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Benchmark US indices closed the week in red on Friday, March 4, as Russian forces intensified shelling in Ukraine and seized a major nuclear plant, deepening humanitarian concerns.
The S&P 500 fell 0.79% to 4,328.87. The Dow Jones declined 0.53% to 33,614.80. The NASDAQ Composite fell 1.66% at 13,313.44, and the small-cap Russell 2000 was down 1.55% to 2,000.90.
The Ukraine-related disruptions have stoked inflation, already at a 40-year high. The prices of essential commodities like oil, wheat, corn, and metal have climbed to record levels lately.
Wheat rose 40%, aluminum hit US$3,850 a ton, while gold and Palladium rose 22% this week.
The NYSE stopped trading in three Russia-focused ETFs on Friday due to sanctions - Franklin FTSE Russia ETF, iShares MSCI Russia ETF, and Direxion Daily Russia Bull 2X Shares.
Separately, the Labor Department said that nonfarm payrolls in February increased by 678,000, suggesting a strong labor market recovery. The department said that the unemployment rate stood at a two-year low of 3.8% in the month from 4.0% in January.
Seven out of 11 sectors of the S&P 500 remained in the negative territory on Friday. Energy, utility, and real estate segments advanced, while financials, technology, and consumer discretionary sectors were the bottom movers.
In the energy sector, Occidental Petroleum Corporation (OXY) jumped over 16%, Camber Energy, Inc. (CEI) rose more than 34%, and Indonesia Energy Corporation Limited (INDO) stock surged 102% in intraday trading.
In other energy stocks, Exxon Mobile Corporation (XOM) surged 3.58%, Chevron Corporation (CVX) rose 1.34%, and ConocoPhillips (COP) increased by 2.71%. EOG Resources Inc. (EOG) was up 1.89%, and Pioneer Natural Resources Company (PXD) increased by 1.36%.
Smith & Wesson Brands, Inc. (SWBI) stock plunged more than 12% after reporting third-quarter results. Its sales dropped by 31% to US$177.7 million in Q3.
Drug firm Ocugen, Inc. (OCGN) stock fell nearly 25% after the Food and Drug Administration declined to issue an emergency use authorization for Covaxin for young children.
Sweetgreen, Inc. (SG) stock increased by over 22% after posting strong sales. Its revenue increased by 54% to US$339.9 million in fiscal 2021.
In the utility sector, Duke Energy Corporation (DUK) stock surged 2.45%, Southern Company (SO) rose 1.69%, and Dominion Energy (D) increased by 2.35%. Exelon Corporation (EXC) rose 2.45%, and American Electric Power Company Inc. (AEP) increased by 2.47%.
In the financial sector, JP Morgan Chase & Co. (JPM) stock plunged 2.94%, Bank of America Corporation (BAC) fell 3.68%, and Wells Fargo & Company (WFC) decreased by 4.86%. Charles Schwab Corporation (SCHW) and Morgan Stanley (MS) fell 1.98% and 1.72%, respectively.
The global cryptocurrency market was down 5.02% to US$1.76 trillion at 3:59 pm ET, as per coinmarketcap.com. Bitcoin (BTC) price fell 5.80% to US$39,563.41 in the last 24 hours.
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Futures & Commodities
Gold futures surged 1.81% to US$1,970.95 per ounce. Silver futures increased by 2.34% to US$25.802 per ounce, while copper futures jumped 2.80% to US$4.9155.
Brent oil futures increased by 6.77% to US$117.94 per barrel and WTI crude futures were up by 6.92% to US$115.12.
Bond Market
The 30-year Treasury bond yields decreased 2.95% to 2.160, while the 10-year bond yields were down 5.59% to 1.741.
US Dollar Futures Index surged 0.75% at US$98.528.
