellular agriculture patents, machine learning data and bioprocess prototyping toolkits
BANXA (TSX-V:BNXA, OTCQX:BNXAF) Holdings is providing the bridge between crypto and fiat currencies
Unrivaled Brands (OTCQX:UNRV) adds Paradise Smokes for California distribution
Real Luck Group announces appointment of Benn Timbury as its chief operating officer
Hawkmoon Resources reveals “positive” gold results from its Lava project in Quebec
The Valens Company (TSX:VLNS, OTCQX:VLNCF) says it is on path towards being EBITDA positive by fiscal fourth quarter this year
Sassy Resources (CSE:SASY, OTCQB:SSYRF) commences diamond drilling at Highrock uranium project in Saskatchewan
Klondike Gold hits encouraging results with Phase 3 drilling at Stander Zone in the Yukon
Think Research (TSX-V:THNK) says Clinic 360 subsidiary partnering with Peel Weight Loss Clinic to increase gastric sleeve patients
Enveric Biosciences (NASDAQ:ENVB) files portfolio of patent applications for tryptamine derivatives
Mydecine Innovation Group (LSE:TIG) reports positive meeting with US FDA for MYCO-001 smoking cessation study
Unigold submits application for Exploitation Licence for Neita concession in Dominican Republic
Karora Resources hits high-grade nickel at its Beta Hunt mine in Western Australia
Gamesquare Esports appoints award-winning director and producer Femi Okusanya to lead Fourth Frame Studios
Zynerba ends 4Q flush with $67.8M cash runway to advance its flagship Zygel CBD Gel for Fragile X Syndrome
Burcon NutraScience says its chairman, Peter H. Kappel will assume the role of interim CEO with immediate effect
Valeo Pharma reports record 2021 revenue as new products gain traction
Xigem Technologies (CSE:XIGM, OTCQB:XIGMF) announces intention to acquire All Source B2B SaaS logistics platform for C$1.6M
O3 Mining says latest resource update for Marban project in Quebec augurs well for upcoming pre-feasibility
Delta 9 Cannabis announces grand opening of its seventeenth retail store, and twelfth cannabis store in the Province of Manitoba
Versus Systems closes previously announced public offering of 4,375,000 units for gross proceeds of U$7 million
10.00am: Markets decline at the open
US stocks opened lower on the first day of March as the Russian attack on Ukraine intensified, while investors continued to evaluate the impact of sanctions by the West against Moscow as well as data which added to expectations for a Federal Reserve rate hike as early as mid-March.
In New York, the Dow Jones Industrial Average shed 0.7% or 247 points at 33,646, while the broader S&P 500 was down by 0.4%, and the Nasdaq Composite lost 0.3%.
Stocks began to trend downwards after satellite images revealed Russian military convoys moving towards the Ukrainian capital Kyiv.
Oil prices rallied Tuesday, crossing the $100 per barrel mark, the highest level since 2014.
On the economic front, Markit US manufacturing purchasing managers index (PMI) reading was 57.3 in February, up from 55.5 in January, indicating a modest upturn in production across the sector. In Canada, the manufacturing PMI was at a three-month high of 56.6.
“After staging an impressive recovery on Monday to close the weekend gaps, the major indices have started the new month on the back foot once again,” noted Fawad Razaqzada, market analyst with ThinkMarkets. “This is hardly surprising given the Ukraine situation and the impact sanctions on Russia is having on the wider global markets.”
He said that anything negative in Russia is going to be bad news for foreign stakeholders. “On a more macro level, the surging commodity prices are fuelling inflationary pressures further, reducing consumers’ disposable incomes, which is obviously not good.”
6.30am: US stocks seen opening down
US stocks are expected to open lower as a Russian convoy reported to be 40 miles long closes in on Ukraine’s capital, Kyiv as the offensive on the country enters its sixth day.
Futures for the Dow Jones Industrial Average fell 0.53% in Tuesday pre-market trading, while those for the broader S&P 500 index declined 0.6% and the tech-heavy Nasdaq lost 0.68%.
Sky News reported Ukraine's second-largest city Kharkiv was struck by Russian missiles in the early hours, while more than 70 Ukrainian soldiers were killed by Russian artillery fire at a military base in the city of Okhtyrka. Freedom Square in central Kharkiv, Ukraine's second city, has also been hit by a Russian strike, causing a huge explosion.
Stocks ended mixed in a volatile session on Monday as investors closely followed the escalating crisis between Russia and Ukraine. High-level talks between Kyiv and Moscow ended with no agreement except to continue talking.
The Dow Jones lost 0.49% to 33,893 while the S&P 500 shed 0.24% to 4,374. The Nasdaq closed in the green, with a gain of 0.41% to 13,751.
“After the fragile situation in Ukraine sparked a sell-off yesterday morning, markets have been trying to stabilize yesterday afternoon and this morning on the back of falling treasury yields in response to fresh sanctions and as a whole host of Western companies cut ties with Moscow,” commented Victoria Scholar, head of investment at interactive investor.
“US tech stocks are already staging a tentative recovery from the geopolitical knee-jerk sell-off with the Nasdaq closing last night’s session in the green, as US companies appear to be less affected by the crisis than those in Europe.”