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Wall Street ends lower as war stirs gloom

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Wall Street has ended lower, with growth stocks including Tesla and Amazon losing ground as the Ukraine crisis kept investors on edge.

Tesla and Amazon were among the stocks weighing most on the S&P 500. The S&P 500 growth index underperformed the value index.

Reflecting a defensive mood on Wall Street, the S&P 500 utilities and real estate indexes rallied.

With Russia’s invasion of Ukraine now a week in, hundreds of Russian soldiers and Ukrainian civilians have been killed, and Russia itself has been plunged into isolation.

“The market is entirely locked on what this geopolitical turmoil looks like,” said Ross Mayfield, an investment strategist at Baird in Louisville, Kentucky. “Volatility is likely to remain for probably the near term, and maybe even the medium term, because I just don’t see what an acceptable off ramp in the next couple of weeks for Ukraine or Putin.”

Also, soaring prices of oil and other commodities have stoked fears that recent high inflation could combine with stagnant economic growth, making it more difficult for the Federal Reserve and other major central banks to manage interest rates.

The percentage of fund managers who expect so-called stagflation within the next 12 months stood at 30 per cent, compared with 22 per cent last month, a survey from BofA Global Research showed.

Wall Street surged in the previous session after Fed Chair Jerome Powell said he would back a quarter point rate increase at the March 15-16 meeting, assuaging some fears of a more aggressive hike.

“We are going to stay in a tight range until we have the Fed meeting in two weeks because there’s limited earnings,” predicted Jay Hatfield, chief investment officer at Infrastructure Capital Management in New York.

“There’s no real reason to be long, unless, of course, there’s some peace or stability in Ukraine, which doesn’t seem likely.”

According to preliminary data, the S&P 500 lost 23.08 points, or 0.53 per cent, to end at 4,363.46 points, while the Nasdaq Composite lost 212.72 points, or 1.55 per cent, to 13,539.30. The Dow Jones Industrial Average fell 94.45 points, or 0.28 per cent, to 33,796.90.

Meanwhile, data showed a measure of US services industry activity dropped to a one-year low in February and employment contracted.

Kroger Co jumped after the grocer forecast upbeat annual same-store sales and profit, encouraged by strong demand for its pick-up and delivery services and sustained home-cooking trends.

American Eagle Outfitters Inc slid after the apparel chain forecast a decline in earnings for the first half of 2022.


Wall Street has ended lower, with growth stocks including Tesla and Amazon losing ground as the Ukraine crisis kept investors on edge.

Tesla and Amazon were among the stocks weighing most on the S&P 500. The S&P 500 growth index underperformed the value index.

Reflecting a defensive mood on Wall Street, the S&P 500 utilities and real estate indexes rallied.

With Russia’s invasion of Ukraine now a week in, hundreds of Russian soldiers and Ukrainian civilians have been killed, and Russia itself has been plunged into isolation.

“The market is entirely locked on what this geopolitical turmoil looks like,” said Ross Mayfield, an investment strategist at Baird in Louisville, Kentucky. “Volatility is likely to remain for probably the near term, and maybe even the medium term, because I just don’t see what an acceptable off ramp in the next couple of weeks for Ukraine or Putin.”

Also, soaring prices of oil and other commodities have stoked fears that recent high inflation could combine with stagnant economic growth, making it more difficult for the Federal Reserve and other major central banks to manage interest rates.

The percentage of fund managers who expect so-called stagflation within the next 12 months stood at 30 per cent, compared with 22 per cent last month, a survey from BofA Global Research showed.

Wall Street surged in the previous session after Fed Chair Jerome Powell said he would back a quarter point rate increase at the March 15-16 meeting, assuaging some fears of a more aggressive hike.

“We are going to stay in a tight range until we have the Fed meeting in two weeks because there’s limited earnings,” predicted Jay Hatfield, chief investment officer at Infrastructure Capital Management in New York.

“There’s no real reason to be long, unless, of course, there’s some peace or stability in Ukraine, which doesn’t seem likely.”

According to preliminary data, the S&P 500 lost 23.08 points, or 0.53 per cent, to end at 4,363.46 points, while the Nasdaq Composite lost 212.72 points, or 1.55 per cent, to 13,539.30. The Dow Jones Industrial Average fell 94.45 points, or 0.28 per cent, to 33,796.90.

Meanwhile, data showed a measure of US services industry activity dropped to a one-year low in February and employment contracted.

Kroger Co jumped after the grocer forecast upbeat annual same-store sales and profit, encouraged by strong demand for its pick-up and delivery services and sustained home-cooking trends.

American Eagle Outfitters Inc slid after the apparel chain forecast a decline in earnings for the first half of 2022.

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