👀 Dow, S&P 500 and Nasdaq 100 futures 📉 Oil 📈 Gold 📈 Wheat 📈
What’s happening Last week, the Dow DJIA, -0.53% and the S&P 500 SPX, -0.79% each fell 1.3%, and the tech-heavy Nasdaq Composite COMP, -1.66% dropped 2.8%. Measured by the S&P GSCI SPGSCI, -1.24% index, commodity prices surged by the most in more than 50 years.
What’s driving markets Oil CL.1, +6.23% futures surged as high as $130 per barrel as U.S. Secretary of State Anthony Blinken said the U.S. and allies were considering a ban on Russian oil imports as the invasion of Ukraine continued. Previously, sanctions on Russia excluded the energy sector, as the country provides about 45% of European Union gas imports, according to International Energy Agency data.
Massimo Bonisoli, an analyst at Italian broker Equita, said Russia’s production is difficult to replace. He pointed out that for several months the OPEC cartel has failed to increase volumes close to the new quotas announced monthly.“The galloping commodity prices will naturally put downward pressure on the economy and increase operational volatility for many companies already struggling with inflationary pressures,” said Peter Garnry, head of equity strategy at Saxo Bank.
Little progress was made in negotiations between Russia and Ukraine. Ukraine on Monday rejected an offer to open a humanitarian corridor to let civilians cross into Russia and Belarus.Strategists at Citi cut their year-end S&P 500 target to 4,700 from 5,100. “We expect that a higher geopolitical risk premium will negatively impact broader market expected valuations,” said strategists led by Scott Chronert.
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