Friends
The combination of global conflict mixed into a moment in time when the world was already dealing with the worst inflation in 40 years is simply adding to the volatility, we have been predicting for some time now. With the Russians closing in on Kyiv and the West economically closing in on Russia,inflationary pressures are mounting. Oil and other commodities all spiked today, while bond yields continue to plummet. The 10-year Treasury note, which was above 2% just a week ago fell to under 1.70% at one point during the trading session. What about stocks, you might ask? Not surprisingly, stocks are struggling in this environment. Yes, we have seen strong short-lived rallies, but the “risk-off” sentiment that we have seen all year in stocks is still pervasive.
As for today, by the close the Dow Jones Industrial Average was down 597 points to finish the day at 33,294. The S&P 500 was down 67 points to close at 4,306. The Nasdaq Composite Index was down 218 points to close at 13,532. Gold was up $46 to trade at $1,946 per ounce, while oil was up $8.75 to trade at $104.47 per barrel WTI.
We have the State of the Union address tonight, Fed Chair Powell tomorrow and Thursday (God help him), and more earnings and economic data (Target had nice earnings last night by the way) on the way this week. Also, remember to send your questions for our webcast next week. In the meantime, stay calm and keep those in war’s path in your thoughts and prayers.
Have a nice evening everyone.
