Wall Street stocks and global indexes moved sharply lower after Russia’s invasion of Ukraine sent investors rushing for safety. Russia’s MOEX stock benchmark dropped 37%. Here’s what we’re watching on Thursday.
- Energy stocks were among the few bright spot in markets as rising crude prices lifted their shares, including
ConocoPhillips,
Exxon Mobil,
Occidental Petroleum
and
Chevron.
- Defense stocks were also getting a boost, including
Northrop Grumman,
Lockheed Martin
and
Raytheon.
- Losses in U.S. markets were broad-based and included major technology shares like
Amazon,
Microsoft
and
Apple.
An Apple store in Seoul, South Korea, Feb. 26, 2021.
Photo:
Jean Chung/Bloomberg News
- Cryptocurrencies tumbled amid the risk-off mood, with bitcoin falling more than 6% to about $35,150. Crypto stocks were down as well, including
Coinbase
Global, due to report earnings after the close,
Bakkt
and bitcoin miner
Marathon Digital.
- Home-decor retailer
Wayfair
swung to a loss and posted lower revenue in the fourth quarter.
-
EBay
said the value of goods sold in the recent quarter fell 10%, making the third consecutive quarterly decline.
-
Rent-A-Center
said its results were hurt by supply-chain problems, inflation and a pullback in government relief programs.
-
Sleep Number
missed fourth-quarter expectations and said the late arrival of semiconductor parts in December caused it to miss out on millions of dollars’ worth of sales.
-
FuboTV
reported revenue ahead of what it had forecast in preliminary results but gave a mixed outlook.
-
Clover Health Investments
said revenue in the recent quarter was up 160% on the year.
-
Papa John’s International
reported quarterly profit and revenue that rose above expectations.
-
Norwegian Cruise Line Holdings
reported a wider-than-expected loss and said it expects its cash burn to increase.
-
Bath & Body Works
said
Andrew Meslow
would step down from his posts as chief executive and board member in May, citing health reasons.
-
Hertz Global
reported a quarterly loss, though it said it had seen a recovery in demand.
- Occidental Petroleum,
Beyond Meat,
Block,
Switch
and
VMware
will report results after the close.
Chart of the Day
- Brent crude futures surged past $100 a barrel for the first time since 2014 after Russia launched military attacks on Ukraine, pushing tanks and troops into the country and hitting cities with airstrikes.
Write to James Willhite at [email protected]
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