March 14, 2022

March 14, 2022

The S&P 500 closed down today as oil prices fell sharply and traders monitored the latest developments from the Ukraine-Russia war. Investors are also anticipating the first rate hike by the Federal Reserve this week.

 

Dow Jones finished +1 at 32,945

S&P 500 finished -31 at 4,173

NASDAQ finished -263 at 12,581

 

The 10 Year Treasury closed up 14 basis points yielding 2.14%

Oil prices closed down $7.25 ending at $102.08 a barrel.

Gold prices closed down $29.50 ending at $1,955 an ounce.

 

In the days’ stock news:

 

  • Ford closed down 2% after Jefferies reiterated its hold rating and lowered its price target. The Wall Street firm slashed its price projection on Ford shares to $18 from $20, citing worries about “a stagflationary environment of higher input costs and continued supply constraints.”
  • Apple closed down 2.7% as one of the its biggest suppliers in China said it would pause operations in Shenzhen amid a new Covid-19 lockdown. KeyBanc also reiterated its outperform rating on shares of the technology giants and said that iPhone demand remains strong.

 

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