Stocks ended another bumpy day lower on Wall Street and crude oil prices eased back as markets remain concerned about the broader impact of Russia’s invasion of Ukraine.
“We’ve gotten a lot of clarity on what the Fed plans to do,” said Liz Young, chief investment strategist at SoFi. “But we’ve got this overhanging cloud of the geopolitical risk and oil prices still pressuring sentiment a little bit.”
Communication stocks, retailers and other companies that rely on direct consumer spending had some of the broadest losses. Sectors that are viewed as less risky, including utilities and household goods makers, gained ground. Trading on the Moscow exchange remained closed Thursday. Russia’s ruble lost another 15% against the U.S. dollar and is worth less than 1 cent. It has plunged since Western governments imposed sanctions that cut off much of Russia’s access to the global financial system.
Russia’s invasion of Ukraine has been the dominant issue for investors all week as they try to assess its global economic impact. Russia is a key oil producer and prices have been rising as global supplies remain threatened by the conflict, raising concerns that persistent inflation could become even hotter.to gradually increase oil production. Meanwhile, the U.S.
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