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Wall Street’s main indices closed mixed on Monday, February 28, as countries stepped up sanctions against Russia for invading Ukraine, driving up the oil prices after Friday’s retreat.
The S&P 500 fell 0.24% to 4,373.94. The Dow Jones fell 0.49% to 33,892.60. The NASDAQ Composite rose 0.41% at 13,751.40, and the small-cap Russell 2000 was up 0.39% to 2,048.45.
On Monday, the Russian ruble and bond declined to a record low after Western sanctions targeted more banks and financial institutions.
The Central Bank of Russia has almost doubled the interest rate to stop the further decline of the rouble. Its stock exchange was closed on Monday and will likely remain closed on Tuesday.
The New York Stock Exchange and the Nasdaq Stock Market halted the trading of US-listed Russian stocks after the Biden administration announced new sanctions targeting banks.
US bond yields fell as uncertainty loomed over the market with continuing geopolitical strife. Investors looked for safe assets. Analysts now expect a mild rate hike amid market volatility.
Separately, on Monday, the Commerce Department said the goods trade deficit rose 7.1% in January while imports increased 1.7%. Exports dropped 1.8% in January. Likewise, retail inventories increased 1.9% after increasing 4.7% in December.
Defense, cybersecurity, and energy stocks were the top gainers. Ten out of 11 sectors of the S&P 500 plummeted. Real Estate, financials and consumer staples were the hardest hit.
The First Horizon Corporation (FHN) stock jumped over 28% after the Toronto-Dominion Bank Group announced to buy the US bank for US$13.4 billion in an all-cash deal.
Tesla, Inc. (TSLA) stock surged more than 6.6% in intraday trading after the German environment ministry indicated that Tesla’s planned factory is in the final phase of approval.
Defense stock Raytheon Technologies Corporation (RTX) surged nearly 4%, and Lockheed Martin Corporation (LMT) rose over 5.3% in intraday trading. Cybersecurity stocks Palo Alto Networks, Inc. (PANW) advanced more than 3.8%, and Fortinet, Inc. (FTNT) grew by over 4.6%.
In the real estate sector, Prologis Inc. (PLD) stock plunged 2.55%, American Tower Corporation (AMT) fell 4.03%, and Crown Castle International Corp. (CCI) was down 1.23%. Public Storage (PSA) and Equinix Inc. (EQIX) stocks declined 2.54% and 1.94%, respectively.
In the financial sector, JP Morgan Chase & Co. (JPM) stock plunged 4.41%, Bank of America Corporation (BAC) fell 2.13%, and Wells Fargo & Company (WFC) decreased by 1.79%. Charles Schwab Corporation (SCHW) and Morgan Stanley (MS) fell 1.74% and 4.02, respectively.
In consumer staples, Procter & Gamble Company (PG) stock lost 1.84%, PepsiCo Inc. (PEP) fell 3.24%, and Costco Wholesale Corporation (COST) declined 0.06%. Philip Morris International Inc (PM) and Mondelez International Inc. (MDLZ) were down 4.26% and 2.10%, respectively.
The global cryptocurrency market was up 8.23% to US$1.85 trillion, as per coinmarketcap.com at 3:41 pm ET. Bitcoin (BTC) price surged 10.03% to US$41,535.93 in the last 24 hours.
Also Read: NYSE, Nasdaq halt trade in Russian stocks after new US sanctions
Image description: (Real Estate, Financials and Consumer Staples sectors were the hardest hit sectors on Monday.)
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Futures & Commodities
Gold futures surged 1.23% to US$1,910.55 per ounce. Silver futures increased by 0.93% to US$24.530 per ounce, while copper futures jumped 0.33% to US$4.5000.
Brent oil futures increased by 4.31% to US$98.18 per barrel and WTI crude futures were up by 4.75% to US$95.94.
Bond Market
The 30-year Treasury bond yields decreased 5.69% to 2.165, while the 10-year bond yields were down 7.67% to 1.832.
US Dollar Futures Index surged 0.11% at US$96.730.
