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Bob Carey
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  US Stock Markets Ended Feb. 11, 2022
Posted Under: Weekly Market Commentary

 
Stocks clipped off -1.79% of value last week, measured by the S&P 500, after falling Friday and giving back gains attained during the first half of the week. Year to date, the index is down over 7% after the biggest two-day drop in 16 months. The three-front combination of higher-than-expected inflation data, Fed policy, and geopolitical panic  surrounding tensions in Ukraine moved investors to take risk off on Thursday and Friday. During a press conference Friday afternoon, National Security Advisor Jake Sullivan said the U.S. believes Russia could take military action in Ukraine as early as next week. President Biden and Russian President Putin are scheduled to talk on Saturday as  tensions in the region continue to escalate. The news caused oil to trade over $94 dollars a barrel, a level not seen since 2014. Energy stocks traded higher with oil prices. The sector returned over 2% last week, with Baker Hughes and Valero Energy posting the greatest gains within the sector. Shifting to Fed policy, the Federal Reserve Bank of New  York released a purchase schedule for Treasury securities that carry out the central bank's planned asset purchases  originally released in late January. The schedule helped end speculation that the Fed could make an emergency move to  combat fears of accelerating inflation. Supply chain issues have crept back into the headlines after S&P 500 component  Under Armour warned the disruptions to its business will have "material impacts" to its coming seasons and potentially  beyond. Corporate earnings continue to roll in with 62 companies in the S&P 500 scheduled to report next week.  Looking ahead at the economic calendar; PPI, mortgage applications, and the FOMC January meeting minutes are all  scheduled to be released next week. 
Posted on Monday, February 14, 2022 @ 8:05 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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