Continued Surge In Oil Prices May Weigh On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Monday, 07 March 2022 10:49:22 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( [How Pro Traders Actually Pick Their Stocks]( When a stock skyrockets, we're eager to see if it will continue to push higher or reverse course. And there is one way to know what's coming next, but it isn't what you think. It's the only guaranteed way to get answers. [Check out this must-see tool for predictive analysis.]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a lower open on Monday, with stocks likely to extend the downward move seen over the two previous sessions. Concerns about the impact of the recent surge in oil prices is likely to weigh on Wall Street, with crude for April delivery spiking as high as $130.50 a barrel. The price of crude oil has given back some ground after reaching its highest level since July 2008 but remains sharply higher. The continued jump in oil prices comes as Secretary of State Antony Blinken said on NBC?s ?Meet the Press? on Sunday that the U.S. and European partners are in ?active discussions? about banning the import of Russian oil in response to the country?s invasion of Ukraine. Higher crude oil prices are already impacting prices at the pump, with AAA saying the national average for a gallon of gas has reached a fourteen-year high of $4.065. The increase in gas prices is likely to weigh on consumers, who are already grappling with higher prices due to elevated inflation. After ending Thursday?s session mostly lower, stocks saw further downside during trading on Friday. The major averages all moved to the downside on the day, with the tech-heavy Nasdaq showing a particularly steep drop. The major averages climbed off their worst levels of the day but still closed firmly in negative territory. The Dow fell 196.86 points or 0.5 percent to 33,614.80, the Nasdaq tumbled 224.50 points or 1.6 percent to 13,313.44 and the S&P 500 slid 34.62 points or 0.8 percent to 4,328.87. For the week, the Nasdaq plunged by 2.8 percent, while the Dow and the S&P 500 both slumped by 1.3 percent. The Dow closed lower for the fourth straight week. The weakness on Wall Street came as concerns about the impact of the Russian invasion of Ukraine continued to weigh on the markets, with Russia ratcheting up its attacks. Russia has reportedly taken control of Ukraine's Zaporizhzhia nuclear power plant, which is the largest nuclear power plant in Europe. The Russian attack on the plant had previously caused a fire to break out at the facility, raising concerns about a potential nuclear disaster. Worries about Ukraine overshadowed a typically closely watched Labor Department report showing U.S. employment once again jumped by much more than expected in the month of February. The report showed non-farm payroll employment spiked by 678,000 jobs in February after surging by an upwardly revised 481,000 jobs in January. Economists had expected employment to increase by 400,000 jobs compared to the addition of 467,000 jobs originally reported for the previous month. With the stronger than expected job growth, the unemployment rate dipped to 3.8 percent in February from 4.0 percent in January. The unemployment rate was expected to edge down to 3.9 percent. The report also showed a slowdown in the annual rate of wage growth, which economists suggested could lead to less pressure on the Federal Reserve to aggressively raise interest rates. Airline stocks moved sharply lower over the course of the session, resulting in a 5.6 percent nosedive by the NYSE Arca Airline Index. The index plummeted to its lowest closing level in well over a year. A steep drop by treasury yields also contributed to substantial weakness among financial stocks, with the KBW Bank Index and the NYSE Arca Broker/Dealer Index plunging by 3.4 percent and 2.8 percent, respectively. Computer hardware and software stocks also saw considerable weakness on the day, contributing to the significant decrease by the tech-heavy Nasdaq. Tobacco, networking and chemical stocks also showed notable moves to the downside, while gold, energy and utilities stocks moved sharply higher. --------------------------------------------------------------- [MUST SEE 'Set and Forget' Dividend Portfolio]( The easiest way to self-manage your dividend income portfolio without losing a ton of money is following my advice below. Dividend stocks I personally recommend and buy myself are meant to held for a long time. One of my current dividend payers to 'set and forget' for now is paying over 25% yields. There?s a process I follow to build this dividend portfolio that grows and ends up paying your bills for life. See how easy it is to follow. [Click here to see how this 'set and forget' dividend portfolio works.]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Federal Reserve is scheduled to release its report on consumer credit in the month of January at 3 pm ET. Consumer credit is expected to increase by $21.5 billion. --------------------------------------------------------------- --------------------------------------------------------------- Stocks in Focus Shares of Squarespace (SQ) are plummeting in pre-market trading after the digital publishing and ecommerce software platform reported better than expected fourth quarter revenue but provided disappointing guidance. Networking company Ciena (CIEN) may also move to the downside after reporting fiscal first quarter earnings that beat analyst estimates but weaker than expected revenues. Meanwhile, shares of Bed Bath & Beyond (BBBY) are soaring in pre-market trading following news billionaire investor Ryan Cohen has a 9.8 percent stake in the housewares retailer