Overnight, Dow futures were slightly higher, along with S&P 500 and Nasdaq futures. The stock market’s bullish attempt on Tuesday hit the Russian-Ukrainian headlines, swinging from big losses to big gains before closing lower.
President Joe Biden announced a US ban on Russian crude oil imports On Tuesday, in an effort to increase the economic pain of Russia’s invasion of Ukraine. Soon, Russian President Vladimir Putin signed a decree declaring the cessation of many exports and imports, but with the identification of actual goods later.
It may be possible to exchange combat aircraft between Poland, the United States and Ukraine, despite the objection of the US Department of Defense.
ZIM Integrated Shipping (ZIM) is due to report fourth-quarter earnings early Wednesday. In addition to the quarterly results, investors will be looking for Zim’s guidance on container shipping demand and pricing in 2022, particularly in the wake of sanctions and turmoil related to Russia. Dividend announcements will also be key to high-yield freight inventory.
ZIM stock rose 2.5% to 70.69 on Tuesday, up from support at the 21-day moving average and close to record highs.
at the same time, Quanta Services (PWR) jumped 8.1% to 116.76, flashing an early entry from the trendline. Quanta provides heavy-duty construction services to the energy sector, from oil and gas to electrical grids to renewables. The Relative force line PWR stock set a record. The RS line, the blue line in the provided charts, tracks the stock’s performance against the S&P 500 Index.
The video included in this article covers wild market movement and analysis gallon petroleum (CPE), Apple and PWR stocks.
Dow jones futures contracts today
Dow Jones futures are up 0.3% against fair value. S&P 500 futures rose 0.2%. Nasdaq 100 futures rose 0.1%.
Crude oil futures rose 2% overnight, adding to Tuesday’s gains. The American Petroleum Institute reported a modest increase in US crude oil inventories, with gasoline supplies falling slightly and distillates falling strongly.
The 10-year Treasury yield fell 2 basis points to 1.85%.
The Russian stock market will not reopen on Wednesday. The central bank has banned foreign currency sales and will limit Russians who deposit hard currency to just $10,000, with any further withdrawals made in the now-deteriorating ruble.
Russian crude oil embargo
President Biden has banned US imports of Russian oil, natural gas and coal, in the latest response to the Ukrainian invasion. US imports of Russian energy are relatively low. With gasoline prices already at record levels, Biden said they would continue to rise, blaming Russia.
The UK said it would ban Russian crude, but over a period of several months. The European Union, which uses a lot of Russian energy, is not declaring a ban, but said it aims to cut two-thirds of Russian gas imports by the end of the year. That may be ambitious, with many member states reluctant to take steps that would raise energy costs further.
However, these moves and public protests may spur more “self-punishment” by potential buyers, traders and shippers. Russian crude struggled to find buyers. pioneer oil seashells (shillHe apologized Tuesday for buying some Russian crude last week at a steep discount, saying it would end all spot purchases of Russian oil.
On the other hand, Putin said that Russia will ban imports and exports of many goods until December 31, but no actual items have been disclosed so far. In addition to oil and natural gas, Russia is an important supplier of nickel, palladium and some other major raw materials.
Crude oil prices rose above $129 a barrel on the day in anticipation of the Russian crude oil embargo, trimming gains after Biden’s actual announcement, and then rallying again after Putin’s export decree. US crude closed up 3.6 percent to $123.70 a barrel.
It was a busy day for many shale operators as well. CPE stock rose to a record high of 66.12, and then fell to 56.81. Callon Petroleum finally stabilized with a gain of 0.5% at 60.98.
Russia’s invasion of Ukraine
Russia continues to bomb major Ukrainian cities, with shells once again halting civilian evacuations along designated humanitarian corridors.
In another step to counter Russia’s invasion of Ukraine, Poland says it is ready to deliver its Soviet-era MiG-29 fighter jets to the United States at Ramstein Air Base in Germany. The idea is for the US to hand those planes over to Ukraine, whose pilots know the MiGs, and give F-16s or other planes to Poland in return.
However, the Defense Ministry said Tuesday night that flights from a US base in Germany to Ukraine raise “serious NATO concerns,” apparently raising concern that this could cross a red line with Russia. The United States is likely to prefer the transfer of land ownership from Poland to Ukraine. Members of Congress are already objecting to the Pentagon’s position.
The Wall Street Journal reported Tuesday evening that Slovakia is considering a similar swap.
