The Dow shed 171 points on Monday
Escalating tensions between Russia and Ukraine, as well as concerns over interest rate hikes, made investors jittery on Monday. The Dow fell 171 points to log its third-straight loss, after Secretary of State Antony Blinken closed the U.S. Embassy in Kyiv and sent embassy workers to Western Ukraine, mentioning the “acceleration in the buildup of Russian forces."
Traders are also worried a potential alliance between Russia and China may further damage the latter's relationship with the U.S. In turn, the S&P 500 logged substantial losses, while the Nasdaq was flat. Meanwhile, the Cboe Volatility index (VIX) logged a third-straight win.
Continue reading for more on today's market, including:
- Wedbush bull note lifts Micron Technology stock.
- Options bears respond to Moderna stock's slump.
- Plus, Shopify stock sinks on bear note; SPLK sees options surge; and why this chip stock got downgraded.
The Dow Jones Average (DJI - 34,566.17) dropped 171.9 points, or 0.5% for the day. Nike (NKE) led the gainers with a 1% pop, while Walgreens Boots Alliance (WBA) paced the laggards with a 2.8 drop.
The S&P 500 Index (SPX - 4,401.67) shed 17 points, or 0.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,790.92) lost 0.2 point, or was flat for today's session.
Lastly, the Cboe Volatility Index (VIX - 28.33) added roughly 1 point, or 3.6% for the day.
5 Things To Know Today
- Microsoft (MSFT) will reopen its Washington state and California Bay Area offices on Feb. 28 to employees and guestsas Covid-19 infections continue to fall. (CNBC)
- Advanced Micro Devices (AMD) has finalized its purchase of Xilinx (XLNX) in a historic deal for the semiconductor industry worth roughly $50 billion. (Reuters)
- Pre-earnings bear note pressures Shopify stock even lower.
- Fresh buyout offer had options traders blasting Splunk stock.
- Chip stock downgraded on "rising capital intensity" concerns.
There were no earnings of note today.
Gold, Oil Prices Surge as Russia-Ukraine Tension Builds
Oil prices scored more seven-year highs on Monday, as investors continued to monitor Ukraine developments, after the White House said last week a Russian attack was likely to happen within days. As a result, March-dated crude added $2.36, or 2.5%, to settle at $95.46 per barrel for the day.
Gold prices edged higher as well, closing at their highest level since mid-November as investors turned to the safe-haven commodity amid escalating tensions between Russia and Ukraine. In turn, April-dated gold added $27.30, or 1.5%, to finish at $1,869.40 per ounce.