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S&P 500 futures flat as investors continue to assess rising commodity prices and ongoing war in Ukraine

Traders at the NYSE, March 8, 2022.

Source: NYSE

S&P 500 futures were flat on Tuesday evening as investors continued to price a surge in commodity prices and high inflation as the war in Ukraine continues.

Dow Jones Industrial Average futures rose 47 points, or 0.1%. S&P 500 futures were flat and Nasdaq 100 futures lost 0.1%.

The major averages all closed lower after a choppy trading day. The Dow gave up a 585 point gain to end the day down 184 points, or 0.5%, sinking deeper into its correction. The S&P 500 slipped 0.7%, also moving into correction territory. The Nasdaq Composite lost 0.2%, after entering bearish territory on Monday.

Market volatility was fueled by investor uncertainty as they continued to assess soaring prices for commodities like oil, gasoline, natural gas and precious metals. This fueled concerns about slowing global growth amid soaring inflation.

It remains to be seen whether the Federal Reserve will achieve a soft economic landing, but the United States should be able to avoid a recession, according to Ross Mayfield, investment strategy analyst at Baird.

“The strength of the U.S. labor market, consumption and the broader business sector should act as a weight to keep us out of recession in the near term,” he told CNBC. “Overall, volatility is expected to persist, [there’s a] wide range of possible outcomes in Ukraine, but the fundamentals of the U.S. economy still look good, especially if the Fed can manage a rate hike without undermining demand.”

CNBC Pro Stock Picks and Investing Trends:

Energy stocks were a bright spot in the market as oil prices continued to climb, hitting session highs as President Joe Biden announced a ban on imports of Russian fossil fuels, including oil, in response to the country’s invasion of Ukraine. This was after oil hit a 13-year high of $130 to start the week.

Other commodity prices resumed their ascent, including nickel, which hit a new high above $100,000 per metric ton.

Treasury yields also soared, with the benchmark 10-year note adding nearly 10 basis points to 1.85% as inflation fears led investors to dump bonds.

Earnings continue Wednesday with Campbell Soup, Crowdstrike and Marqeta all set to report.

On the economic data front, investors are eagerly awaiting home purchase data from the Mortgage Bankers Association as well as the Job Openings and Labor Turnover Survey, or JOLTS.

S&P 500 futures flat as investors continue to assess rising commodity prices and ongoing war in Ukraine

Source link S&P 500 futures flat as investors continue to assess rising commodity prices and ongoing war in Ukraine

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