Wall Street will rally as technology and banks rise

FILE PHOTO: FILE PHOTO: Amazon's JFK8 Distribution Center in Staten Island, New York City
FILE PHOTO: The Amazon logo is seen in front of its JFK8 distribution center in Staten Island, New York, U.S., November 25, 2020. REUTERS/Brendan McDermid

March 9, 2022

By Devik Jain and Sabahatjahan Contractor

(Reuters) – Wall Street’s main indices were expected to rebound after four straight losing sessions on Wednesday, as oil prices slipped and investors bought shares amid concerns about Western sanctions against Russia following its invasion of Ukraine.

Megacap growth stocks Inc, Apple Inc, Microsoft Corp, Alphabet Inc, Meta Platforms and Tesla Inc are each up more than 2% in premarket trading.

Big banks rose, with Bank of America and Wells Fargo were each up 3%. The S&P 500 banking index is down 4.5% so far this week.

Travel and leisure stocks rose the most. Carnival Corp and American Airlines Group rose 6.1% and 5.3%, respectively, after falling sharply this week as rising oil prices threatened an incipient recovery.

Energy stocks tumbled as oil slipped below $125 in volatile trading after posting a sharp surge in recent weeks that saw it break $130 a barrel. [O/R]

Soaring crude oil prices have rattled global markets and investors fear it could lead to higher inflation and slow economic growth, while the US Federal Reserve is widely expected to hike interest rates at its March 15-16 meeting.

“We are in a time of extreme uncertainty on multiple fronts — Ukraine, energy, interest rates and the economy,” said Sean O’Hara, President of Pacer ETFs.

“When you put all of this together, it’s not surprising that one day you decide it’s going to work on its own and we’re buying on that rumor and then the next day everyone’s thinking it’s not going to work, so sell.” we theory about it.”

Russia said it will achieve its goal of ensuring Ukraine’s neutrality and prefers to do so through talks. Moscow announced a new ceasefire in Ukraine to allow civilians to flee besieged cities, but there was limited evidence of progress.

At 8:10 a.m. ET, the Dow e-minis are up 556 points, or 1.71%, the S&P 500 e-minis are up 79.25 points, or 1.9%, and the Nasdaq 100 e-minis are up 318 points, or 2, 4%

The Nasdaq Composite index is in bear market territory, down 20.2% from its record closing high on Nov. 19, while the blue-chip Dow and benchmark S&P 500 index are in correction territory.

The CBOE volatility index, also known as Wall Street’s fear gauge, fell for the second straight day.

(Report by Devik Jain and Sabahatjahan Contractor in Bengaluru; Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty) Wall Street will rally as technology and banks rise


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