The S&P 500 dropped 2.1% on Thursday, as risk sentiment remained pressured by negative-sounding Russia-Ukraine headlines. The Nasdaq (-2.9%) and Russell 2000 (-2.5%) posted steeper declines while the Dow (-1.8%) fared slightly better than the S&P.
Without any signs of war de-escalation, there were little efforts to buy the dip, which contributed to an orderly retreat throughout the day. Nine of the 11 S&P 500 sectors closed in negative territory, led lower by the information technology (-3.1%), communication services (-3.0%), and consumer discretionary (-2.6%) sectors.
Oil prices ($91.76/bbl, -$2.07, -2.2%) normally would have reacted positively to the geopolitical angst, but today they declined 2% amid reports suggesting that a nuclear agreement with Iran (LOL) was within reach. An agreement could free up Iranian oil exports.
NU had a 10% today, but nothing was really worth trading.
Markets are closed Monday, I’m just watching and absorbing things at this point. We may see some more risk taken off tomorrow as traders may not want to hold over the long weekend.
See you guys in the morning.