Eescalating tensions between Russia and Ukraine led to another volatile session on Wall Street, with trillions of dollars in stock options exhaling to start. The Dow Jones fell 232 points on Friday to register its third straight daily decline as President Joe Biden reportedly seeks to move additional troops into Ukraine as ceasefire accusations swirl. The S&P 500 and Nasdaq joined the blue chip index in the red, and all three benchmarks posted weekly losses for the second straight time. Conversely, the Cboe Volatility Index (VIX) marked its second consecutive week in the dark.
Keep reading to learn more about the current market, including:
- Call traders tripled their money with this mining stock.
- Options Bear doubled on Dropbox shares after earnings.
- Additionally, revenue forecasts are hurting the name of streaming; NortonLifeLock delays acquisition; and pot stocks making international moves.
the Dow Jones Average (DJI – 34,079.18) fell 232.9 points, or 0.7% for the day, and 1.9% for the week. Cisco (CSCO) led the winners with a 2.6% increase, while Intel (INTC) followed the laggards with a 5.3% decline.
the S&P 500 Index (SPX – 4,348.87) lost 31.4 points, or 0.7% for the day, and 1.6% for the week. During this time, the Nasdaq Composite (IXIC – 13,548.07) fell 168.7 points, or 1.2% for today’s session, and 1.8% for the week.
Finally, the Cboe Volatility Index (VIX – 27.75) lost 0.4 points, or 1.3% over the day, but gained 1.4% over the week.
5 things to know today
- The US Federal Reserve approved a new rule banning its officials from holding individual stocks, bonds and other assets such as cryptocurrencies, effective May 1. (CNBC)
- Shake Shack (SHAK) will raise prices again in March, bringing its inflation-based price increases to nearly 7% as he enters the second quarter. (MarketWatch)
- This continuous inventory sank after posting weak revenue forecasts.
- NortonLifeLock stock slipped after pushing back Takeover of Avast.
- A handful of cannabis stocks made significant trips abroad this week.
Oil prices post first weekly loss of 2022
Oil prices stabilized on Friday, contributing to a weekly loss of 2.2% and marking the first negative week for oil in 2022. Traders continued to worry about a possible nuclear deal with the Iran, which would bring their crude to market. March-dated crude fell 69 cents, or 0.8%, to end at $91.07 a barrel for the day.
Meanwhile, gold prices managed to rebound with a weekly 3.1% win, despite falling below $1,900 today. Inflation fears, as well as the renewed threat of a conflict between Russia and Ukraine, boosted the safe haven this week. Gold dated April, however, fell $2.20, or 0.1%, to end at $1,899.80 an ounce for the day.
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