Frankfort, New York
The Russian war of aggression in Ukraine weighed on US stock markets again on Friday. Even strong jobs data aren’t helping Wall Street up. The Dow Jones index of standard values closed 0.5 percent lower at 33,614 points. The tech-heavy Nasdaq fell 1.7 percent to 13,313 points. The broad S&P 500 lost 0.8 percent to 4328 points.
Investor fears of a nuclear catastrophe as a result of the Russian invasion are growing, according to strategists. According to local information, Russian forces have captured Europe’s largest nuclear power plant in south-eastern Ukraine. In addition, market participants are speculating on direct western sanctions against Russian oil the longer the war lasts. The price of North Sea oil Brent jumped by around seven percent 117.92 dollars per barrel.
US energy stocks were boosted, with Chevron shares up 1.5 percent. By contrast, punitive measures against Russian banks hit US financials. Papers from Citigroup, JP Morgan and Goldman Sachs lost up to 2.8 percent. Asset manager Blackrock has also been hit hard by its involvement in Russia. The papers gave way almost five percent.
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According to strategists, the US central bankers led by Jerome Powell said that the surprisingly large number of jobs in the US in February, which was surprisingly strong at 678,000, did not provide any new insights. Economists polled by the Reuters news agency had only expected 400,000 after a revised 481,000 in January.
Despite the unforeseeable consequences of the Ukraine war, the US Federal Reserve will in all likelihood initiate the interest rate turnaround this month, the Fed chief said at a congressional hearing on Wednesday.
Look at other individual values
Smith&Wesson: A disappointing quarterly result brought the stock the biggest drop in price in three months. The revolver maker’s stock fell 12.52 percent to a one-and-a-half year low of $15.65. The company posted a 31 percent drop in sales to $178 million and posted earnings of $0.69 per share. Sales are normalizing again after the strong increase in the 2020/2021 financial year, writes analyst Mark Smith from the Lake Street investment bank. A ray of hope is the increase in the average selling price.
Funko: Strong quarterly results and an optimistic outlook gave the share its biggest jump in ten months. The papers of the toy manufacturer known for its bobble-head figures soared by more than 9.55 percent. The company increased sales by almost 50 percent to $336.3 million. For 2022, it is aiming for growth of 20 to 25 percent. “Funk is back to being the high-growth company we’ve known it for years,” says analyst Linda Weiser of research house DA Davidson.
sweet green: Shares of the salad restaurant chain rose 26.78 percent. The company had reported strong revenue growth in its first quarterly report since going public in November.
Marvell Technology: Shares fell 3 percent after a slight increase in earnings. Marvell reported fourth-quarter earnings of 50 cents a share on revenue of $1.34 billion. According to data provider Refinitiv, analysts had expected earnings of 48 cents per share on sales of $1.32 billion.
Broadcom: Chip stock rose more than 3 percent after Broadcom beat Wall Street expectations for its fiscal first quarter. The company reported adjusted earnings of $8.39 per share, while analysts had expected only $8.08 per share. The company’s sales forecast for the second quarter also exceeded expectations.
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