Traders on the floor of the New York Stock Exchange, March 2, 2022.
Stock futures were flat ahead of Friday’s session as the Dow Jones Industrial Average headed for a fifth consecutive losing week amid the Russian invasion of Ukraine.
Futures on the Dow Jones Industrial Average rose only 60 points. S&P 500 futures rose 0.1% and Nasdaq 100 futures were little changed.
The Dow Jones Industrial Average fell 112.18 points to 33,174.07 during regular trading Thursday, after jumping more than 650 points in the previous session, while the Standard & Poor’s 500 fell 0.4%. The high-tech Nasdaq Composite fell 1% to 13129.96, led by losses from Apple and Meta Platforms.
From the week so far, the Dow is down 1.31% and heading for the fifth consecutive negative week since May 2019. Meanwhile, the S&P is down 1.60% and the Nasdaq is down 1.38% this week.
The losses came as negotiations between Russia and Ukraine stalled without progress in the ceasefire or the passage of civilians trying to flee the city of Mariupol. Markets have been volatile in recent weeks as investors weigh the fallout from the conflict between Russia and Ukraine.
Meanwhile, oil prices, which have been volatile amid the conflict, fell again on Thursday with West Texas Intermediate crude falling to nearly $106 a barrel. Brent crude fell 1% to around $109 a barrel. Commodity prices including gold and silver that rebounded amid the war in Ukraine stabilized by 0.61% and 1.70%, respectively.
“History, from an investment standpoint, is on our side in the long run,” Stephanie Link, senior investment analyst at Hightower, said in an interview with CNBC’s “Closing Bell” on Thursday. “The market can recover, and I think eventually we will. We will have to see how long this lasts but in the end, the market will recover.”
Thursday’s inflation report Show CPI It reached 7.9% in February, its highest level in 40 years. That was just above the 7.8% forecast for this year, according to Dow Jones estimates. Month-over-month CPI rose 0.8%, above estimates of 0.7% for the month.
Shares of Rivian fell more than 11% in extended trading after it missed estimates for the fourth quarter on the upper and lower lines, while DocuSign sank 18% after issuing poor guidance for its first quarter and fiscal year.
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