Commerce Secretary Gina Raimondo said the United States may impose sanctions on Chinese companies that help Russia, in defiance of the sanctions.
stock market rise
The stock market stumbled, rebounded, and closed modestly lower. The Dow Jones Industrial Average fell 0.6% on Tuesday stock market trading. The S&P 500 lost 0.7%. The Nasdaq Composite is down 0.3% after falling more than 1% and up more than 2% on the day. Small cap Russell 2000 rose 0.6%, although it closed near session lows.
The 10-year Treasury yield jumped 12 basis points to 1.87%, while the two-year Treasury yield rose just 6 basis points to 1.61%.
between the Best ETFsThe Innovator IBD 50 ETF (fifty) is down 1.2%, while the Innovator IBD Breakout Opportunities ETF (fit) decreased by 0.1%. iShares Expanded Technology and Software Fund (ETF)IGV) down by 1%. VanEck Vectors Semiconductor Corporation (SMH) gained 1.5%. Nvidia stock is a major component of SMH.
SPDR S&P Metals & Mining ETF (XME) ceded 0.9% and US Global X ETFs for infrastructure development (cradle) decreased 0.5%. US Global Gates Foundation (ETF)Planes) rose 4.7%. SPDR S&P Homebuilders ETF (XHB) rose 0.1%. SPDR Specific Energy Fund (SPDR ETF)XLE(Jumped 1.6% and the Financial Select SPDR ETF)XLF) sank 0.6%. SPDR Healthcare Sector Selection Fund (XLV) slip 2%
Shares reflect more speculative stories, the ARK Innovation ETF (see you) is up 1% after hitting a 20-month low on the day. ARK Genomics ETF (ARKG) up 1.3%. Tesla stock continues to rank number one among Ark Invest’s ETFs.
Apple iPhone event
Giant Dow Jones unveiled the new Apple iPhone SE with 5G capability. It will go on sale on March 18th. The price of the new iPhone SE, $429, is higher than the older version at $399. The current cheapest 5G iPhone, the iPhone 12 Mini, costs $599. The new iPhone SE is expected to perform well in China and India.
Apple also revealed new Mac computers and its latest internal processor, the high-end M1 Ultra chip.
Apple+ will broadcast MLB games on Fridays.
Apple stock fell 1.2% to 157.44, to start approaching the 200-day streak again. And while stocks broke their February 24 lows, stocks posted their worst close since late November. AAPL stock has 176.75 double bottom base Point purchase. Investors can use a trendline from the January 4 high to find a modest early entry above the 50-day moving average.
Apple stock has held out better than the vast majority of technologies. It’s only 13% off its all-time high. AAPL’s RS line is just below record levels, according to MarketSmith analysis.
Market Rise Analysis
An attempt to rally in the stock market came close to failure on Tuesday, then signaled that this might happen Follow-up day Moderately before closing.
The recovery came as major indexes, especially the Nasdaq, approached their February 24th lows. In many ways, Tuesday’s events seemed like another bottom day, like January 28 or February 24.
Major indices remain well below where they closed on February 24, and below the 10-day moving average. The highs recorded by the current rally on 3 March are even higher. Reaching this level could also mean retaking the 21-day moving average, which has served as resistance for the past several months. Beyond that there are several key levels.
On the downside, the major indexes don’t have to drop much before breaking below their February 24th lows. They each hit new multi-month lows on Tuesday. The Nasdaq Composite remains in bear market territory.
The market is still largely news driven. Regardless of the technical picture of major indices and stocks, positive or negative headlines related to Ukraine’s invasion of Russia have the potential to cause immediate positive and negative repercussions. Biden’s ban on crude oil in Russia and Putin’s decision to ban exports are just two recent examples.
Major sectors, stocks
Energy stocks rose and fell while fertilizer and steel stocks fell. Rail operators sold, having seemed to promise to start the week. Health insurance companies are still reasonably resilient.
A lot of the tech slumped had strong sessions, but as with the general market, it’s hard to tell if this was more than a one-day bounce. Tesla stock rose 2.5% to 824.40, but hit resistance near the 200-day line. While holding better than all other EV Toys or ARK-type stocks, TSLA stock is still below the 21-day streak and well below its February highs in the short term.
Nvidia stock rose 0.8% to 215.14, but far from session highs and after hitting a five-month low on the day. Stocks are still well below the 200 day streak.
What are you doing now
Given the weak and volatile market movement in recent days and months, investors should be extremely wary of having anything more than modest exposure.
Limit your exposure to strong market segments. Even so, investors should pay attention to the large fluctuations in those sectors, and consider taking partial profits.
The next clear upside in the market could come tomorrow, next week, or months from now. But don’t expect, get ready. Keep working on those watchlists.
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