Archives of “February 24, 2022” day

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New US sanctions on Russia not expected to severely target energy – report Report from Politico

  
  Analysis

This isn’t a surprise after the UK announcement. Here’s the report from Politico.

It looks like Russia will continue to be able to sell all the oil it wants to the US and the rest of the world. The report says Rosneft is not expected to be a target of the sanctions.

Risks are still high but right now it doesn’t look like this war is going to take a single barrel of oil off the global market.

Given that, I question how long today’s rally will last, particularly if the reports of an SPR release and Iran deal bear fruit.

oil

WTI  crude oil  is at $96.45 from a high of $100.54.

The stocks close at session lows. Major indices extend losing streaks NASDAQ and Dow down five consecutive days

  
Analysis, US Market

The major US indices are closing near session lows, and in the process is extending the losing streaks:

  • Dow and  NASDAQ  are down for the fifth consecutive day
  • S&P is down for the fourth consecutive day
  • NASDAQ is closing near its all-time – 20% off it’s all-time intraday high
  • S&P index is closing near -12% off its all-time intraday high

A look at the closing numbers shows:

  • Dow industrial average down -464.87 points or -1.38% at 33131.77
  • S&P index down -79.28 points or -1.84% at 4225.49
  • NASDAQ index down -344.02 points or -2.57% at 13037.50
  • Russell 2000 down -36.08 points or -1.82% at 1944.092

Some of the big losers today included:

  • Rackspace -12.81%
  • AirBNB -9.2%
  • Rivian, -7.79%
  • Tesla, -7.0%
  • Moderna, -6.37%
  • Beyond Meat, -6.21%
  • Snowflake, -5.65%
  • United Airlines -5.33%
  • Roblox, -5.19%
  • Zoom, -5.14%

Within the Dow 30:

  • Cisco -3.3%
  • Microsoft -2.59%
  • Apple -2.59%
  • salesforce -2.42%
  • Visa -2.4% Home Depot -2.39%
  • Caterpillar -2.38%
  • J.P. Morgan -2.04%
  • Honeywell -1.97%

The pain to the downside continues especially for the NASDAQ stocks

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