Russia's invasion of Ukraine threw global markets into turmoil. European stocks plummeted while, in the U⛄.S., the Dow Joneꦆs joined the S&P 500 in a and the Nasdaq entered .
U.S. investors—already concerned with rising inflation and a rate hike likely coming from the Fed in March—are pulling money out of stocks and into havens, including bonds, gold, silver, and the U.S. dollar. The price of the 10-year Treasury note is rising, with the yield falling to 1.94%. The so-called “fear index,” the VIX, is up 10%.
Key Takeaways
- Russia's invasion of Ukraine threw global markets into turmoil, as European stocks plummeted.
- In the U.S. the Dow Jones joined the S&P 500 in a and the Nasdaq entered .
- Oil and natural gas prices jumped.
The Dow is down more than 600 points. The Nasdaq briefly turned positive before returning to negative territory. The pan-Europe Stoxx 600 index, Germany's DAX, and the UK's FTSE all fell more than 3%, while Russia's MOEX cratered, losing more than 17%.
The news sent oil futures up to $105 a barrel for a short time. Crude is now more than $96 a barrℱel. Natural gas and gasoline prices are up 5%. Prices for wheat and other agricultural commodities are rising (more below)𓂃.
Shares of all but three of the companies in the Dow are falling. Financial company shares are tumbling; JPMorgan Chase & Co. (JPM) is th💖e worst-performing stock in the index. Shares of travel-relatedಞ companies are dropping as the conflict in Ukraine is raising concerns about travel safety and higher fuel costs.
Cryptocurrenc🐭ies, which are seen as riskier assets, are trading lower. The price of Bitcoin is down 5%.
Shares of Moderna Inc. (MRNA) and Live Nation Entertainment Inc. (LYV) are among the few stocks gaining gro🌳und after b🐈oth reported better-than-expected quarterly results and strong 2022 guidance.
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Chart of the Day: Grain Gains
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Russia’s attack on Ukraine has sent wheat prices soaring to levels not seen in more than a🍬 decade.
Wheat futures are rising more than 5%, hitting limit up at the 澳洲幸运5开奖号码历史查询:Chicago Board of Trade (CBOT). Wheat is trading at more than $9 a bush꧒el. It hasn’t been that high since February 2008.
Russia is the wor🍬ld’s largest exporter of wheat, and Ukraine is among the largest.
The price of corn is also jumping, gaining almost 4% after hitting limit up during trading today. Ukraine andℱ Russia are among the top-10 exporters of corn.
Futures f🍸or soybeans and other grains are higher as well.
Stock of the Day: Live N𝔍ation Entertainment (LYV)
Live Nation Entertainment shares rose after i💛t reported fourth quarter revenue and income that beat analysts’ estimates, and🐷 the concert promoter predicted 2022 would be its best year ever.
Live Nation Entertainmentsales of $2.7 billion in the period, more than 10 times grea🐷ter than in 2021, when live performances were severely limited by C𝔉OVID-19. Adjusted operating income came in at $160 million.
The company indicated 45 million tickets have alrไeady bee꧑n sold for events this year, up 45% from the same period in 2019. Pricing for its top-10 shows is more than 20% higher than two years ago as well.
CEO Michael Rapino said the tailwinds to🌺 the busines💟s have never been so strong, and he believes we are at the beginning of what will be the strongest multi-year period ever in the concert industry.
Record-Setting Year Predicted
He ad😼ded he expects that in 2022 Live Nation Entertainment will “deliver record financial performance overall and for each division.”
Shares of Live Nation Entertainment are gaining 6%, and they’re trading near their all-time high set in early November.