Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Wall St slides as oil prices surge, Nasdaq confirms bear market

Stock Markets Mar 07, 2022 07:16PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, New York, U.S., March 3, 2022. REUTERS/Brendan McDermid 2/2
 
US500
+1.05%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
+0.02%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MSFT
+1.99%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AAPL
+0.79%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AMZN
+1.96%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
UAL
+2.57%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Lewis Krauskopf, Devik Jain and Sabahatjahan Contractor

(Reuters) - Wall Street's main indexes fell sharply on Monday, with the Nasdaq Composite confirming it was in a bear market, as the prospect of a ban on oil imports from Russia sent crude prices soaring and fueled concerns about rising inflation.

Nasdaq ended down 20.1% from its Nov. 19 record high close, confirming the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition. That marks the Nasdaq's first bear market since 2020, when the coronavirus outbreak crushed global economies.

The Dow Jones Industrial Average ended down 10.8% from its Jan. 4 closing record high, confirming it was in a correction. A correction is confirmed when an index closes 10% or more below its record closing level.

Oil prices jumped to their highest levels since 2008 as the United States and European allies considered banning Russian oil imports, in response to the country's invasion of Ukraine, while it looked less likely that Iranian crude would return swiftly to global markets.

Russia calls the campaign a "special operation".

Energy, the standout S&P 500 group so far this year, was one of the only sectors logging a gain on Monday, rising 1.6%.[O/R]

“That concern on oil has led to concerns on higher inflation and potential for stagflation," said Mona Mahajan, senior investment strategist at Edward Jones. "I think there is just a broader concern that there may be a hit to growth from the consumer given higher prices at the pump.”

The Dow Jones Industrial Average fell 797.42 points, or 2.37%, to 32,817.38, the S&P 500 lost 127.79 points, or 2.95%, to 4,201.08 and the Nasdaq Composite dropped 482.48 points, or 3.62%, to 12,830.96.

Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) were among the top individual drags on the S&P 500 while the financials sector fell 3.7%. The utilities sector, one of the defensive areas of the stock market, gained 1.3%.

Ukrainian officials said a bread factory had been hit by a Russian air strike as the country's negotiators assembled for talks with Russian officials after previous rounds that brought no respite in the conflict.

Shares of United Airlines Holdings (NASDAQ:UAL) Inc fell 15% and Norwegian Cruise Line (NYSE:NCLH) Holdings dropped 11.6%, among a broad downswing in travel and leisure stocks as the jump in oil prices threatened to disrupt a nascent recovery.

Stocks have struggled to start 2022 as concerns about the Russia-Ukraine crisis have deepened a sell-off initially fueled by worries over higher bond yields as the Federal Reserve is expected to tighten monetary policy this year to fight inflation. The S&P 500 marked its lowest closing level since June 2021.

“The market was already nervous about a Fed rate hike cycle," said Burns McKinney, portfolio manager at NFJ Investment Group. "Now when you layer on higher energy prices on top of that... that has the investment community increasingly concerned that we may end up quickly moving toward the late stages of the market cycle.”

Investors are waiting for a U.S. consumer prices report on Thursday, with the Fed widely expected to hike rates later this month to combat surging inflation.

Declining issues outnumbered advancing ones on the NYSE by a 3.62-to-1 ratio; on Nasdaq, a 2.74-to-1 ratio favored decliners.

The S&P 500 posted 50 new 52-week highs and 69 new lows; the Nasdaq Composite recorded 63 new highs and 546 new lows.

About 17 billion shares changed hands in U.S. exchanges, compared with the roughly 13 billion daily average over the last 20 sessions.

Wall St slides as oil prices surge, Nasdaq confirms bear market
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (11)
Maximus Maximus
Maximus Maximus Mar 07, 2022 7:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Meanwhile in Ukraine, russia has lost more than 10.000 soldiers and half the aircraft assigned to this invasion, the russian economy is in freefall..they are not winning
Bubba Born
Bubba Born Mar 07, 2022 7:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Where do you get your data???
Give Me The Money
GiveMeTheMoney Mar 07, 2022 7:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
From his imagination.
Aaron Chaff
AayAayRon Mar 07, 2022 7:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Or so the MSM tells you. Who knows what's real.
Mitchel Pioneer
Mitchel Pioneer Mar 07, 2022 2:42PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Another bottom under the losses.  What a flagrantly manipulated joke.  They gonna hand place it above 33K and 13K at the close?
Simon Braun
Simon Braun Mar 07, 2022 2:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
“Bread factory”. Right.
Brad Albright
Brad Albright Mar 07, 2022 2:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If you are unable to find on the internet videos and pictures of the atrocities being committed by Putin's forces against innocent people in Ukraine, is it because you prefer not to see or because your government has blocked them from you?
Gus McCrae
Gus McCrae Mar 07, 2022 2:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the writer name is Sabahatjahan Contractor???
Casador Del Oso
Casador Del Oso Mar 07, 2022 2:09PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Angst, fears, jitters. I'm waiting with cash. SP500 2900 and Nasdaq 9900
Gary Moses
Gary Moses Mar 07, 2022 1:09PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Its Time to get out of the Market. Theyre not going to let it rise.
Mitchel Pioneer
Mitchel Pioneer Mar 07, 2022 1:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
And the magic show begins in the laughingstock of the financial world.  How many points in losses will vanish into thin air this time?  Criminally manipulated joke.
Jon Bal
Jon Bal Mar 07, 2022 12:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
suks to be an uber driver this week
Robert Alex
Robert Alex Mar 07, 2022 12:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Great, disconnected elites want us to pay for their proxy war. Thanks guys I love paying an extra $60/mo on gas and surely this won't affect everything else with shipping. Maybe they'll be able to pay for better war propaganda stories than ghost of kiev.
Show previous replies (1)
Robert Alex
Robert Alex Mar 07, 2022 12:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Brad Albright  Nothing is going to change. We didn't accept them into NATO when we had the chance. All we are doing is funding a bloodbath.  But hey, it's not our boys getting killed right.
Brad Albright
Brad Albright Mar 07, 2022 12:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Robert Alex You are misinformed, Ukraine did not apply to join NATO.
Helen Anceriz
Helen Anceriz Mar 07, 2022 12:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
that's the problem too many yes ppl not bothered by paying more. the rich get richer like this and the yes ppl are all a bunch of suckers. stop saying yes to high prices and watch the tides turn on all global governments
Brad Albright
Brad Albright Mar 07, 2022 12:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Helen Anceriz People are bothered, but recognize somethings are worth standing up for. You can look forward to the day when you grandchildren asked you what your life was like when righteous countries stood up to a madman to defend an innocent country. Your answer will be, "I trolled the internet to help the lunatic who lost."
Brad Albright
Brad Albright Mar 07, 2022 12:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Scot House Sure. What is your address?
John Klan
John Klan Mar 07, 2022 9:36AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Great job Biden. 130 dollar oil and about to have us in WWIII
Ken Roth
Ken Roth Mar 07, 2022 9:36AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What a *******you putting the blame on biden when the world knows this is putins doing
Matt Biro
Matt Biro Mar 07, 2022 9:36AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ken Roth (((Roth)))
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email