Stock Market News Live Updates: Stocks Rise, Oil Prices Soar As Investors Eye Russia’s War, Powell’s Testimony

Mar 02, 2022

Stock Market News Live Updates: Stocks Rise, Oil Prices Soar As Investors Eye Russia's War, Powell's Testimony

Shares gained on Wednesday, recouping some of the week's heavy losses, as concerns over Russia's campaign in Ukraine and its consequences for the world economy weighed on risk assets. Traders were also watching for comments from Fed Chairman Jerome Powell, who suggested the central bank was still on pace to hike interest rates later in March despite recent geopolitical tensions.

At session peaks, the S&P 500 was up over 2%. The blue-chip index fell 1.6% on Tuesday, increasing Monday's losses and putting the start of March trading on unstable ground. The Dow and Nasdaq recovered after plunging significantly earlier in the week, with risk assets weakened as investors pondered the possibility of broader supply chain and financial sector disruptions as Russia stepped up its assault in Ukraine and Western sanctions continued.

In the midst of continuing geopolitical tensions, energy prices rose, with West Texas Intermediate crude oil prices surging beyond $100 per barrel to exceed $112, the highest price since 2011. OPEC+ announced on Wednesday that it would boost production by 400,000 barrels per day in April compared to March, maintaining the rate of production growth the same as in previous months, notwithstanding limited oil supplies.

The recent rise in energy prices occurred even after the International Energy Agency decided on Tuesday to discharge 60 million barrels from global reserves to help relieve some of the strain on the energy market.

"The issue is that it would not be sufficient to mitigate the effects of a possible supply shock from Russia, which is what the markets are dealing with at the moment," said Ahmed Riesgo, a chief investment officer of Insigneo. "In the current economic climate, all investors need to ask themselves: Will Russian exports continue? And if the answer is no, then we need to reduce risks even more. And if the answer is yes, then this may be an indication that the bottom is near." As of now, the West's extensive sanctions on Russia have included, among other things, limits on the Russian central bank, connection to the SWIFT international financial transactions system, and asset freezes on a range of major Russian institutions and people. Many large corporations have also increased pressure on Russia, like Apple, which announced on Tuesday that it would halt all product sales to the nation, and Disney, which announced that it would cease distributing films in Russia. Nonetheless, with many S&P 500 components relatively unaffected by Russia and Ukraine in terms of profits, many analysts believe the immediate impact on U.S. company earnings and the economy will be limited.

"Fears are starting to grow that the expanded sanctions on Russia and its officials, which now include limitations on the crucial SWIFT financial platform, as well as Russia's central bank and Putin himself, will have unpredictable consequences on international markets," Louis Navellier, chairman, and founder of Navellier & Associates noted. "This is in addition to the interruption of all goods delivered by Ukraine to global markets. Most of the fallout is expected to fall on Europe, with China already moving up to offer new markets for Russian products, making the United States much more of a safe harbor than it previously was."

Nonetheless, the instability caused by the conflict and the prospect of increased global oil prices has led investors to believe that the Fed would avoid a hawkish stance after its March monetary policy session. Fed Chairman Jerome Powell is scheduled to give testimony before Congress on Wednesday as part of his semi-annual appearance before legislators, providing the Federal Reserve leader's first public statements on how the geopolitical landscape has informed the Fed's thoughts on interest rate rises and monetary policy tightening for the remainder of this year. To that end, Powell stated in a prepared comment that he still believes "it will be prudent to increase the target range for the federal funds rate at our session later this month," although the conflict in Europe would necessitate the Federal Reserve to be "nimble."

"We believe that the next estimates, coming in three weeks, would indicate five or perhaps six interest rate rises in 2022, prior to the war in Ukraine," Ian Shepherdson, chief economist at Pantheon Macroeconomics, said. "Currently, it would be surprising to see six tightenings, and some of the more speculative market expectations now seem to be off the mark. We didn't anticipate a 50bp hike in March, and now it seems even less likely."

Subscribe Our Newsletter

3 Reasons Behind the Crypto Crash That Dragged Bitcoin Below $50K
3 Reasons Behind the Crypto Crash That Dragged Bitcoin Below $50K

To gauge the magnitude of the losses (despite the fact that by early Saturday the price of the main bitcoin had risen slightly to above $48,000, from a low of $45,000), recall that BTC was worth $57,000 on Friday.

Crypto
Why Inflation Slowed in July and What It Means for the Fed's Work
Why Inflation Slowed in July and What It Means for the Fed’s Work

Even if inflation continues at historically high levels, this represents a healthy step toward a cooling economy. While the Fed is unlikely to reverse its aggressive monetary policy tightening until a downward trend becomes clearer, markets reacted positively to the news, with investors anticipating that the central bank will not need to move more dramatically than expected when officials meet again in September.

