May 23, 2022

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Reversal of stocks, oil settled at 110 dollars in Ukraine and Russia recently

Reversal of stocks, oil settled at 110 dollars in Ukraine and Russia recently

US stocks Gains were given up as oil prices remained elevated with Russia Ukraine developments. Investors are also looking forward Federal Reserve President Jerome Powell whi is on Capitol Hill for the second day of his testimony on the economy.

The Dow Jones Industrial Average was down more than 100 points, or 0.4%, giving up a 200-point advance, while the S&P 500 and Nasdaq Composite were down 0.5% and 1%.

tape protection the last they change they change %
Me: DJI Dow Jones averages 33714.74 -176.61 -0.52%
SP500 Standard & Poor’s 500 4358.85 -27.69 -0.63%
I: COMP Nasdaq Composite Index 13583.181518 -168.83 -1.23%

Powell said he supports a 0.25 percentage point increase in the conventional rate rather than the larger hike recommended by some policy makers. Powell also said The impact of the Russian attack on the US economy is “highly uncertain”.

Russia invades Ukraine: live updates

oil prices Continued to rise as freight and logistics concerns remain due to Russia Invasion of Ukraine.

tape protection the last they change they change %
USO United States Petroleum Fund LP 75.17 -0.19 -0.25%
BNO United STS BRENT OIL FD LP UNIT 31.20 -0.40 -1.27%

US crude hit $113.06 a barrel before falling back. Brent crude, the basis for global oil prices, moved to $115.08 a barrel in London. As a result, the focus remains on the major oil companies.

The Fed proposes a 25 basis point rate increase at its March meeting

tape protection the last they change they change %
XOM EXXON MOBIL CORP. 80.53 +1.36 + 1.72%
CVX Chevron Corporation. 154.14 +4.42 + 2.95%
OXY OCCIDENTAL PETROLEUM CORP. 47.95 -0.40 -0.82%

AG urges Biden to take steps toward energy independence as oil prices soar

OPEC and its allies, including Russia, decided to maintain production increases by 400,000 barrels per day in March despite higher prices and ignoring consumers’ calls for more crude.

In stocks, Kroger shares rose after announcing better-than-expected earnings as well as raising its expectations.

tape protection the last they change they change %
K Kroger Company 54.59 +5.22 + 10.57%

Best Buy also delivered better than expected results and expected to send the stock higher.

tape protection the last they change they change %
BBY Best Buy Co., Ltd. 108.80 +7.88 + 7.81%

It remains the focus of automakers after that Ford Motor Company It said it was accelerating its transformation into an electric car company and separated its internal combustion and electric vehicle operations to deal with Tesla directly.

tape protection the last they change they change %
F Ford Motor Company. 18.10 +1.40 + 8.38%
TSLA Tesla Corporation 879.89 +15.52 + 1.80%
GM General Motors Corporation 46.32 +1.80 + 4.04%

In economic news, the Labor Department reported that weekly jobless claims were 215.00, down slightly from 232,000 the previous week. Continuing claims, which track the total number of unemployed workers collecting benefits, were little changed, falling to 1.476 million, and stabilizing below pre-pandemic levels.

Employers add 475,000 jobs in February: ADP

The big report for the month comes on Friday when the government releases its jobs report for February. It is estimated that the US economy has added 400,000 new non-farm jobs.

“Hire Now” sign at a company in Richmond, Virginia. (AP Photo/Steve Helber/AP Newsroom)

Traders will also get to study several data points, including revised fourth-quarter productivity and labor costs.

The key number to watch is when the Institute for Supply Management releases its non-manufacturing PMI for February. This important measure of service sector activity is expected to rise to 61.0, up slightly from 59.9 in January.

The Commerce Department will also publish factory orders data for January. Watch for a 0.7% increase, reversing a 0.4% drop in December.

Bitcoin is trading above $43,000.

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Ken Martin and The Associated Press of FOX Business contributed to this report.

See also  Dow futures: Market rally nears lows as Biden targets Russia for invasion of Ukraine