Stock futures plunge after S&P 500’s worst day since October 2020 amid Russian-Ukrainian war

Traders on the floor of the NYSE, March 4, 2022.

Source: NYSE

Stock futures fell slightly in overnight trading on Monday after the S&P 500’s worst day since October as investors remained jittery over soaring oil prices and slowing economic growth amid the crisis. Russian invasion of Ukraine.

Dow Jones Industrial Average futures fell 85 points. S&P 500 futures traded down 0.3% and Nasdaq 100 futures fell 0.4%.

The overnight action came after a sharp sell-off on Wall Street, where the S&P 500 fell nearly 3% for its biggest one-day decline in more than a year. The blue-chip Dow fell nearly 800 points for its fifth negative session in six, while the tech-heavy Nasdaq Composite slipped 3.6%, falling into bearish territory, down 20% from to its November record.

“The sentiment is clearly negative,” Adam Crisafulli, founder of Vital Knowledge, said in a note. “Any hope/optimism that might have existed seems to have completely evaporated from the market and there is NO point in buying dips.”

Oil prices soared at the start of the week, with U.S. crude hitting a 13-year high at $130. WTI futures finally settled Monday’s session up 3.2% at $119.40, the highest settlement since September 2008. International benchmark Brent crude hit a high of 139 $.13 at one point overnight before settling at $123.21 a barrel, its highest since July 2008.

Investors continued to monitor developments in escalating geopolitical tensions. Ukraine said Moscow was seeking to manipulate its ceasefire agreement by allowing only Ukrainian civilians to evacuate to Russia and Belarus.

Secretary of State Antony Blinken said Sunday that the United States and its allies are considering a ban on imports of Russian oil and natural gas for its actions against Ukraine.

“There appears to be no evidence of improvement in Ukraine and DC’s rhetoric continues to become more hawkish,” said Cliff Hodge, chief investment officer at Cornerstone Wealth. “While it’s impossible to know where the ultimate bottom is, from a risk-reward perspective, the market looks very reasonable.”

Dick’s Sporting Goods is expected to report quarterly results on Tuesday before the bell.

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