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Benchmark US indices slipped into the red on Friday, February 11, as oil prices surged to an eight-year high, further adding to the inflationary pressure a day after the crushing CPI data.
The S&P 500 fell 1.90% to 4,418.49. The Dow Jones declined 1.43% to 34,737.47. The NASDAQ Composite was down 2.78% to 13,791.15, and the small-cap Russell 2000 fell 1.20% to 2,026.81.
Oil prices surged to an eight-eight year high to US$94.89 on Friday after concerns over the Russian invasion of Ukraine deepened. A senior White House warned that an invasion is imminent.
On Thursday, the Labor Department said that the US consumer prices rose at an annual rate of 7.5% in January after surging 7% in December, the highest levels in forty years.
Energy stocks saw strong gains after the spike in oil prices. Kosmos Energy Ltd. (KOS), EOG Resources Inc. (EOG), and Exxon Mobile Corp (XOM) rose 10%, 3.28%, and 2.25%, respectively. Enbridge Inc (ENB) gained 1.4%, while ConocoPhillips (COP) and Shell Plc (SHEL) grew by 1.28% and 1.94%.
Nine out of the 11 segments of the S&P 500 closed in the red. Energy and utility were the top gainers. Technology, consumer discretionary, and communication services were the laggards.
Zillow Group, Inc. (ZG) advanced more than 12% after posting strong results during the extended trading hours. The company reported huge losses from its home-flipping business last year.
Affirm Holdings, Inc. (AFRM) stock plunged over 20.5% in intraday trading after reporting second-quarter results. Its sales forecast fell below the analyst’s expectations.
Semiconductor companies Advanced Micro Devices, Inc. (AMD) fell more than 9.85%, and NVIDIA Corporation (NVDA) declined over 7.4% in intraday trading.
In the utility sector, Duke Energy Corporation (DUK) stock surged 0.11%, Southern Company (SO) fell 1.33%, and Dominion Energy (D) increased by 1.10%. Exelon Corporation (EXC) rose 0.17%, and American Electric Power Company Inc. (AEP) increased by 0.42%.
In the tech sector, Apple Inc. (AAPL) stock fell 1.92%, Microsoft Corp. (MSFT) declined 2.24%, ASML Holding N.V. (ASML) fell 4.50%, and Broadcom Inc. (AVGO) was down 3.41%.
The global cryptocurrency market fell 3.92% to US$1.91 trillion, as per coinmarketcap.com at 3:58 pm ET. Bitcoin (BTC) price declined 3.24% to US$42,491.26 in the last 24 hours.
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Futures & Commodities
Gold futures surged 1.44% to US$1,863.95 per ounce. Silver futures increased by 0.40% to US$23.617 per ounce, while copper futures fell 4.08% to US$4.4695.
Brent oil futures increased by 3.83% to US$94.89 per barrel and WTI crude futures were up by 4.27% to US$93.72.
Bond Market
The 30-year Treasury bond yields decreased 1.98% to 2.257, while the 10-year bond yields were down 4.36% to 1.941.
US Dollar Futures Index surged 0.54% at US$96.060.
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Versha Jain - Financial Journalist648 PostsVersha is a post-graduate in finance and has vast experience in the retail banking and education sectors. She also holds a keen interest in development work. At Kalkine, she writes on stock markets, companies, equities, and IPOs, etc....
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Sanjeeb Baruah - Financial Journalist368 PostsSanjeeb is a senior journalist who has been in the media for nearly two decades. He wrote on various topics, from politics, international relations, business to wildlife. At Kalkine, he writes on stock markets, companies, equities, and IPOs, etc....
