Dow falls 800 points, enters correction as Nasdaq hits bear market
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Circle Squared Alternative Investments founder Jeff Sica argues the market 'does not want to anticipate higher interest rates' with the backdrop of the the war between Russia and Ukraine.
Selling of U.S. stocks accelerated during the final hour of trading Monday as investors stepped up caution with oil prices hitting the highest levels since 2008 as the Russia, Ukraine conflict continues to dictate the market's direction.
The Dow Jones Industrial Average fell 801 points or 2.4% led by shares of American Express, Nike and Visa. The Dow entered correction territory, off 10%, from January highs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43870.35 | +461.88 | +1.06% |
| AXP | AMERICAN EXPRESS CO. | 293.00 | +5.29 | +1.84% |
| V | VISA INC. | 309.90 | +2.51 | +0.82% |
While the S&P 500 and Nasdaq Composite fell around 2.3% and 3.6%, respectively.
RUSSIA INVADES UKRAINE: LIVE UPDATES
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 5948.71 | +31.60 | +0.53% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18972.420086 | +6.28 | +0.03% |
The Nasdaq Composite officially entered a bear market, down 20% from most recent record highs.
The Nasdaq Composite closed in bear market territory, now down more than 20% from its recent high. ( )
U.S. crude closed at $119.40 per barrel, lifting shares of oil companies including ExxonMobil, Halliburton and Chevron. Brent, the global benchmark, hit $123.21.
COMMODITIES HAVE BEST WEEK ON RECORD
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 73.20 | +1.18 | +1.64% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 29.57 | +0.45 | +1.55% |
| XOM | EXXON MOBIL CORP. | 121.91 | +1.56 | +1.30% |
| HAL | HALLIBURTON CO. | 31.87 | +0.67 | +2.15% |
| CVX | CHEVRON CORP. | 161.63 | +0.33 | +0.20% |
OIL TRADERS EYE $200 PER BARREL THIS MONTH: REPORT
That pushed the average price for gasoline in the U.S. above $4 a gallon. The all-time high for average gasoline prices was set July 17, 2008, at $4.11 per gallon.
With fuel a large expense for major U.S. airlines, those stocks fell in sympathy.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JETS | ETF SERIES SOLUTIONS U S GLOBAL JETS ETF USD | 23.97 | +0.03 | +0.13% |
| AAL | AMERICAN AIRLINES GROUP INC. | 14.20 | -0.26 | -1.80% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 94.40 | -0.23 | -0.24% |
| DAL | DELTA AIR LINES INC. | 63.34 | -0.28 | -0.45% |
In stocks, Bed Bath & Beyond shares surged over 30% after Ryan Cohen, chairman of GameStop and founder of Chewey, took a stake in the home retailer and detailed plans for a turnaround criticizing CEO Mark Tritton.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BBBY | NO DATA AVAILABLE | - | - | - |
Kohl's, another retailer under target from activists, refreshed its strategy at its investor day with plans to grow Sephora into a $2 billion business across nearly 900 stores. Additionally, it rolled out targets for "low-single digits percent sales growth and mid-to-high single digits percent EPS growth," the company detailed.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KSS | KOHL'S CORP. | 16.39 | +0.07 | +0.43% |
Uber was also in focus after the ride-sharing company boosted its outlook and now expects to earn between $130 million and $150 million, up from $100 million to $130 million.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 69.64 | +0.04 | +0.06% |
| LYFT | LYFT INC. | 16.29 | -0.48 | -2.86% |
"Mobility demand improved significantly through the month of February, with trips 90% recovered and Gross Bookings 95% recovered vs. February 2019. Additionally, Delivery annualized run rate Gross Bookings reached an all-time high in February," the company disclosed in an SEC Filing.
APPLE TEASES ONLINE EVENT IN MARCH
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 228.52 | -0.48 | -0.21% |
Investors will keep a close eye on Apple ahead of its event tomorrow. The early buzz is the tech giant will be rolling out a cheaper iPhone for 5G.
SHELL PROMISES PROFITS FROM TRADING RUSSIAN OIL WILL GO TO CHARITY
In cryptocurrencies, Bitcoin fell to the $38,000 level.
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The Associated Press contributed to this report.