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Market Snapshot



https://www.briefing.com/stock-market-update



Dow 33131.76 -464.85 (-1.38%)
Nasdaq 13037.48 -344.03 (-2.57%)
SP 500 4225.50 -79.26 (-1.84%)
10-yr Note -26/32 1.993

NYSE Adv 813 Dec 2394 Vol 1.0 bln
Nasdaq Adv 1098 Dec 3127 Vol 4.5 bln


Industry Watch
Strong: Energy

Weak: Consumer Discretionary, Information Technology, Financials, Industrials


Moving the Market
-- Stocks close at session lows in disappointing session

-- Russia-Ukraine situation only seemed to worsen

-- Growth stocks led the retreat

-- Treasury market did not show a flight to safety





Stocks close sharply lower in disappointing session
23-Feb-22 16:15 ET

Dow -464.85 at 33131.76, Nasdaq -344.03 at 13037.48, S&P -79.26 at 4225.50
[BRIEFING.COM] The S&P 500 fell 1.8% on Wednesday, tumbling further into correction territory, in a disappointing session. Investors sold into rebound attempts as the Russia-Ukraine situation only seemed to worsen.

The Nasdaq Composite dropped 2.6%, representing the weakness in the mega-caps/growth stocks. The Dow Jones Industrial Average fell 1.4%, and the Russell 2000 fell 1.8%.

The first rebound attempt was at the open, which saw the S&P 500 up as much as 0.9% amid gains in all 11 of its sectors. That was driven primarily by mechanical factors on the belief that the market was primed for a rebound. The market, however, quickly turned negative.

There were only lower highs as the session progressed, feeding into the general pessimism in the market and the negative price momentum. The latest Russia-Ukraine headlines kept the buyers in hiding.

Briefly, Ukraine declared a state of emergency and mobilized its reserves; the U.S. canceled diplomatic meetings with Russia and expanded sanctions to Nord Stream 2 AG and its corporate officers; and the Biden administration warned Ukraine of a full-scale Russian invasion within 48 hours, according to Newsweek.

The growth stocks were at the forefront of selling interest, taking the S&P 500 consumer discretionary (-3.4%) and information technology (-2.6%) sectors to the bottom of the standings. Right before the close, the S&P 500 briefly dipped below its Jan. 24 intraday low (4222.62).

The energy sector (+1.0%) was the only sector that closed higher, rising 1% even as oil prices settled lower ($92.12, -0.15, -0.2%).

Away from equities, there was no flight to safety in the Treasury market, once again suggesting that the stock market's misery was owed to more than just geopolitics, namely the Fed potentially hiking into slower growth.

The 2-yr yield rose five basis points to 1.60%, and the 10-yr yield rose three basis points to 1.98%. The U.S. Dollar Index increased 0.2% to 96.21. On a related note, San Francisco Fed President Daly (not a voting FOMC member) said she supported removing accommodation, starting in March.

Wednesday's economic data was limited to the weekly MBA Mortgage Applications Index, which dropped 13.1% following a 5.4% decline in the prior week. Looking ahead, investors will receive weekly Initial and Continuing Claims, New Home Sales for January, and the second estimate for Q4 GDP on Thursday.

Dow Jones Industrial Average -8.8% YTD
S&P 500 -11.3% YTD
Russell 2000 -13.4% YTD
Nasdaq Composite -16.7% YTD



Crude futures turn negative
23-Feb-22 15:30 ET

Dow -361.98 at 33234.63, Nasdaq -269.84 at 13111.67, S&P -63.33 at 4241.43
[BRIEFING.COM] The S&P 500 continues to trade near session lows with a 1.5% decline.

One last look at the sectors shows energy (+1.1%) bucking the negative trend despite a fade in oil prices following reports that the U.S. is considering tapping into its oil reserves. The goal would be to counteract any increase in oil prices caused by the geopolitical issues overseas.

WTI crude settled lower by 0.2%, or $0.15, to $92.12/bbl.