The major benchmarks are fresh off their second-straight monthly losses
Russia's invasion of Ukraine remained at the forefront of investors' minds this week, as global markets continued to react. The updates from the crisis have been consistently alarming. In just a fraction of the news, a 40-mile convoy of Russian military vehicles was seen on its way to the Ukrainian capital of Kyiv on Tuesday, while Friday brought word that Russia had seized Ukraine's largest nuclear power plant. Meanwhile, oil prices surpassed significant levels throughout the week, with West Texas Intermediate Crude (WTI) jumping to its highest level since 2011 on Thursday.
It was a volatile week for the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC). All three major benchmarks finished with their second-straight monthly losses on Monday, as Wall Street weighed the implications of sanctions against Russia. Though the market staged a major comeback on Wednesday, all three indexes remained on track for steep weekly losses at this point on Friday.
Retail Earnings in Focus
Earnings season was still in full swing this week, with plenty of reports for investors to sift through, and attention focused on the various outlooks for 2022. In particular, several retailers reported earnings results, with many sharing holiday season details, including Target (TGT), Dollar Tree (DLTR), Nordstrom (JWN), Big Lots (BIG), Best Buy (BBY), and Costco (COST).
Best and Worst Stocks This Month
Though March has already kicked off, there's still time to check out some of the best and worst stocks to own this month. Twitter (TWTR) was in focus after a bear note from Benchmark, along with news that Russia's state communications regulator is targeting the social media giant. Now looks like a good time to steer clear of the stock, as it just appeared on Schaeffer's Senior Quantitative Analyst Rocky White's list of 25 worst performing S&P 500 Index (SPX) stocks for March. Also on this list, Deere (DE) has a history of underperforming this month.
Conversely, General Mills (GIS) and Citrix Systems (CTXS) both landed on White's list of SPX stocks that averaged the highest March returns over the last decade. GIS saw a 4.2% one-month return, while CTX boasted an average 5.8% one-month return -- both positive eight of the 10 months.
Quiet Week Ahead in Terms of Data
Though earnings season is winding down, there will still be reports coming from the likes of Bumble (BMBL), Campbell Soup (CPB), CrowdStrike (CRWD), Dick's Sporting Goods (DKS), JD.com (JD), Oracle (ORCL), Petco Health and Wellness (WOOF), Poshmark (POSH), Stitch Fix (SFIX), Ulta Beauty (ULTA), and Wheaton Precious Metals (WPM).
Next week will be relatively quiet in terms of economic indicators, though investors will be watching for inflation data. In the meantime, see what could be ahead for the broader market, as White takes a look at this rare SPX ignal, while Senior Vice President of Research Todd Salamone dives into the sentiment front.