Nasdaq gains, Dow falls 179 points, S&P little changed in Russian driven session

Fatima Fokina

U.S. stocks turned in another whipsaw session ending mixed as investors weighed the latest on Russia’s invasion of Ukraine against the U.S. expanding sanctions against Russia’s central bank by freezing all assets held by Americans.

The Nasdaq Composite closed higher by 0.4% as Apple and Tesla helped drive gains. 

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 13313.438007 -224.50 -1.66%
TSLA TESLA INC. 838.29 -1.00 -0.12%
AAPL APPLE INC. 163.17 -3.06 -1.84%

RUSSIA-UKRAINE: LIVE UPDATES

The S&P closed marginally lower, while the Dow Jones Industrial Average fell over just 179 points, erasing a drop of over 400 points, to close down 0.5%. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 33614.8 -179.86 -0.53%
SP500 S&P 500 4328.87 -34.62 -0.79%

INFLATION, MONETARY POLICY MISSTEPS POSE RISK TO US ECONOMY: NABE

Monday, the ruble has plunged more than 30% after the move to block Russian banks from the SWIFT payments system. The sanctions include restrictions meant to crimp the Russian central bank’s access to over $600 billion in reserves and hinder its ability to support the ruble. In response, the Russian central bank raised its key rate to 20% from 9.5% in a desperate attempt to shore up the plummeting ruble and prevent a run on banks. 

RUSSIA HIKES KEY RATE TO 20%, TELLS COMPANIES TO SELL FX

Russian exchange-traded funds were under pressure. 

Ticker Security Last Change Change %
RUSL DIREXION SHARES ETF TRUST DAILY RUSSIA BULL 2X SHARES 2.59 -0.68 -20.82%
RSX VANECK VECTORS RUSSIA ETF 5.95 +0.17 +2.94%
ERUS ISHARES INC MSCI RUSSIA CAPPED ETF 7.96 -2.85 -26.32%

Additionally, the New York Stock Exchange and Nasdaq Composite rolled out a temporary trading halt for a handful of Russian companies that trade in the U.S. Per a notice with the NYSE, the listed companies are Mechel PAO, American Depositary Shares – each representing two ordinary shares – and Mobile TeleSystems Public Joint Stock Company and Cian PLC American Depositary Shares, each representing one ordinary share.

Ticker Security Last Change Change %
CIAN CIAN PLC 3.40 +0.09 +2.72%
MTL MECHEL OAO 2.23 -0.04 -1.97%
MBT MOBILE TELESYSTEMS 5.51 -0.51 -8.47%

 At the Nasdaq, stocks included are Yandex, known as Russia’s Google, and online retailer Ozon, as well as Nexters and QIWI and Head Hunter Group.

Ticker Security Last Change Change %
YNDX YANDEX NV 18.94 -1.38 -6.79%
OZON OZON HOLDINGS PLC 11.60 -1.03 -8.16%
GDEV NEXTERS 6.38 -0.12 -1.85%
QIWI QIWI PLC 5.67 +0.51 +9.88%
HHR HEADHUNTER GROUP PLC 15.03 +0.04 +0.27%

Oil prices surged Monday, with U.S. benchmark crude nearing $95.72 per barrel in electronic trading on the New York Mercantile Exchange. Brent Crude closed at $100.99. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 79.43 +4.87 +6.53%
BNO UNITED STS BRENT OIL FD LP UNIT 32.77 +2.08 +6.78%

And gold climbed above $1,900 before easing back to $1,899.40 an ounce as investors moved to safer assets amid the volatility hitting U.S. equities. 

Ticker Security Last Change Change %
GLD SPDR GOLD SHARES TRUST – EUR ACC 183.68 +2.88 +1.59%

British Petroleum, on Sunday, confirmed it will exit its stake in Russian energy company Rosneft – the latest private severance of relations with Russia as the global superpower invades neighboring Ukraine. BP, which has held a 19.75% stake in Rosneft since 2013, also said its chief executive, Bernard Looney, will resign from the Russian firm’s board, effective immediately. Bob Dudley, a former BP executive, will also resign from Rosneft’s board.

Ticker Security Last Change Change %
BP BP PLC 28.01 -0.73 -2.54%
SHEL SHELL PLC 49.39 -1.96 -3.82%

Late Monday, Shell joined the movement announcing it will exit its joint venture with GazProm, including its support of the Nord Stream 2 pipeline. 

Airlines got slammed on concerns the Russia Ukraine escalation will crimp travel. 

Ticker Security Last Change Change %
DAL DELTA AIR LINES INC. 34.52 -2.04 -5.58%
AAL AMERICAN AIRLINES GROUP INC. 14.59 -1.12 -7.13%
UAL UNITED AIRLINES HOLDINGS INC. 36.71 -3.66 -9.07%

Defense stocks moved higher as Germany announced plans to boost military spending to 2% of output. 

Ticker Security Last Change Change %
LMT LOCKHEED MARTIN CORP. 458.15 +10.33 +2.31%
NOC NORTHROP GRUMMAN CORP. 468.37 +18.70 +4.16%
RTX RAYTHEON TECHNOLOGIES CORP. 99.59 -0.24 -0.24%

In earnings news Monday Lordstown Motors, Nielsen, Party City and Tegna before the market open and SmileDirectClub, Workday and Zoom Video Communications after the bell. 

Ticker Security Last Change Change %
RIDE LORDSTOWN MOTORS 2.18 -0.11 -4.80%
NLSN NIELSEN HOLDINGS PLC 16.90 -0.57 -3.26%
PRTY PARTY CITY HOLDCO INC. 3.56 -0.33 -8.47%
TGNA TEGNA INC. 22.42 -0.43 -1.88%
SDC SMILEDIRECTCLUB INC. 2.01 +0.05 +2.55%
WDAY WORKDAY INC. 240.21 -5.16 -2.10%
ZM ZOOM VIDEO COMMUNICATIONS INC. 108.94 -4.17 -3.69%

GERMANY’S E.ON REJECTS HALTING NORD STREAM 1 PIPELINE – PAPER

In cryptocurrencies, Bitcoin hovered around the $38,000 level before advancing past the $40,000 level as stocks recovered some of their losses. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The Associated Press contributed to this report. 

https://www.foxbusiness.com/markets/us-stocks-2-28-22

Next Post

Republican Texas education board races center on “critical race theory”

Sign up for The Brief, our daily newsletter that keeps readers up to speed on the most essential Texas news. Several Republican State Board of Education candidates who ran in opposition of so-called critical race theory in public schools advanced in Tuesday’s GOP primary election. All 15 seats of the […]
Republican Texas education board races center on “critical race theory”