By Devik Jain and Noel Randewich
(Reuters) – The S&P 500 concluded lower afterwards a airy affair on Monday, with investors angry with ambiguity and coffer stocks bottomward afterward able Western sanctions adjoin Russia as it connected its aggression of Ukraine.
Helping the Nasdaq abutting in absolute area afterwards aperture at a loss, electric car makers Tesla and Rivian Automotive jumped 7.5% and 6.5%, respectively.
Citigroup fell 4.5% and helped advance the S&P 500 banks basis bottomward 2.35% as the U.S. 10-year Treasury crop slipped. The broader S&P 500 banking basis alone 1.5%.
Global stocks slumped, the Russian rouble bashed to almanac lows and safe-haven assets got a addition afterwards Western allies imposed new sanctions that bound Moscow’s adeptness to arrange its $630 billion adopted affluence and cut off some of its banks from the SWIFT all-around payments system.
Russian arms bombarded residential districts of Ukraine’s second-largest city, as Moscow’s advancing armament met annealed attrition on a fifth day of conflict.
“The Russia-Ukraine aggression in itself is not acceptable activity to be a abiding headwind for U.S. equities. But I anticipate in the abbreviate term, it’s a massive contributor to the disinterestedness pullback,” said Sylvia Jablonski, arch advance administrator at Defiance ETFs.
The S&P 500 activity area rallied 2.6%, acknowledgment to college oil prices. [O/R]
Defense stocks Raytheon Technologies, Lockheed Martin Corp, General Dynamics Corp, Northrop Grumman and L3Harris Technologies acquired amid 2.8% and 8% afterward account that Germany would access its aggressive spending.
Cybersecurity stocks additionally rallied, with Palo Alto Networks, Fortinet, Zscaler and CrowdStrike Holdings all aggressive added than 4%.
The Dow Jones Industrial Boilerplate fell 0.49% to end at 33,892.6 points, while the S&P 500 absent 0.24% to 4,373.94.
The Nasdaq Composite climbed 0.41% to 13,751.40, catastrophe college for the third beeline session.
Monday’s affair was busy. Volume on U.S. exchanges was 14.5 billion shares, compared with the 12.2 billion boilerplate for the abounding affair over the aftermost 20 trading days.
The S&P 500 fell 3.15% in February, while the Nasdaq absent 3.43%. So far in 2022, the S&P 500 has absent over 8%, the index’s centermost two-month abatement back March 2020.
The deepening geopolitical crisis has added to investors’ apropos about aerial aggrandizement and the Federal Reserve’s rate-hike plans. The S&P 500 and the Nasdaq logged their better two-month declines back the pandemic-led blast in March 2020.
The CBOE animation index, additionally accepted as Wall Street’s abhorrence gauge, rose for a additional beeline session.
Delta Air Lines Inc alone 3.9% afterwards Russia bankrupt its airspace to airlines from 36 countries in acknowledgment to Ukraine-related sanctions targeting its aerodynamics sector.
First Horizon Corp surged 29% afterwards TD Coffer Group offered to access the U.S. coffer in an all-cash accord admired at $13.4 billion.
Declining issues outnumbered advancing ones on the NYSE by a 1.10-to-1 ratio; on Nasdaq, a 1.03-to-1 arrangement advantaged decliners.
The S&P 500 acquaint 20 new 52-week highs and bristles new lows; the Nasdaq Composite recorded 45 new highs and 92 new lows.
(Reporting by Devik Jain, Uday Sampath Kumar and Medha Singh in Bengaluru, and by Noel Randewich in Oakland, Calif.; Editing by Anil D’Silva, Aditya Soni and Cynthia Osterman)
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