Stocks Close Higher as Wall Street Monitors Ukraine-Russia Talks

Oil futures suffered a steep 7% drop Monday

Digital Content Manager
Mar 28, 2022 at 4:38 PM
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Stocks closed higher on Monday, with the Dow swinging to a 94-point gain within the final half hour of trading, though the index was weighed down by finance and energy stocks for most of the day. Meanwhile, the Nasdaq logged a triple-digit pop, and the S&P 500 managed a muted win. A brief inversion in parts of the Treasury yield sparked some fears of another recession, but the main yield spread remained positive, allaying some of these anxieties. Meanwhile, investors kept a close eye on any updates between Ukraine and Russia, with peace talks set to continue this week. 

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

  • A look at Apple stock after reported production cuts
  • The healthcare stock that could bounce soon. 
  • Plus, breaking down SNOW's underperformance; CHWY gears up for earnings; and BYND gets downgraded.

The Dow Jones Average (DJI - 34,955.89) added 94.7 points, or 0.3% for the day. Microsoft (MSFT) led the gainers with a 2.3% gain, while Chevron (CVX) paced laggards with a 1.8% drop.

The S&P 500 Index (SPX - 4,575.52) added 32.5 points for the day, or 0.7%, while the Nasdaq Composite (IXIC - 14,354.90) rose 185.6 points, or 1.3% in today's session.

Lastly, the Cboe Market Volatility Index (VIX - 19.63) lost 1.2 points, or 5.7% for the day, marking its lowest settlement since Jan. 14.

Closing Indexes Summary 4 March 28

Closing Indexes Summary March 28

5 Things To Know Today

  1. After being criticized for its silence, Walt Disney (DIS) promised to help have Florida's HB 1557 law -- or the "Don't Say Gay" bill, as its commonly known -- repealed, saying that the state's Governor shouldn't have signed it. (CNBC)
  2. Apple (AAPL) became the first streaming service to take home a "Best Picture" Oscar for its film "CODA," beating out big-time competitor Netflix (NFLX), with its two nominees: "Don't Look Up" and "Power of the Dog." (MarketWatch)
  3. Snowflake stock is underperforming, but it's not fazing the brokerage bunch. 
  4. Checking in with Chewy stock before earnings.
  5. One analyst predicts growing competition for Beyond Meat stock. 

There were no earnings of note today.

Unusual Options Activity March 28

China's Renewed Lockdowns Put Pressure on Oil Prices

Oil prices saw a serious plummet on Monday, as renewed Covid-19 lockdowns in China spark concerns over demand. Optimism over a potential breakthrough in peace talks between Russia and Ukraine, meanwhile, eased some ongoing fears over supply shortages. For the day, the commodity dropped $7.94 or 7%, for the most active, front-month contract May delivery to settle at $105.96.

Gold inched lower as investors eyed talks between Ukraine and Russia, as well as the possibility of more sanctions on Russia, which could turn the commodity even more volatile. April-dated gold sank $14.40 or 0.7%, to close at $1,939.80 per ounce. 


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