Wall Street fell on the threat of extended sanctions against Russia; The S&P500 entered correction territory; Oil and gold rallied.
Stocks swung between losses and gains on Wall Street. After opening higher, five of the 11 major SP 500 sectors fell in volatile trading, while a 3.3 per cent drop in Tesla dragged the Nasdaq lower. Fifteen of the 30 Dow components were trading in the red.
Meanwhile, a source told Reuters that the Biden administration will sanction company building Russia’s Nord Stream 2 gas pipeline.US hedge funds have been slashing positions in technology stocks, and started 2022 more tilted toward cheaper shares than at any time in over a decade, according to Goldman Sachs Group Inc.
“Barclays is showing signs of a story that keeps getting repeated through the financial sector. The impact of the pandemic on the sector isn’t as severe as first feared,” said Susannah Streeter, senior investment analyst, Hargreaves Lansdown.On the FTSE 100, consumer staples led gains with dollar earning companies Diageo, Unilever, British American Tobacco, Reckitt Benckiser all up between 0.2 per cent and 1.
Rio Tinto fell 2.2 per cent as the global miner warned of US sanctions on Russia potentially disrupting aluminium supply.Asian equities slid for a third day. The MSCI Asia Pacific Index tumbled as much as 2.1 per cent to a three-week low.The key Asian stock gauge is poised to erase its earlier gain in February, hurt also by a renewed selloff in Chinese tech giants including Alibaba, plunged 3.1 per cent in Hong Kong as China asked firms to check their financial exposure to Ant Group Co.
The Chinese e-commerce giant’s American depository receipts are poised to move nearly 7 per cent after it reports an estimated 60 per cent drop in quarterly profit drop on Thursday, Bloomberg data shows. That would be the second-sharpest earnings reaction for Alibaba since 2015, following an 11 per cent slump on its revenue miss in November.
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