The stock market fell Tuesday morning as the Russian assault on Ukraine caused oil prices to top $100 a barrel again.
After weeks of volatile trading, it was almost strange to see the main stock indexes fall only moderately.
The Nasdaq composite was off 0.4%. The S&P 500 fell 0.5%. Small caps saw larger losses, with the Russell 2000 down 0.9%. Indexes closed near session highs Monday after a day of uneven trading.
The Dow Jones Industrial Average lost 0.8% amid continued pressure on financial components JPMorgan Chase, Goldman Sachs and Visa, which fell more than 1%.
Volume rose on the Nasdaq and the NYSE compared with the same time on Monday.
The price of U.S. crude oil jumped more than 5% to $100.75 a barrel. It's the second time oil tops the $100 mark since last Thursday, when Russia started attacking Ukraine. Energy Select Sector SPDR rose 1.4% to a new high.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33629.83 | -262.77 | -0.78 |
| S&P 500 | (0S&P5) | 4351.58 | -22.36 | -0.51 |
| Nasdaq | (0NDQC ) | 13692.54 | -58.86 | -0.43 |
| Russell 2000 | 201.60 | -1.72 | -0.85 | |
| IBD 50 | 37.96 | +0.12 | +0.32 | |
Last Update: 10:06 AM ET 3/1/2022 |
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Peace talks ended Monday with no progress but the two sides plan to resume meetings in the coming days. Meanwhile, Russian forces shelled Ukrainian cities as the death toll mounted. More sanctions were placed against Russia's government and companies.
Stock Market Gets Retail Earnings
Target kicked off a big week of retail earnings with a January-quarter profit that topped expectations, but sales came in light. Target shares soared 11.4%, extending a rebound from a nearly 52-week low.
The stock gapped above a downward-trending 50-day moving average. On Monday, Target said it will offer starting wages of $15 to $24 an hour.
Kohl's rose 3% after the department store chain reported earnings above expectations and offered a strong 2022 forecast. The company also raised its dividend and set a $1 billion share buyback.
In the tech sector, Ambarella plummeted more than 25% after the maker of camera chips late Monday topped January-quarter profit views, but its sales and gross margin guidance for the current quarter missed views. The stock was already compromised, trading around the 200-day moving average for several weeks after plunging below the 50-day line Jan. 5.
Rally Attempt Hits Resistance; Fed Chief Powell On Tap
IBD 50 Outperforms Stock Market
Innovator IBD 50 ETF climbed 0.3%, in a bright spot for the market. Mining stocks made up many of the 2%-plus gains in the index.
Commercial Metals climbed above the 38.82 buy point of a cup base in heavy volume. Rio Tinto topped the 80.54 buy point of a large cup with handle base.
Franco-Nevada climbed back above its 150.74 buy point after dipping below it for several days. Southern Copper cleared resistance around 70.50. Sibanye-Stillwater, a miner of gold, lithium and other metals, rose 2.2% and is nearing a 19.84 buy point.
In economic news, the seasonally adjusted IHS Markit U.S. Manufacturing Purchasing Managers' Index rose to 57.3 in February from 55.5 in January. "Although only modest overall, output rose at a faster pace amid signs of easing supply chain disruption and the sharpest expansion in new orders since last October," IHS Markit noted.
