May 16, 2022

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Wall Street falls as investors digest Russia sanctions

Wall Street falls as investors digest Russia sanctions

  • Defense stocks rise amid Russia-Ukraine crisis
  • First Horizon advances $13 billion deal on TD
  • Indices: Dow -1.40%, S&P 500 -1.21%, Nasdaq -0.68%

(Reuters) – Wall Street tumbled in choppy trading on Monday, as investors grappled with uncertainty and bank shares tumbled in the wake of strong Western sanctions against Russia as it continued its invasion of Ukraine.

City Group (CN) It fell 5%, which helped pull the S&P 500 Banks Index (.SPXBK) It fell 2.7% as the 10-year US Treasury yield fell. Broader Financial Index (.SPSY) It fell 1.8%.

Global stocks tumbled, the Russian ruble plunged to record lows, and safe-haven assets buoyed after Western allies imposed new sanctions that limited Moscow’s ability to deploy its $630 billion in foreign reserves and cut off some of its banks from the SWIFT global payments system. . Read more

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Russian artillery pounded residential neighborhoods in Ukraine’s second largest city, as Moscow’s invading forces met stiff resistance on the fifth day of the conflict. Read more

said Silvia Jablonsky, chief investment officer at Defiance ETFs.

Standard & Poor’s Energy Sector 500 (.SPNY) Gained 0.9% supported by higher oil prices.

Defense Stocks Raytheon Technologies (RTX.N)Lockheed Martin, Inc (LMT.N)General Dynamics Corp., Northrop Grumman (NOC.N) And L3Harris Technologies gained between 1.7% and 7% after the news that Germany would increase its military spending.

Cyber ​​security shares also rose, with Palo Alto Networks (Egypt)fortinet (FTNT.O)Zscaler (ZS.O) and CrowdStrike Holdings, which jumped between 2.8% and 7.3%.

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In the afternoon, the Dow Jones Industrial Average (.DJI) The Standard & Poor’s Index fell 1.4% to 33,583.2 points (.SPX) It lost 1.21% to 4,331.41.

Nasdaq Composite (nineteenth) It fell 0.68% to 13,602.10.

Tesla (TSLA.O) It jumped 6.8% after the environment ministry in the German state of Brandenburg said it was in the final stage of the approval process for a planned Tesla plant there. Read more

The deepening geopolitical crisis has added to investor concerns about rising inflation and plans to raise interest rates by the Federal Reserve, putting the three major US stock indexes on track for the second consecutive month of losses.

The S&P 500 and Nasdaq are bracing for their biggest declines in two months since the pandemic-led crash in March 2020.

CBOE Volatility Index (.VIX)also known as the Wall Street Fear Barometer, rose for the second consecutive session.

Delta Airlines Inc (DAL.N) It fell 4.7 percent after Russia closed its airspace to airlines from 36 countries in response to Ukraine-related sanctions targeting its aviation sector. Read more

First Horizon Corp (FHN.N) Jumped 28% after TD Bank Group (TD.TO) It offered to take over the US bank in an all-cash deal worth $13.4 billion. Read more

Low issues outnumbered advanced issues on the New York Stock Exchange by 1.41 to 1; On the Nasdaq, the ratio was 1.29 to 1 in favor of declining stocks.

S&P 500 hit 19 new 52-week highs and 4 new lows; The Nasdaq made 43 new highs and 71 new lows.

Additional reporting by Devik Jain, Uday Sampath Kumar and Medha Singh in Bengaluru, Noel Randywich in Oakland, CA; Editing by Anil de Silva, Aditya Soni and Cynthia Osterman

Our criteria: Thomson Reuters Trust Principles.