Yahoo Finance published this video item, entitled “LIVE: Market Coverage: Wednesday February 23 Yahoo Finance” – below is their description.
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Stocks erased earlier gains to trader lower on Wednesday. This extended losses for the major indexes after a steep sell-off during Tuesday’s trading day, which pushed the S&P 500 and Dow to their lowest settlements so far of 2022.
The S&P 500 wiped out early advances to trade slightly lower. The blue-chip index had closed lower by just over 1% on Tuesday, bringing it more than 10% from its record closing high from Jan. 3 — or below the threshold to enter a correction. The Nasdaq and Dow also rose following declines a day earlier.
Hopes of a diplomatic resolution for tensions between Russia and Ukraine appeared to deteriorate this week, as President Joe Biden publicly called Russia’s move to deploy troops to separatist regions of Ukraine “the beginning of a Russian invasion” of the region. The U.S. unleashed a first tranche of sanctions on Russian financial institutions, sovereign debt and several key individuals in the country. Late Tuesday, U.S. Secretary of State Antony Blinken also said he called off a meeting with his Russian counterpart, Foreign Minister Sergei Lavrov, that was supposed to take place this week.
Risk assets slid on Tuesday as investors considered the financial market implications of an escalating threat of military attack and greater sanctions on Russia. As European allies also coordinated their response to Russia’s increased military presence in and around Ukraine, Germany halted approval of the Nord Stream 2 natural gas pipeline that would have deepened western Europe’s energy link to Russia, the world’s largest natural gas exporter. Crude oil prices spiked to a seven-year high, and Brent crude neared $100 per barrel as investors contemplated the potential for further energy-linked sanctions on Russia, the third-largest oil producer in the world.
For U.S. investors, the mounting geopolitical concerns also further complicate the next move by the Federal Reserve, which has so far signaled it is prioritizing bringing down inflationary pressures. Though investors are already pricing in an at least 25 basis point interest rate hike from the Fed at its mid-March meeting, the tensions between Russia and Ukraine — and potential further price increases that an escalating conflict could stoke — create a further communication and policy complexity for the central bank.
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