- Stocks stage a dramatic comeback after the Dow falls over 1,100 points, rallying Wall Street into the green over the final hours of trading.
- Reports say Biden is mulling troop deployment near the Ukraine border while ordering the families of diplomats in Kyiv to leave “due to the continued threat of Russian military action” in the region.
- S&P 500 slides into correction territory after falling more than 10% from its record closing high of 4,796.56 points on January 3.
- Nasdaq hits eight-month low as tech stock losses continue to outpace the broader market.
- VIX volatility gauge extends surge, rising to the highest in nearly a year ahead of a key meek for corporate earnings and an important statement Wednesday from the Federal Reserve.
- Kohl’s shares surge amid reports of competing private equity bids for the struggling department store retailer.
- Peloton shares active as activists press for the ‘immediate’ firing of CEO John Foley.
- Bitcoin extends slide, falling to a fresh six-month low, as leveraged buyers dump crypto amid increased market volatility.
Updated at 5:32 pm EST
U.S. stocks pulled a dramatic recovery Monday, bouncing back into positive territory after the Dow fell more than 1,100 points and the S&P 500 slipped into correction territory, as investors looked ahead to a crucial week of headline risk including a key Fed meeting, scores of blue chip earnings and accelerating geopolitical tensions between Washington and Moscow.
European and Asia stocks suffered heavy losses Monday, with traders reluctant to snap-up beaten down tech stocks ahead of Wednesday’s Fed meeting — where it might make the first of at least three rate hikes before the end of the year — and the busy slate of corporate earnings starting after the bell today with a December quarter update from International Business Machines (IBM) – Get International Business Machines Corporation Report.
Collective S&P 500 profits for the three months ending in December are forecast to grow 23.7% from last year to $436.4 billion, according to Refinitiv data, with the energy and materials sector leading the gains.
Apple (AAPL) – Get Apple Inc. Report, Microsoft (MSFT) – Get Microsoft Corporation Report, Tesla (TSLA) – Get Tesla Inc Report, IBM, General Electric (GE) – Get General Electric Company Report, Boeing (BA) – Get Boeing Company Report, AT&T (T) – Get AT&T Inc. Report, Exxon (XOM) – Get Exxon Mobil Corporation Report, Chevron (CVX) – Get Chevron Corporation Report and Caterpillar (CAT) – Get Caterpillar Inc. Report are but a few of the 104 companies slated to report this week, with investors looking for near-term projections on demand, supply chains and input costs as they assess the potential for generating above-target profits for the current quarter – when earnings growth is expected to slow to around 7%.
The simmering tensions between the Russia and the Ukraine, where troops are reportedly amassing on the former Soviet satellite’s border, is also having an effect on sentiment, particularly now that President Joe Biden is thought to be mulling intervention options as he orders family members of diplomats in Kyiv to leave “due to the continued threat of Russian military action” in the region.
Furthermore, with Goldman Sachs forecasting at least four rate hikes this year, the CME Group’s FedWatch tool is pricing in a small chance of a Wednesday move by Chairman Jerome Powell, but sees the near-certainty of a 25 basis point increase on March 16.
The Dow Jones Industrial Average finished up 99 points, or 0.29%, to 34,364, after sliding as much as 1,155 points at the session low, while the S&P 500 rose 0.28% to end the session at 4,410.13 points. The broadest measure of U.S. stocks came within a whisker of correction territory, defined as a 10% decline from its recent peak.
The tech-focused Nasdaq Composite advanced 86 points, or 0.63%, while benchmark 10-year Treasury note yields rose to 1.769% following a solid auction of $54 billion in benchmark 2-year notes.
Bitcoin prices extended declines following another wild weekend for cryptocurrency traders that included reliability issues at a key blockchain network and further selling for the world’s biggest digital coin.
However, Bitcoin made a comeback as well, and was up 5.28% at $37,027 in after-hours trading.
Kohl’s (KSS) – Get Kohl’s Corporation Report shares soared 36.1% as rival private equity and activist investors line-up competing takeover bids for the struggling department store retailer.
Peloton Interactive (PTON) – Get Peloton Interactive, Inc. Class A Report shares climbed 9.8%, extending gains from Friday, after activist investors at Blackwells Capital LLC reportedly called for the firing of CEO John Foley, and the potential sale of the fitness equipment maker, following last week’s multi-billion sell-off.
Ford (F) – Get Ford Motor Company Report shares lost 1.3%, after the carmaker said it would stop taking retail orders for the Maverick amid a production backlog for the newly-unveiled hybrid pickup.
Snap (SNAP) – Get Snap, Inc. Class A Report shares dropped 1% after analysts at Wedbush cut their rating and price target on the message app maker ahead of the group’s fourth-quarter earnings report next week.
In overseas markets, a weaker-than-expected reading for economic activity this month, as well as the lingering hangover from U.S. stocks on Friday and the escalating tensions between Russia and the Ukraine had stocks on the back foot Monday, with the region-wide Stoxx 600 closing 3.81% lower Frankfurt trading.
Overnight in Asia, the MSCI ex-Japan benchmark was marked 1.2% lower heading into the final hours of trading while the Nikkei 225 in Tokyo clawed its way to a modest 0.24% gain to close at 27,588.27 points.
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