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Benchmark US indices retreated for the second-consecutive day on Wednesday, February 23, after Ukraine declared a state of emergency and asked citizens to immediately leave the territory as a Russian military offensive on Kiev was ‘imminent’.
The S&P 500 declined 1.84% to 4,225.50. The Dow Jones fell 1.38% to 33,131.76. The NASDAQ Composite fell 2.57% at 13,037.49, and the small-cap Russell 2000 was down 1.79% to 1,944.65.
On Wednesday, the Ukrainian government said it was preparing for war after intelligence inputs revealed an imminent offensive. Russia has deployed troops near the border in Donbas.
Ukraine has urged its citizens to leave the territory immediately. Ukrainian Foreign Minister Dmytro Kuleba has called for international help at the United Nations.
The market has been hit by the twin blow of inflation and geopolitical tensions. Analysts expect the volatility to continue until the Ukraine situation improves. Brent oil was trading at more than US$94 a barrel. Defensive stocks saw subdued gains amid a bearish market.
The energy segment was the top mover on S&P 500. Ten out of 11 sectors of the index closed in the red. Consumer discretionary, technology, and industrial stocks were the bottom movers.
Online retailer Overstock.com, Inc. (OSTK) stock jumped over 23% after posting better-than-expected results. Lowe's Companies, Inc. (LOW) rose more than 1.05% after booking strong results. Its net earnings grew by around 45% in the fiscal year ended January 28, 2022.
The Beauty Health Company (SKIN) stock rose over 31% on strong quarterly earnings. Its net sales increased 118% in fiscal 2021.
Shares of TJX Companies, Inc. (TJX) fell nearly 4.4% on weak earnings and sales outlook. Its net sales rose 16% in fiscal 2022.
In the energy sector, Exxon Mobile Corporation (XOM) rose 0.28%, Chevron Corporation (CVX) increased by 2.13%, and ConocoPhillips (COP) gained 0.21%. The EOG Resources Inc. (EOG) was up by 0.58%, and BP Plc (BP) advanced 0.08%.
In the consumer discretionary sector, Tesla Inc. (TSLA) stock declined 7.16%, Amazon.com Inc. (AMZN) fell 3.44%, and Nike Inc. (NKE) fell 0.82%. Alibaba Group Holding Limited (BABA) and JD.com Inc. (JD) fell 2.75% and 0.63%, respectively.
In the technology sector, Apple Inc. (AAPL) stock plunged 2.60%, Microsoft Corp. (MSFT) stock fell 2.43%, and Nvidia Corporation (NVDA) declined 4.42%. Broadcom Inc. (AVGO) and Cisco Systems, Inc. (CSCO) decreased by 1.94% and 3.29%, respectively.
The global cryptocurrency market was up 0.54% to US$1.71 trillion, as per coinmarketcap.com at 3:51 pm ET. Bitcoin (BTC) price fell by 0.63% to US$37,656.55 in the last 24 hours.
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Futures & Commodities
Gold futures surged 0.17% to US$1,910.65 per ounce. Silver futures increased by 1.13% to US$24.585 per ounce, while copper futures declined 1.25% to US$4.4540.
Brent oil futures increased by 0.22% to US$94.06 per barrel and WTI crude futures were up by 0.13% to US$92.03.
Bond Market
The 30-year Treasury bond yields increased 1.21% to 2.280, while the 10-year bond yields were up 1.41% to 1.975.
US Dollar Futures Index surged 0.23% at US$96.235.
