Market Snapshot: Dow ends 200 points lower, stocks post biggest drop in a week after Fed’s Powell opens door to larger rate hikes

Daily Trade

U.S. stock futures on Monday edged lower after the strongest weekly performance in more than a year, as Russia continued attacking Ukraine with no diplomatic progress in sight.

What’s happening
  • Futures on the Dow Jones Industrial Average
    YM00,
    -0.33%

    fell 94 points, or 0.3%, to 34539

  • Futures on the S&P 500
    ES00,
    -0.17%

    fell 0.2%, or 7 points, to 4446

  • Futures on the Nasdaq 100
    NQ00,
    -0.37%

    dropped 0.5%, or 65 points, to 14348

On Friday, the Dow Jones Industrial Average
DJIA,
+0.80%

rose 274 points, or 0.8%, to 34755, the S&P 500
SPX,
+1.17%

increased 51 points, or 1.17%, to 4463, and the Nasdaq Composite
COMP,
+2.05%

gained 279 points, or 2.05%, to 13894. Last week’s 6.2% gain for the S&P 500 was the largest one week percentage gain since the week ending November 6, 2020.

What’s driving markets

Stocks last week responded positively for the first interest-rate hike from the Federal Reserve. “As Fed hikes have gotten underway and GDP forecasts have started to get reined in, the Growth trade is attempting to stabilize once more, something that is also a stabilizing force for the S&P 500 itself,” said Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets.

Ukrainian officials rejected a Russian demand that their forces in Mariupol surrender as the U.K. Ministry of Defense said that heavy fighting continues north of Kyiv.

The White House said President Joe Biden will hold a call with President Emmanuel Macron of France, Chancellor Olaf Scholz of Germany, Prime Minister Mario Draghi of Italy, and Prime Minister Boris Johnson of the United Kingdom to discuss events, and later meet chief executives.

Boeing
BA,
+1.39%

shares slumped in premarket action after China state media reported that a 737 jet crashed.

Articles You May Like

The Best Energy ETF Now?
369 TIP. How Exceptional People Think w/ Polina Pompliano
You Don’t Have to Trade Every Single Day to Be Successful – Don’t Force It!
BTC010: Bitcoin & Layered Money w/ Nik Bhatia
Nvidia (NVDA) Stock Earnings: What Should Investors Watch For?