- The Dow fell over 400 points as all three major US indices ended in the red.
- Oil prices rose 5.2% to $114.93 a barrel, along with West Texas Intermediate.
- Adobe’s stock fell 11% after the company said it would take a hit by going out of business in Russia.
US stocks fell on Wednesday as another jump in oil prices sparked fresh inflation concerns, while investors digested the latest developments in the Ukraine war.
Each of the three major indices ended down more than 1% after widening losses late in the trading session.
Ukrainian President Volodymyr Zelensky has called on Western countries to put more pressure on Russia ahead of President Joe Biden’s visit to Europe, where he will meet with NATO leaders. Biden is also expected to discuss ways to reduce Europe’s dependence on Russian energy.
Meanwhile, Russian President Vladimir Putin called for requiring hostile nations to pay for Russian gas using the ruble to counter Western sanctions on his country. Nonetheless, the Russian government still has a long list of bond payments in foreign currencies while its top companies are close to default.
Here’s a look at where the US indices were on Wednesday at 4:00 p.m. market close:
Adobe stock fell 11% in Wednesday trading after the software maker said halting sales in Russia dented the company’s annual revenue.
Mohamed El-Erian said the Federal Reserve is facing a lose-lose situation with either hot inflation or a recession. But the top economist said he would prefer the Fed to err on the side of higher prices.
Meanwhile, a money manager said the “new FANG” trade would involve commodities amid the war in Ukraine. But Wood, for its part, has been one of the few that has fallen, and a spike in mortgage rates is expected to slow housing demand.
Oil rose 5.2% to $114.93 a barrel, with West Texas Intermediate trading higher. International benchmark Brent crude rose 5.3% to $121.63 a barrel.
Gold rose 1.3% to $1,947 an ounce. The 10-year yield declined 7.6 basis points to 2.30 per cent.
Bitcoin slipped 0.74% to $42,252.47.
