Wall Street Today | JPMorgan sees Ukraine risk pushing oil to $110 in Q2
Stock slide may deepen as Ukraine tensions worsen
Stocks may extend a selloff Thursday on growing geopolitical tension after the U.S. expanded Russian sanctions and the Kremlin said separatists in eastern Ukraine wrote to President Vladimir Putin seeking help.
Futures for Japan, Australia and Hong Kong fell. Tech stocks were among the biggest losers as the $S&P 500 Index(.SPX.US$ slid further into a correction in volatile trading.
Wheat, soybeans hit fresh highs amid Russia-Ukraine conflict
Wheat and soybeans led a broad rally of crop futures as traders focus on the political conflict between major grain exporters Russia and Ukraine, as well as drought risks to dwindling South American yields.
Grain and oilseed prices have been on a tear as escalating tensions between Russia and Ukraine spark fears that shipments could be disrupted from the nations. Any upsets to shipments could drive up food costs at a time when prices are already at a decade high.
JPMorgan sees Ukraine risk pushing oil to $110 in second quarter
The crude market is likely to see sustained higher prices in the next quarter, before retreating to average $90 at the end of the year, the bank's analysts including Natasha Kaneva wrote in a note.
Rout across tech-stock complex sends Nasdaq to bear market brink
The $ARK Innovation ETF(ARKK.US$, fell for the fifth straight day and lost near 4% on Wednesday alone. Shares of $Tesla(TSLA.US$ retreated for the fourth consecutive session, having shed more than 27% in value since 2022 started. Meanwhile, a Goldman Sachs basket of non-profitable tech companies, which is trading near its lowest levels since July 2020, lost 4.6%, and a fund tracking newly public firms lost 3.8%.
Tech stocks of all stripes are leading the market selloff, with the $Nasdaq Composite Index(.IXIC.US$ near a 20% fall from November records after a 2.6% slide Wednesday.
U.S. home loan applications tumble to lowest since 2019
Total mortgage applications decreased 13.1% last week to the lowest level since December 2019. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 4.06% from 4.05%.
Applications to refinance dropped 15% weekly and were 56% lower than one year ago.
Google relaxes mandates, opens amenities as it prepares for workers to return
$Alphabet-A(GOOGL.US$'s real estate VP told San Francisco Bay Area employees that Covid-19 risk has fallen low enough to reinstate the buzzy, fun perks for which the company is known, such as fitness centers and massages.
The regional offices are also dropping some of the Covid-19 protocol requirements, and the company will no longer require vaccination as a condition of employment in the U.S. It comes as the company prepares to bring workers back to the office three days a week after two years of delays.
EBay stock sinks after the company gives disappointing guidance
Shares of $eBay(EBAY.US$ slid 8% in extended trading on Wednesday after the company gave first-quarter earnings and revenue guidance that fell short of analysts' expectations.
Still, the online marketplace reported better-than-expected earnings for the fourth quarter. Annual active buyers declined during the quarter to 147 million, well short of the 156 million active buyers forecast by analysts.
Hedge funds slash tech in pivot to other strategies, Goldman report says
Funds with $2.6 trillion of gross equity holdings have reduced positions in more expensive growth sectors in favor of energy and financials, according to a note to clients.
The analysis looked at 13F filings for 788 hedge funds, released as of Feb. 15. It shows that while the so-called "FAAMG" group of S&P 500 tech giants including $Apple(AAPL.US$ and $Microsoft(MSFT.US$ still rank as the most popular long positions, hedge funds continued to rotate their portfolios from growth into so-called value shares.
Source: Bloomberg, CNBC
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