and is pushing the company to explore strategic alternatives. --------------------------------------------------------------- --------------------------------------------------------------- Europe After falling to their lowest levels in a year in light of a possible Western ban on Russian oil, European stocks have regained ground but remain mostly lower during trading on Monday. Crude surged to almost $140 a barrel overnight and other key Russian exports like nickel and palladium also jumped against the backdrop of the continued escalation of the conflict in Ukraine, raising worries of higher global inflation. As the conflict enters its 12th day, Ukraine is set to ask the United Nations' highest court today to intervene to halt Moscow's invasion. Russian President Vladimir Putin has said his campaign in Ukraine will not end until Kyiv stops fighting. While the German DAX Index is down by 1.1 percent, the French CAC 40 Index is down by 0.6 percent and the U.K.?s FTSE 100 Index is down by 0.1 percent. Banks have helped lead the way lower, with Lloyds Banking Group, Credit Agricole, Deutsche Bank, Societe Generale and Commerzbank posting steep losses. British ad industry giant WPP has also tumbled after announcing it is discontinuing operations in Russia in response to the invasion of Ukraine. Swiss specialty chemicals company Clariant AG has also slumped. The company said it has suspended all its business with Russia in response to the Russian state's intolerable acts of violence in the Ukraine. On the other hand, Spectris has moved to the upside after the instrumentation company said it ended negotiations to buy Oxford Instruments. Miners and oil giants have also advanced on soaring metals and crude prices. In economic news, German retail sales advanced 10.3 percent year-on-year in January following 0.8 percent increases in both December and November, data published by Destatis revealed. Sales were forecast to climb 9.8 percent. Another report showed that German industrial orders expanded 1.8 percent month-on-month, slower than the December's 3.0 percent increase. Nonetheless, this was faster than economists' forecast of +1.0 percent. U.K. house prices rose at the fastest annual pace since mid-2007 to a record high in February, survey data from the Llyods Bank subsidiary Halifax showed earlier today. The house price index rose 10.8 percent year-on-year, which was the biggest increase since June 2007, when it was 11.9 percent. House prices climbed 9.7 percent in each of the previous two months. Investor morale in the eurozone has plunged in March, a survey showed. The Sentix's index for the region fell to -7.0 in March from 16.6 in the previous month, hitting its lowest level since November 2020. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks plunged on Monday as Brent crude hit an intraday high of $139 a barrel, the highest since 2008, amid fears of a U.S. and European ban on Russian oil. Chinese shares fell after data showed the country's export growth slowed in the January-February period due to the weeklong Lunar New Year holiday. Meanwhile, China signaled more stimulus is in the cards by setting an economic growth target above forecasts. The benchmark Shanghai Composite Index tumbled 74.79 points, or 2.2 percent, to 3,372.86. Hong Kong stocks plunged to their lowest level in more than five years on concerns the war in Ukraine will worsen inflation. The Hang Seng Index plummeted 847.66 points, or 3.9 percent, to 21,057.63. Japanese shares ended deep in the red, as investors remained wary of the inflationary impact from the spike in oil prices. The Nikkei 225 Index dove 764.06 points, or 2.9 percent, to settle at 25,221.41, its lowest close since November 2020. The broader Topix ended 2.8 percent lower at 1,794.03. SoftBank Group, Panasonic, Advantest and Toyota lost 5-7 percent. Australian markets hit a one-week low as financial and technology stocks suffered broad-based losses, overshadowing gains in the energy and mining sectors. The benchmark S&P/ASX 200 Index dropped 72.20 points, or 1 percent, to 7,038.60. The broader All Ordinaries Index ended down 74.10 points, or 1 percent, at 7,321.20. Banks ANZ, NAB and Westpac declined 1-2 percent, while Block Inc. led tech stocks lower to end down more than 10 percent. Airline Qantas slumped 7.9 percent. Firmer commodity prices helped lift miners, with BHP and Fortescue Metals Group rising 0.9 percent and 1.8 percent, respectively. Oil and gas explorer Woodside Petroleum surged 9.5 percent and Santos added 5.3 percent as oil prices spiked to 2008 highs. Gold miners Newcrest Mining and Northern Star Resources climbed 5-6 percent after gold prices rose above $2,000 per ounce. Seoul stocks plunged amid heightened concerns about the impact of the Ukraine-Russia conflict on inflation and the global economic recovery. The Kospi tumbled 62.12 points, or 2.3 percent, to 2,651.31 amid a sell-off by foreign and institutional investors. Market bellwether Samsung Electronics gave up 2 percent, No. 2 chipmaker SK Hynix plunged 4 percent, internet portal operator Naver lost 3.3 percent and leading chemical firm LG Chem shed 3.9 percent. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It?s a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are surging $2.18 to $117.86 a barrel after skyrocketing $8.01 to $115.68 a barrel last Friday. Meanwhile, after jumping $30.70 to $1,966.60 an ounce in the previous session, gold futures are rising $9.70 to $1,976.30 an ounce. On the currency front, the U.S. dollar is trading at 115.28 yen versus the 114.82 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.0903 compared to last Friday?s $1.0928. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49