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Bob Carey
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  US Stock Markets Ended Feb. 25, 2022
Posted Under: Weekly Market Commentary

The S&P 500 Index ended the short week up modestly but not without sinking nearly 6% at one point before sharply returning to normal. Thursday was the most exciting day by far as markets digested the reality of the Russia-Ukraine conflict escalating to combat levels. The S&P 500 opened 2.5% below the previous night's close but came roaring back as the market priced in less interest rate tightening from the Fed and glimpses of hope that the two Eastern European countries would invite peace talks. President Biden, along with other Western leaders, announced sanctions against the banking industry in Russia which would intentionally cut Russian banks off from the global economy but left the energy sector relatively untouched. The market expects the Fed to become more dovish in response to the geopolitical uncertainty, the market implied probability of more than one rate hike at the March meeting has fallen from 60% to 25% over the past two weeks. The price of oil continued to climb and peaked above $100/barrel at one point on Thursday before retracing to nearly $92/barrel at the end of the week. Health Care and Real Estate were the top performing GICS sectors during the week while Consumer Discretionary lagged, mostly due to underperformance from Tesla, Inc. (TLSA, -8.1%). The top performing company in the S&P 500 was Etsy Inc. (ETSY, 17.6%) which reported strong fourth quarter results and reversed its trend of underperformance as it sold off with other stay-at-home stocks last week. The worst performing S&P 500 member was EPAM Systems, Inc. (EPAM, -13.7%) as the software company warned that due to its significant footprint in Eastern Europe it may see business disruptions soon. As 4Q21 earnings season draws to a close, 20 of the remaining 25 members of the S&P 500 that have not yet reported have releases scheduled in the next week including Broadcom Inc. (AVGO), Costco Wholesale Corp (COST), and salesforce.com Inc. (CRM).
Posted on Monday, February 28, 2022 @ 8:19 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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