Dow Logs 3-Straight Losses as Geopolitical Anxieties Escalate

Oil marked its highest settlement in 13 years

Digital Content Manager
Mar 7, 2022 at 4:29 PM
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Stocks sank even deeper on Monday, with the Dow logging its fifth daily loss in six sessions, shedding almost 800 points, while the S&P 500 turned in its worst day since October 2020, while the Nasdaq saw its biggest one-day loss since Feb. 3. Investors are starting to take into consideration the impact that the Russia-Ukraine conflict could have on the economy, which many worry could begin to stagnate as inflation continues to balloon. Energy prices are still on the rise, however, keeping the wind at many sector members' backs and pushing gas prices to their highest level since 2008, above the $4 mark. Meanwhile, anxieties over a potential economic slowdown left bank stocks floundering.

Continue reading for more on today's market, including:

  • The agriculture stock that hit a record high as crop prices surge. 
  • What's driving options players and analysts to SoFi Technologies stock?
  • Plus, DKS gears up for earnings; breaking down EXPR's fundamentals; and why C got a downgrade.

The Dow Jones Average (DJI - 32,817.38) lost 797.4 points, or 2.4% for the day. Chevron (CVX) led the gainers with a 2.1% jump, while American Express (AXP) paced the losers with an 8% drop.

The S&P 500 Index (SPX - 4,201.09) dropped 127.8 points, or almost 3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,830.96) shed 482.5 points, or 3.6% for today's session. 

Lastly, the Cboe Market Volatility Index (VIX - 36.45) added 4.5 points, or almost 14% for the day.

Closing Indexes Summary March 7

NYSE and Nasdaq Stats March 7

5 Things To Know Today

  1. An estimated $1 billion in flexible savings accounts (FSA) for health-care expenses could be forfeited this year, as estimated by FSAstore.com, with some forfeitures happening as soon as March 15. (CNBC)
  2. J.P. Morgan Securities just called Amazon.com (AMZN) a 'top idea,' calling the mega-retailer a "cleaner, more compelling story through 2022." (MarketWatch)
  3. Can Dick's Sporting Goods stock get some post-earnings redemption? 
  4. Why investors should proceed with caution on Express stock. 
  5. Jefferies is calling this financial stock a "near-term liability." 

Earnings March 7

Unusual Options Activity March 7

Potential Russian Oil Ban Sends Prices Soaring 

Oil rose even higher amid news that the U.S. and Britain are considering a ban on Russian oil, with the potential for either side to siphon energy supplies as the Ukraine-Russia conflict continues. Amid the threat of even tighter supplies, April-dated crude added $3.72 or 3.2%, to settle at $119.40 per barrel for the day, marking its highest settlement since September 2008. 

Gold prices continued to climb on Monday, briefly topping the $2,000 level before posting their highest settlement since August 2020, as investors retreat even deeper into the "haven" commodity. April-dated gold added $29.30, or 1.5%, to finish at $1,995.90 per ounce.

 

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