The major US indices are all closing sharply lower with the declines of -1.5% or more.
Higher commodity prices pose a risk for higher inflation going forward. Continue tension in Ukraine, and tumbling rates all helped to contribute to a declining environment in US equities.
- Crude oil prices trading above $100 for the first time more than seven years
- Corn and wheat futures traded up-limit as they continued their run to the upside on risk of supply constraints. Russia and Ukraine supply 29% of the export market in wheat.
- The US yields fell sharply with the tenure yield now down -12.5 basis points on the day and at its lowest level since January 5
- S&P index closed nearly 11% below its all-time high
- NASDAQ index is back to down 17% from its all-time high
- if there is good news, the Dow was down 785 points at its low and is closing down around 600 points (not sure that's that great though)
Financials were the hardest hit on the tumble in rates. That sector felt -3.7% on the day. Energy was the only sector which moved higher (up 1.0%). Technology fell by -2.0%. Semi conductors were hit hard with a decline of -3.15%.
The final numbers are showing:
- Dow industrial average fell -597.65 points or -1.76% at 33294.94
- S&P index felt -67.68 points or -1.55% at 4306.27
- NASDAQ index fell -218.93 points or -1.59% at 13532.47
- Russell 2000 felt -39.58 points or -1.93% at 2008.50
