5 things to know before the stock market opens Tuesday, March 8
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Investors need the following news, analysis and trends to help them start trading:
1. Futures fall after S&P 500’s worst day in nearly 17 months
Traders at the NYSE floor, March 2, 2022.
Source: NYSE
U.S. stock futuresOn Tuesday, crude oil prices fell after an extended market decline. This was a day following concerns over Russia’s war against Ukraine which pushed them to their highest level in 14 years.
- It S&P 500It fell further into a correction and was down almost 3% in the worst single-day performance since Oct 2020.
- It Nasdaq dropped 3.6% into a bear marketIt is now down 20% from November’s record highs. These are the results. Dow Jones Industrial AverageThe market lost 2.4% and fell into a correction. This was more than 10% off its January record highs.
- Investors sold bondsInflation fears Tuesday and Wednesday, continuing to push the 10-year Treasury yieldInversely, it is around 1.85%.
2. WTI crude oil jumps as the U.S. considers banning Russian energy
A pumpjack (L), which operates in tandem with another (R), stands still in Inglewood Oilfield, Los Angeles on January 28, 2022.
Mario Tama | Getty Images
West Texas Intermediate crudeThe U.S. benchmark for oil, rose more than 4%After settling Monday at the highest point since September 2008, WTI settled Tuesday at $124 per barrel. WTI hit $130 on Sunday. Its highest level since July 2008. The U.S. planned to immediately ban Russian oil, liquefied petroleum gas, and coal with no European involvement, NBC News reported. Europe heavily depends on Russian energy production.
Traders, brokers, clerks at the London Metal Exchange Ltd. (London, U.K.) on Monday February 28, 2022.
Getty Images| Bloomberg | Getty Images
London Metal Exchange halted nickel tradingPrices quickly doubled Tuesday to record levels above $100,000 per metric tons, driven by the race to fill short-term positions following Western sanctions that threatened Russia’s supply. Fears of more supply restrictions have caused nickel prices to quadruple in the last week. Russia accounts for about 10% world nickel. It is used in the production of stainless steel and batteries.
3. Shell apologizes after purchasing a Russian oil shipment
Shell station logo in Birmingham (United Kingdom) on September 29th, 2021
In Pictures | In Pictures | Getty Images
ShellTuesday apologizedRussian oil was purchased at a heavily discounted price and the company announced that it would stop all involvement with Russian hydrocarbons. London-based energy firm Exxon was heavily criticised for its purchase. This included from Ukraine’s foreign Minister, who has asked global companies to stop all business relations with Russia. Exxon and BP have also announced that they will be leaving their multibillion dollar Russian energy investments.
4. Xi calls for Russian restraint. 2 Million Ukrainian refugees have fled their homeland
On a screen, the French President Emmanuel Macron, German Chancellor Olaf Scholz, and the Chinese President Xi Jinping are seen at a video conference discussing the Ukraine crisis. It was held at the Elysee Palace Paris on March 8, 2022.
Benoit Tessier | Afp | Getty Images
Chinese President Xi JinpingOriginally called “maximum restraint”According to the Ukrainian government, Beijing wants “to see Europe’s flames reignited.” According to Chinese media, that’s what he said. Xi made these comments during a virtual meeting of German and French leaders. They were believed to have been his strongest statements yet against Russia. Russia is a strategic and economic ally for China.
After the Russian invasion in Ukraine, refugees waited at Lviv’s train station until they could board trains to Poland. This was March 7, 2022.
Marko Djurica | Reuters
Safe corridors allow for evacuation from cities in Ukraine that are under attack began Tuesday. Officials from the U.N. said that 2 million refugees fled Russia after its invasion. Previous efforts to save civilians from danger have failed due to new attacks. While Russia has made important advances in the south of Ukraine, they have remained largely stationary in other areas.
5. Apple hosts its spring launch event on Tuesday
Apple invites you to its March 2022 Event
Apple
AppleIt is hosting its first launch eventTuesday is the most important day of the year. Apple is likely to reveal a new iPhone, iPad and perhaps some updated Macs. Apple’s spring devices launches are more important than the traditional fall events that reveal new iPhone models before the holidays. The Tuesday event comes after a similar launch last spring, where Apple unveiled a new iPad Pro and a redesigned iMac computer.
— Reuters and The Associated Press contributed to this report. Sign up now for the CNBC Investing Club to Jim Cramer is the man to follow for every stock movement. As a pro, follow the wider market action. CNBC Pro.
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