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Benchmark US indices closed the week lower on Friday, March 11, dragged down by technology and consumer discretionary stocks amid Ukraine-linked volatility and inflation concerns.
The S&P 500 fell 1.30% to 4,204.31. The Dow Jones declined 0.69% to 32,944.19. The NASDAQ Composite fell 2.18% at 12,843.81, and the small-cap Russell 2000 was down 1.46% to 1,982.25.
On Friday, President Vladimir Putin, in a meeting with his Belarusian counterpart Alexander Lukashenko said that there were “positive shifts” in talks with Kyiv without divulging further details. The market rallied briefly after the comments, but gains faded out at the close.
Meanwhile, President Biden has stepped up the pressure on Russia to end the conflict, saying that the US will join its EU allies and others in revoking normal trade ties with Moscow.
Economists expect the market volatility to continue next week. The Federal Reserve is expected to hold its two-day policy conclave on Tuesday to decide on the interest rate increase.
All 11 sectors of the S&P 500 closed in red on Friday. Utilities, basic material, and healthcare sectors retreated. Consumer discretionary, technology and real estate were the hardest hit.
Technology company DocuSign, Inc. (DOCU) stock fell more than 20% after providing a lower-than-expected earnings outlook. Its fiscal 2021 revenue rose 45% YoY to US$2.1 billion.
Meta Platforms, Inc. (FB) stock tumbled over 2.9% as Russia opened a criminal case against the social media company for hate speech on the platform over the Ukrainian war.
DiDi Global Inc. (DIDI) stock fell more than 43% after reports of its suspension of Hong Kong listing for failing to meet the regulatory conditions for handling user data.
Vaccine maker Pfizer, Inc. (PFE) stock jumped more than 2.2% after receiving the emergency use authorization for its Covid-19 drug in the Philippines.
In the utility sector, Duke Energy Corporation (DUK) stock plunged 0.05%, NextEra Energy, Inc. (NEE) fell 1.07%, and National Grid plc (NGG) decreased by 2.31%. Sempra (SRE) declined 0.68%, and American Electric Power Company Inc. (AEP) fell 0.47%.
In the consumer discretionary sector, Tesla Inc. (TSLA) stock declined 5.12%, Amazon.com Inc. (AMZN) fell 0.88%, and Nike Inc. (NKE) fell 2.70%. The Home Depot, Inc. (HD) and Alibaba Group Holding Limited (BABA) fell 0.36% and 6.68%, respectively.
In the information technology sector, Apple Inc. (AAPL) stock declined 2.39%, Microsoft Corp. (MSFT) stock fell 1.93%, and Nvidia Corporation (NVDA) plummeted 2.46%. Broadcom Inc. (AVGO) and Cisco Systems, Inc. (CSCO) declined 1.68% and 0.04%, respectively.
The global cryptocurrency market was down 1.05% to US$1.73 trillion at 2.47 pm ET, as per coinmarketcap.com. Bitcoin’s (BTC) price fell 1.06% to US$38,812.19 in the last 24 hours.
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Futures & Commodities
Gold futures declined 0.51% to US$1,990.15 per ounce. Silver futures decreased by 0.27% to US$26.185 per ounce, while copper futures declined 1.07% to US$4.6028.
Brent oil futures surged by 2.97% to US$112.58 per barrel and WTI crude futures were up by 2.99% to US$109.19.
Bond Market
The 30-year Treasury bond yields decreased 1.23% to 2.363, while the 10-year bond yields were down 0.34% to 2.002.
US Dollar Futures Index surged 0.64% at US$99.138.
