- Domestic stocks pulled back last week amid continued elevated levels of volatility given the uncertain economic impacts the Russian invasion of Ukraine may have. Both the Nasdaq Composite and S&P 500 indices remain in market correction territory for the year.
- Shell and BP both pledged to stop doing business with Russia. This was announced Tuesday shortly before Biden’s executive order had prohibited doing such business with the U.S. Shell also apologized for hastily acquiring a discounted cargo of Russian crude oil after its competitors passed on the opportunity.
- Within the S&P 500 Index, all sectors declined aside from energy which rose more than 2%. The sector’s stocks benefited from the highest level of oil prices in years, despite retreating in recent days. The price of crude oil briefly breached $130 per barrel on Monday, March 7th. Consumer staples underperformed as several food and drink manufacturers announced they were suspending business in Russia.
- Value stocks relatively led growth stocks while small-caps bested large-caps although no area of the market was spared from volatility.