Banks and Finance
Get the ultimate solution: B2BinPay Get the ultimate solution: B2BinPay
Sponsored
Oliver

How to Integrate Crypto Payment Gateway to Your Business?
Cryptocurrencies are becoming more and more popular, and as a result, there are more and more exchanges, businesses, and other organizations that work with crypto assets.

discover
Simple and Compound Interest: How Do They Differ?

Alexander

Simple and Compound Interest — How Do They Differ?

If you're taking out a loan or depositing money in a savings account, you should know about different types of interest and how they are calculated. This knowledge can empower you to make informed financial decisions and potentially save or earn more money in the long run.

Investing
Contact us bg

Contact Us

Contact the Liquidity Provider
for any questions and advertising inquiries

    Please fill out this contact form to get in touch with us

    / 3000

    By clicking “Get in touch” button, you agree to the privacy policy

    Successful!
    Thank you for your request.
    We will contact you shortly.
    Close

    Constantine

    Best DAO Projects in 2025

    Best DAO projects in 2025

    Alexander

    Crypto Nodes That Pay: Your 2025 Guide to Top Passive Income Opportunities in Crypto

    crypto nodes that pay

    Alex

    Pi Network: Scam or Groundbreaking Crypto? The Full Analysis

    Pi Network Explained

    Constantine

    Triple Net Lease: Meaning, Benefits, and Strategies Explained

    Triple Net Lease

    Constantine

    Hanging Man Pattern: How to Identify and Trade It Effectively

    Hanging Man Pattern

    Alex

    5 Infinite Banking Mistakes That Could Cost You Thousands

    Infinite Banking Mistakes to Avoid

    Aleksander

    Solana Firedancer: Solving Solana’s Biggest Problems with a New Engine

    Solana Firedancer explained

    Alexander

    What Is an Interest Coverage Ratio? How to Use This Financial Metric to Evaluate Company Health

    Interest Coverage Ratio Explained

    Hazem

    After-Hours Trading: Can You Trade After Financial Markets Close?

    After-Hours Trading Explained

    Alexander

    How to Scale a Crypto Exchange Business and Stay Competitive

    how to scale crypto exchange business

    Constantine

    Crypto CrypticStreet Review: The Future of DeFi and Secure Crypto Trading

    Crypto CrypticStreet Review: The Future of DeFi and Secure Crypto Trading

    Alexander

    Bitcoin Power Law Explained: How It Shapes BTC’s Long-Term Growth

    Bitcoin Power Law Explained: How It Shapes BTC’s Long-Term Growth

    Hazem

    Megaphone Pattern​: What Is It? How to Use It In Trading

    Megaphone Pattern​: How to Read & Trade with It

    Constantine

    Top 5 Liquidity Bridge Providers in DeFi

    Top 5 Liquidity Bridge Providers in DeFi

    Hazem

    Max Funded IUL Explained: Is It a Legitimate Financial Strategy?

    Understanding Max Funded IUL

    Alexander

    Tax Refund Timeline: When Will You Get Your Tax Return?

    how long does it take for tax refund

    Constantine

    Crypto Liquidity — What is it, and How to Measure It?

    What is Crypto Liquidity and How to Measure It?

    Constantine

    AI in Finance: A Game-Changing Trend Shaping the Industry

    AI in Finance

    Hazem

    5 Ways to Make Money with ChatGPT and Build Your Wealth

    Make Money with ChatGPT

    Constantine

    Top AI Companies to Invest in April 2025

    Top AI Companies to Invest in March 2025

    DeepSeek vs ChatGPT: Which AI Technology is Better For You?

    DeepSeek vs ChatGPT: Feature-by-Feature AI Tool Comparison

    Constantine

    Top Solana Meme Coins in 2025: Best Presales and Where to Buy

    Solana Meme Coins 2025

    Alexander

    How Renewable Energy Stocks Can Supercharge Your Portfolio

    How Renewable Energy Stocks Supercharge Your Portfolio

    SEC Crypto Regulations: What Financial Advisors Need to Know

    SEC Crypto Regulations: Insights for Financial Advisors
    liquidity-provider-logo
    • News
      • Stock Market Forecast
      • Stocks
      • Banks and Finance
      • Companies
      • Crypto
      • Forex
      • AI
      • Technology
      • DeFi
      • NFT
    • Articles
      • Crypto Payments
      • Trading
      • Crypto Exchange Business
      • Forex Business
      • Fintech
      • Liquidity
      • FinTech Awards
      • Blockchain
      • Investing
      • NFT
      • DeFi
    • More
      • Videos
      • Liquidity Providers List
      • Crypto Payment Providers
      • White Label Brokerage Platforms
      • Broker CRM Platforms
    [email protected]

    © 2024 Liquidity Provider. All Rights Reserved

    Privacy Policy Cookie Policy
    This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.