By Devik Jain

(Reuters] – The U.S. stock markets were weaker on Friday following a dramatic rally on Thursday. This was despite investors being concerned about developments surrounding the raging Ukraine war.

A wave of sanctions was imposed by the United States, Europe Union and other countries on Thursday in response to Moscow’s invasion. This impeded Russia’s ability do business with its major currencies.

This coordinated reaction, which was more gentle than investors had expected, eased risk-off sentiment. Wall Street ended sharply higher after a strong open.

Charalambos Piessouros (head of research, JFD Group) stated that it was too soon to believe that Russia will be forced to withdraw from the sanctions.

“Thus we prefer to consider yesterday’s recovery of risk assets as an corrective rebound. We see reasonable chances for another leg down.”

Morgan Stanley (NYSE: Microsoft Corp Premarket trading saw a drop of around 1% for NASDAQ (NASDAQ:), leading to losses in big banks and megacaps growth companies.

Oil majors Exxon Mobil (NYSE: Chevron The stock exchange traded as Corp (NYSE.) and fell by 0.7%. This is in keeping with the decline of crude prices. [O/R]

Stockpiles for defense Lockheed Martin Corp (NYSE :), Northrop-Grumman Corp (NYSE 🙂 and L3Harris Technologies(NYSE 🙂 Inc each rose by more than 1%

At 06:19 AM. ET were down 286 point, or 0.866%. They were also down 38 points (or 0.89%) and down 113.25, or 0.811%.

As investors were already concerned about Federal Reserve’s aggressive tightening of policy, all major indexes showed their third consecutive weekly falls.

The readings for the core PCE price Index, durable goods, and consumer sentiment data for January will be available later in today.