Stocks Extend Selloff as Oil Prices, Inflation Fears Weigh

The U.S. is considering banning oil and natural gas imports from Russia

Deputy Editor
Mar 7, 2022 at 12:14 PM
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Wall Street is pondering rising oil prices and inflation levels as the war in Ukraine stokes fears that global economic growth may stagnate. Fresh off its fourth-straight weekly loss, the Dow Jones Industrial Average (DJI) is down more than 500 points at midday, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly in the red. All three major benchmarks are pacing for their third consecutive daily loss.

Oil prices earlier hit their highest level since 2008, with West Texas Intermediate Crude (WTI) futures rising to $130 per barrel. Secretary of State Antony Blinken noted the U.S. could ban oil and natural gas imports from Russia, as lawmakers explore legislative options to make the ban happen.

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

  • GameStop chairman takes 10% stake in retail stock.
  • Rising crude prices pushed Occidental Petroleum stock higher.
  • Plus, another 2 oil stocks climbing up the charts; and ISPO takes a tumble.

Midday Market Stats March 7

Call traders are targeting Schlumberger NC (NYSE:SLB) with unusual fervor today, after the company announced the deployment of reservoir engineering digital solutions for ConocoPhillips as oil prices continue to climb. So far, 43,000 calls have been traded, which is five times the intraday average, and more than eight times the amount of puts exchanged. The most popular is the March 47 call, followed by the 3/11 42-strike call, with positions being opened at the latter. SLB was last seen up 11% at $43.24, after earlier hitting its highest level since April 2019. Today's pop has helped the security reconquer the 30-day moving average, and added to its 44.6% year-to-date lead. 

SLB Chart March 7

The best performing stock on the New York Stock Exchange (NYSE) today is Imperial Petroleum Inc (NYSE:IMPP), last seen up 100.6% at $6.78. Oil stocks are expected to continue seeing extreme volatility as the war between Ukraine and Russia goes on. The stock just turned in its best month since going public in December, adding 141.8% in February. The equity is still trading below its Dec. 6 all-time high of $8.30, but boasts a 245.3% year-to-date lead.

Inspirato Inc (NYSE:ISPO), last seen down 21.2% to trade at $33.49, is one of the worst performing stocks on the NYSE so far today. It is not clear why ISPO is pulling back, but it's worth noting the equity added an unprecedented 648.4% on Feb. 17 to score an all-time high of $108. Year-to-date, Inspirato stock remains up a massive 228.2%.

 

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