The Dow Jones Industrial Average, S&P 500 and Nasdaq all closed higher for the week ending July 26th. Despite a relatively muted opening session on Thursday, stocks rallied throughout the day to finish with gains in excess of 4%.
The “stockx” is a stock market trading app that allows users to track the performance of stocks. On April 18, 2019, the stock market opened quietly after last weeks rally.
The S&P 500 was down less than 0.1% Monday in the early minutes of trading. The tech-focused Nasdaq Composite Index slipped 0.3% and the Dow Jones Industrial Average receded 0.1%.
Boeing stock dropped more than 4% after a Boeing 737 passenger airliner operated by China Eastern Airlines crashed in southern China, killing more than 130 people. Nielsen Holdings’ stock plunged 15% after the firm turned down a $9 billion buyout bid from a private equity group, claiming that it undervalued the television ratings business.
Alleghany Corp.’s stock rose more than 24% after Berkshire Hathaway said it had agreed to purchase the firm for $11.6 billion in cash.
As investors analyze the economic effect of sanctions and the possibility for supply chain disruptions, the Ukraine conflict has increased volatility in equities, bonds, commodities, and currencies. Investors are keeping a close eye on events in the area to see whether a solution can be reached quickly. After Moscow handed the beleaguered port city’s defenders till Monday AM to surrender, the Ukrainian government stated it would not abandon Mariupol.
“Everything that comes out of the Ukraine war is the key driver of markets in the next days and maybe weeks,” said Carsten Brzeski, global head of macro research at ING Groep.
Mr. Brzeski said he’s waiting for polls of buying managers at corporations in the United States and Europe, which are expected on Thursday, to get an early sense of how the conflict is affecting economies.
Brent oil prices rose 4.4 percent to $112.64 a barrel, the worldwide standard. As gas and energy costs cut into consumer spending on other goods and services, rising oil prices have spurred fears of persistent high inflation and reduced economic growth in the United States and Europe.
The invasion of Ukraine by Russia has brought attention to Europe’s dependency on Russian energy, with Germany importing more than half of its gas from Russia. Investors believe that untangling those trade ties will result in sustained high energy costs.
On Friday, traders worked on the New York Stock Exchange’s floor.
courtesy of Getty Images/Spencer Platt
“We’re becoming more conscious that a handful key supply networks might be permanently disrupted.” Energy costs would stay high regardless of how the conflict ends, according to Mr. Brzeski.
According to Tradeweb, the yield on the benchmark 10-year Treasury note increased to 2.241 percent from 2.146 percent on Friday, the highest level since May 2019. The Federal Reserve is expected to raise interest rates again this year, as the central bank attempts to curb inflation, which is at its highest level in four decades. Yields and prices move in opposite directions.
The Stoxx Europe 600 index rose 0.2 percent on Monday. Although Russia’s stock market is still closed, trading in local-currency government bonds began on Monday. Russia’s central bank has announced that it would buy government bonds. Last week, Governor Elvira Nabiullina said that the Moscow Exchange will gradually reopen, but gave no more information beyond the bond purchasing.
According to FactSet, the face value of a Russian local-currency bond due in March 2033 plummeted to 68.5 percent of its face value, commonly known as par, from roughly 87 percent prior to Russia’s invasion of Ukraine. At the start of the conflict, Russia’s central bank raised interest rates to 20%. When interest rates rise, the value of existing bonds with lower interest rates decreases.
The Egyptian pound plunged more than 13% versus the dollar on Monday after Egypt’s central bank hiked its benchmark interest rate during a three-day meeting of policymakers, citing an increase in inflationary pressures after Russia’s invasion of Ukraine.
Egypt, like many other African nations, has depended significantly on wheat supplies from Ukraine and Russia. Between 2018 and 2020, more than 80% of the UN’s wheat imports come from the warring nations, according to the UN.
Asia’s major indices ended the day with mixed results. The Kospi in South Korea sank 0.8 percent, while the Hang Seng in Hong Kong fell 0.9 percent. The Shanghai Composite Index in China increased by 0.1 percent. Japan’s markets were closed for the holiday.
—This essay was co-written by Anna Hirtenstein.
Caitlin Ostroff can be reached at [email protected]
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Stocks opened quietly on Thursday after last week’s rally. The Dow was up by about 0.3% to 21,979 as of 2:00 p.m., while the S&P 500 rose 0.2% to 2,369 and the Nasdaq gained 0.1%. Reference: stocks today.
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