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US Stocks Slide As Putin Orders Troops Into Ukraine. Oil Prices Near $100 Per Barrel – CNN

by NewsReporter
February 22, 2022
in Travel
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Markets and Investing

Global stocks slide as investors react to President Vladimir Putin’s decision to order troops into eastern Ukraine. CNN’s Christine Romans reports the big reaction is in the oil markets.

” data-duration=”02:45″ data-editable=”settings” data-headline=”Oil prices surge after Russia orders troops into Ukraine” data-index=”idx-0″ data-show-name=”” data-show-url=”” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_438be5afd02f7b945a4e3b289e2bf790-h_3f76f8c799989b57c4eed25678389129-pageTop@published” data-video-id=”business/2022/02/22/markets-russia-ukraine-oil-energy-vpx.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_438be5afd02f7b945a4e3b289e2bf790-h_3f76f8c799989b57c4eed25678389129-pageTop@published”>

Pedestrians walk past an electronic share price board showing the early numbers on the Tokyo Stock Exchange in Tokyo on February 22, 2022. (Photo by Kazuhiro NOGI / AFP) (Photo by KAZUHIRO NOGI/AFP via Getty Images)

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Ryan Detrick, Chief Market Strategist at LPL Financial, puts the Ukrainian border situation in historical context and explains why this could actually be an opportunity for investors down the line.

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Pedestrians walk past an electronic share price board showing the early numbers on the Tokyo Stock Exchange in Tokyo on February 22, 2022. (Photo by Kazuhiro NOGI / AFP) (Photo by KAZUHIRO NOGI/AFP via Getty Images)

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Standard Cognition CEO & co-founder Jordan Fisher explains how his company’s technology, which allows consumers to pick up products and pay for them without visiting the checkout line, could be a boon for consumers and retailers.

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Amazon had its biggest one day gain ever just one day after Facebook’s parent company, Meta, had its biggest one day loss. Lo Toney, founding managing partner at Plexo Capital, explains why and how big cap tech stocks are diverging in market value.

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Barry McCarthy will become Peloton’s CEO, replacing John Foley who will become the company’s executive chair. The fitness company also plans to lay off about 2,800 employees. CNN’s Christine Romans reports.

” data-duration=”02:29″ data-editable=”settings” data-headline=”Peloton shakeup: New CEO and job cuts” data-index=”idx-4″ data-show-name=”” data-show-url=”” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_65800325c9ebf857818313a1a7f11310″ data-video-id=”business/2022/02/08/peloton-restructuring-new-ceo-layoffs.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_65800325c9ebf857818313a1a7f11310″>

John Foley, cofounder and CEO of Peloton, and Vanity Fair correspondent Jane Fox speak onstage during 'Peloton Gears Up' at Vanity Fair's 6th Annual New Establishment Summit at Wallis Annenberg Center for the Performing Arts on October 23, 2019 in Beverly Hills.

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Global stock markets tumbled and crude oil prices surged to $99 per barrel on Tuesday after Russia ordered troops into parts of eastern Ukraine.

Wall Street also headed lower as traders returned from the holiday weekend. The Dow (INDU) dropped nearly 300 points, or 0.8%. The S&P 500 (SPX) was down 0.6%, while the Nasdaq (COMP) shed 0.7%.

European markets also fell. The FTSE 100 (UKX) dipped 0.4% in London, while France’s CAC 40 (CAC40)shed 0.8%. Germany’s DAX tumbled 1.4%. Russian stocks dropped 6.9%, after crashing more than 10% Monday, and the ruble weakened against the dollar for the fourth consecutive trading session.

Japan’s Nikkei 225 (N225) fell 1.7%, while China’s Shanghai Composite dropped 1%. Hong Kong’s Hang Seng (HSI) Index fell 2.7%, its biggest daily loss in five months.

Russian President Vladimir Putin has ordered Russian troops into two separatist pro-Moscow regions in eastern Ukraine after recognizing their independence on Monday. The move appears to be the opening salvo of a larger potential military operation targeting Ukraine, US and western officials told CNN.

“It feels like the situation can dramatically escalate at any moment and that’s going to keep investors on edge for now,” wrote Craig Erlam, senior market analyst at Oanda, in a research note on Tuesday. “We may well be on the brink of something terrible happening and that’s continuing to feed into the negativity in the markets,” he added.

Escalating uncertainty about Ukraine was reflected by a spike in energy prices. US crude futures jumped 5.4% to trade at $95.65 per barrel. Brent crude, the global benchmark, surged 3.8% to $99.17 per barrel.

Russia is one of the world’s biggest producers of oil. It is also a major exporter of natural gas.

Investors fear that conflict in Ukraine could limit or stop the flow of Russian gas into Europe, making it much more expensive for people to heat and light their homes. In 2020, Russia accounted for about 38% of the European Union’s natural gas imports, according to data agency Eurostat.

The region’s biggest economy, Germany, is particularly exposed as it weans itself off of coal and nuclear power. So are Italy and Austria, which receive gas via pipelines that run through Ukraine.

Western countries would likely respond to a Russian invasion of Ukraine with punishing sanctions that could cut Russian banks off from the global financial system and make it more difficult for the country to export its oil and gas.

Worries about a renewed tech crackdown by Beijing also dealt a blow to some of the biggest Chinese companies in the sector on Tuesday.

The Hang Seng Tech Index, which tracks 30 largest tech companies listed in the city, lost 1.9%, down for a third day in a row.

On Friday, Chinese authorities released new rules ordering food delivery platforms to cut service fees they charge businesses. Online food delivery platform Meituan fell 5% on Tuesday. The stock has plunged 23% since Friday.

Alibaba Group (BABA), which owns food-delivery platform Ele.me, dropped 3%. Social media and gaming giant Tencent (TCEHY) fell as much as 3%. It closed down 0.1%. The firm also holds a major stake in Meituan.

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