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Stock futures are flat as Dow heads for fifth straight losing week amid Russia-Ukraine war


Traders at the NYSE floor, March 2, 2022.

Source: NYSE

The Dow Jones Industrial Average lost its fifth consecutive week of losses on Friday due to Russia’s invasion in Ukraine. Stock futures were also flat before Friday’s session.

The Dow Jones Industrial Average futures rose only 60 points. S&P 500 futures rose 0.1% and Nasdaq 100 futures were little changed.

The Dow Jones Industrial Average dipped 112.18 points to 33,174.07 during regular trading on Thursday, after climbing more than 650 points in the previous session, while the S&P 500 shed 0.4%. Technology-laden Nasdaq Composite lost 1% at 13,129.96 due to losses suffered by Apple and Meta Platforms.

To date, the Dow is at 1.31% decline and heading for its fifth consecutive week of negative performance since May 2019. Meanwhile, the S&P is down 1.60% and Nasdaq 1.38% this week.

As negotiations between Russia and Ukraine stalled without any progress towards a cease fire or passage for the civilians trying to flee Mariupol, these losses occurred. As investors assess the consequences of the Russian-Ukraine conflict, the markets have been volatile in the recent weeks.

Oil prices have fallen in the midst of conflict and are volatile now. West Texas Intermediate crude oil fell to $106 per barrel. Brent crude oil dropped 1% to $109 per barrel. Commodities like gold and silver that have gained during the Ukraine war settled at 0.6% and 1.70%, respectively.

Stephanie Link, Hightower’s chief investment strategist said on CNBC’s Thursday’s closing bell that history is favorable from an investment perspective. The market has the potential to recover and, I’m sure eventually it will. The market will soon recover, although we won’t know how long it takes.

Thursday’s Inflation Report showed the consumer price indexThe February reading of 7.9% was a new 40-year record. This was slightly lower than the estimated 7.8% year-over-year, Dow Jones estimates. CPI grew 0.8% month-over month, exceeding estimates of 0.7%.

Rivian’s shares dropped more than 11% during extended trading due to missing fourth-quarter top and bottom line estimates. DocuSign fell 18% because of weak guidance in the first quarter.