© Reuters. PHOTO: New York Stock Exchange (NYSE) in New York, where markets are booming after Russia continues to attack Ukraine, in New York, USA, February 24, 2022. REUTERS / Caitlin Ochs
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By Devik Jane and Noel Randevich
– Wall Street ended sharply lower on Tuesday, with financial stocks taking much of the damage for the second day in a row as the Russia-Ukraine crisis deepened and sparked unrest among investors.
Ten of the 11 sector indices fell, driven by financial indicators, down 3.7%.
Wales Fargo (NYSE 🙂 fell 5.8% and the broader bank index fell 4.8% as it fell to a five-week low amid fleeing asylum. [US/]
Chevron Corp. (NYSE 🙂 jumped 4% to close at its highest level ever after the company boosted its share buyback program and cash flow forecast until 2026 and rising oil prices. [O/R]
The energy index rose by about 1%.
Russia has warned Kyiv residents to flee their homes and fired rockets at the city of Kharkov as Russian commanders stepped up bombardments of Ukrainian urban areas in a tactical change after their six-day attack came to a halt.
The conflict has sparked sharp repression from the West, including blocking access by some Russian creditors to the international payment system SWIFT.
“Investors are swimming in fear and don’t know how to incorporate geopolitical news into their pricing,” said Mike Sigmont, head of research and marketing at Harvest Volatility Management in New York. “We’re dealing with a purely emotional reaction from the investor.”
The decline was 1.76% to 33,294.95 points, while the S&P 500 lost 1.55% to 4,306.24 points.
It fell by 1.59% to 13,532.46.
The Philadelphia Semiconductor index fell 3.6% and Advanced Micro Devices (NASDAQ 🙂 fell 7.7%.
The trade was busy. The volume of stock exchanges in the United States is 14.9 billion shares, compared to an average of 12.3 billion for the entire session over the past 20 trading days.
On the positive side, data show that manufacturing activity in the United States rose more than expected in February as COVID-19 infections declined while construction costs rose in January.
“Given the fact that the US economy is accelerating, uncertainty will be relatively short and it will come as no surprise if the market finds its basis sometime in the next few weeks when clarity is restored,” said Jeff Schulze, investment strategist at ClearBridge. Investments.
Purpose Corp. (NYSE 🙂 jumped 9.9% after the big retailer forecast sales and profits for 2022 above analysts’ expectations.
Defense stocks added to recent gains, with Lockheed Martin Corp (NYSE 🙂 and Northrop Gruman (NYSE 🙂 is gaining over 3%.
The CBOE’s volatility index, also known as the Wall Street Fear Indicator, rose to its highest level since Feb. 24.
Zoom video communication (NASDAQ 🙂 Inc fell 7.4% after forecasting lower revenue and profit for the full year, signaling a blow from strong competition and lower registrations for its main meeting platform.
The S&P 500 fell about 10% in 2022, and the Nasdaq lost about 13%.
Emission reductions outnumber the advanced NYSE by 1.55 to 1; of the Nasdaq, a ratio of 1.80 to 1 favors declines.
The S&P 500 publishes 26 new 52-week highs and 16 new lows; Nasdaq Composite recorded 40 new highs and 150 new lows.