Stocks Sink as U.S. Moves to Revoke Russia Trade Status

All three indexes posted weekly losses as well

Digital Content Manager
Mar 11, 2022 at 4:29 PM
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Stocks fell even lower on Friday, with the conflict in Ukraine remaining front and center amid peace talks with Russia that have yet to produce a ceasefire. In an effort to put even more pressure on Russia, the U.S. is moving to terminate the country's status as a preferred trade partner. Meanwhile, Congress just passed a bill including roughly $14 billion in aid to Ukraine. Nevertheless, the Dow fell 229 points, bringing its string of consecutive weekly losses streak to five, while the S&P 500 and Nasdaq also dropped for the day, each turning in their second-straight weekly loss as well.

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

  • A look at the real estate sector as it faces off with geopolitical headwinds. 
  • A $2 billion-dollar buyback couldn't help Ulta stock today. 
  • Plus, one possible dividend play; Toyota facing production cuts; and Rivian stock's post-earnings drop.

The Dow Jones Average (DJI - 32,944.19) lost 229.9 points, or 0.7% for the day, and nearly 2% for the week. McDonald's (MCD) led the gainers with a 2.2% jump, while Nike (NKE) paced the losers with a 2.7% drop.

The S&P 500 Index (SPX - 4,204.31) dropped 55.2 points, or 1.3% for the day, and 2.9% for the week. Meanwhile, the Nasdaq Composite (IXIC - 12,843.80) shed 286.2 points, or nearly 2.2% for today's session, and 3.5% for the week. 

Lastly, the Cboe Market Volatility Index (VIX - 30.75) added 0.5 points, or 1.7% for the day, but dropped 3.9% for the week.

Closing Indexes Summary March 11

NYSE and Nasdaq Stats March 11

5 Things To Know Today

  1. Pfizer (PFE) is planning on submitting data to the U.S. Food and Drug Administration (FDA) for its fourth Covid-19 booster(CNBC)
  2. U.S. President Joe Biden has predicted a "blow up" for the still closed Russian stock market once it reopens, adding that "it will be disbanded" as the U.S. moves to revoke special trade status for Russia. (MarketWatch)
  3. Why this auto stock could be a strong candidate for dividend investors. 
  4. Toyota announced production cuts amid semiconductor supply shortages. 
  5. What weighed on Rivian Automotive stock after earnings. 

Corporate Earnings March11

Unusual Options Activity March 11

Volatile Week for Oil Ends in Muted Loss, Daily Win

Oil prices eked out a daily gain but posted a negative weekly settlement as investors continue to mull over the impact the Russia-Ukraine crisis will wind up having on global supply. Adding to these anxieties is the possibility of higher tariffs on Russian goods as the U.S. looks to revoke the country's trade status. April-dated crude added $3.31 or 3.1%, to settle at $109.33 per barrel for the day, though it shed 5.5% for the week.

Gold prices, on the other hand, dropped lower for the day but posted a weekly win while traders assessed how heavily they'll need to turn to the "haven" commodity. April-dated gold dropped $15.40, or 0.8%, to finish back below the $2,000 mark at $1,985 per ounce, though they climbed 0.9% for the week. 

 

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