The RIA Advisors CIO weighs buying on the dip and gives his opinion on the Fed’s rate hike in Making Money.
US stocks fell on Friday due to increased incursion of Russian troops into Ukraine. The crisis outweighed the hot jobs report for February and caused a sharp rise in world oil prices.
The Dow Jones Industrial Average fell 180 points, or 0.5%, while the S&P 500 and Nasdaq Composite fell 0.8% and 1.7%, respectively. Financial performance was the worst in the S&P 500. All three major indexes fell in a week.
RUSSIA INVADES UKRAINE: LIVE UPDATES
| Ticker | Security | past | Change | Change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGES | 33614.8 | -179.86 | -0.53% |
| SP500 | S&P 500 | 4328.87 | -34.62 | -0.79% |
| Me: COMP | COMPOSITE INDEX NASDAQ | 13313.438007 | -224.50 | -1.66% |
| XLF | FINANCIAL SECTOR SPDR ETF | 37.24 | -0.74 | -1.95% |
MANUFACTURERS OFFER PROFESSIONAL DEVELOPMENT AND LOOK FOR CREATORS FOR MORE THAN 800,000 Vacancies
The February jobs report beat all expectations with 678,000 non-farm payrolls added last month. In January, 467,000 jobs were added. The unemployment rate fell to 3.8%, the lowest level since February 2020.
Russian forces advanced, shelling Europe’s largest nuclear power plant and causing a fire early Friday as they continued their attack on an important Ukrainian energy-producing city. Oil prices remained high early Friday.
| Ticker | Security | past | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES PETROLEUM FUND LP | 79.43 | +4.86 | +6.52% |
| BNO | UNITED STS BRENT OIL FD | 32.77 | +2.08 | +6.78% |
| XLE | ENERGY SELECT SECTOR SPDR ETF | 75.22 | +2.06 | +2.82% |
Benchmark oil in the US rose to $115 a barrel, up 26% on the week, while Brent crude, the international price standard, closed above $118.11 a barrel. Shares of energy companies rose simultaneously with the leaders of the S&P.
BIPARTIAL PRESSURE FOR BAN ENERGY IMPORTS FROM RUSSIA ON BIDEN GROWTH
On the stock side, Costco stock came under pressure as container delays remain a problem. However, quarterly earnings and revenue beat analysts’ expectations.
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| Ticker | Security | past | Change | Change % |
|---|---|---|---|---|
| PRICE | COSTCO WHOLESALE CORPORATION. | 525.50 | -7.55 | -1.42% |
Shares gapped higher after reporting a narrower-than-expected loss of two cents against the 13 cents that Wall Street had forecast. Revenue rose to $4.5 billion, also higher than expected. Same-store sales rose 3%, slightly below expectations.
| Ticker | Security | past | Change | Change % |
|---|---|---|---|---|
| GPS | GEP INC. | 14.26 | +0.03 | +0.21% |
Smith & Wesson shares fell after the company said demand for firearms has declined since the peak of the pandemic.
| Ticker | Security | past | Change | Change % |
|---|---|---|---|---|
| SWBI | SMITH & WESSON BRANDS | 15.65 | -2.24 | -12.52% |
US corporations continue to respond to the Ukrainian crisis. Airbnb is suspending operations in Russia, Uber is offering free rides to the Polish border, and Microsoft has announced it will stop selling in Russia.
| Ticker | Security | past | Change | Change % |
|---|---|---|---|---|
| ABNB | AIRBNB INC. | 142.70 | -8.99 | -5.93% |
| uber | UBER TECHNOLOGIES INC. | 29.83 | -1.89 | -5.96% |
| ISFT | MICROSOFT CORPORATION. | 289.86 | -6.06 | -2.05% |
Cruise promotions remain in the spotlight. Royal Caribbean has announced that it is changing some routes around Russia and Ukraine due to the conflict.
| Ticker | Security | past | Change | Change % |
|---|---|---|---|---|
| RKL | ROYAL CARIBBEAN GROUP | 69.60 | -2.25 | -3.13% |
| CCL | CARNIVAL CORP. | 17.24 | -1.05 | -5.74% |
In cryptocurrencies, bitcoin traded as high as $41,000.
POWELL Fed TO PROPOSE 25 BPS RATE HIGH AT MARCH MEETING
Fed Chairman Jerome Powell warned on Thursday that the fighting in Ukraine is likely to further exacerbate the high inflation plaguing the global economy. Russia is a key oil producer and prices are rising as the conflict threatens global supplies, raising fears that sustained inflation could get even hotter.
Powell said he intends to do whatever is necessary to slow inflation, stressing that raising interest rates is risky enough to ease price pressure without triggering another recession.
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Ken Martin and the Associated Press contributed to this report.