Stocks tumble and oil, wheat prices soar after Russia invades Ukraine
On Wall Street, the S&P 500 sank 1.6% in early trading to continue its dismal start of the year. The benchmark is index is now down 13.5% from its record set early this year. Stocks in Europe sank even more after officials called Russia's moves a"brutal act of war," with the German DAX down nearly 5%.
Increases in energy and food prices could amplify worries about inflation, which in January hit its hottest level in the United States in a couple generations, and what the Federal Reserve will do in turn to rein it in. The Fed looks certain to remove the super-low interest rates that investors love, which also helped catapult financial markets and the economy out of their coronavirus-caused plunge. The only question has been how quickly and how aggressively the Fed will move.
The Nasdaq composite, which is full of big tech stocks, sank 1.5% and could close more than 20% below its record set on Nov. 19, 2021. If it does, that's something Wall Street calls a"bear market," something that hasn't happened for the Nasdaq since the coronavirus first crashed the global economy.Financial markets are in a"flight to safety and may have to price in slower growth" due to high energy costs, Chris Turner and Francesco Pesole of ING said in a report.
Some analysts expect the conflict to push investors out of many tech stocks, with the exception of the cybersecurity sector.
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