The US stock market took a pause from the influence of external political events, and concentrated on the internal US information field. Investors’ attention shifted to the speech of Fed Chairman Jerome Powell before the U.S. Congress, which will be held on Wednesday, March 3.
Oil at highs
Oil prices continue to make new local highs. The price of black gold reached the values of 2012 – 2014. West Texas Intermediate (WTI) gained 7.72% to $112 a barrel, as did North Sea benchmark Brent, which gained 9.59% to reach a price tag of $115.
Dow Jones “switched” to Jerome Powell’s speech. Photo: WSJ
Rising global energy prices, as well as the potential for further gains, led investors to bet that the Federal Reserve will avoid an ultra-hawkish tilt in its policy after the March monetary policy meeting
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The U.S. stock market
Dow Jones Index was able to rebound from local lows of 33,000 points to add 1.79%. The S&P500 and Nasdaq broad market index rose 1.86% and 1.62%, respectively.
The growth on the US stock exchanges was going on the whole range of liquid securities. Investors have been buying oil and gas company Chevron (CVX) +2.95% for the fourth day in a row. The California oil giant’s shares hit a new all-time high. ExxonMobil (XOM) and Occidental Petroleum (OXY) added +1.72% and 3.38%, respectively.
Ford Motor (F) shares are up 8.38%. Buyers returned to Tesla (TSLA) securities +1.8%. Almost the entire technology sector is green: Apple (AAPL) +2.06%, NVidia (NVDA) +3.16%, Meta Platform (FB) +2.27%.
The Russian stock market is on vacation on the orders of the Central Bank of the Russian Federation. Nevertheless, there is a reason to say a few words about Russia and the anti-Russian sanctions that the collective West is imposing on Moscow.
Uranium sanctions boomerang
The largest U.S. electric utilities Duke Energy Corporation and Exelon Corporation are actively lobbying for the exclusion of uranium suppliers from Russia from sanctions. The thing is that at the moment there is absolutely no uranium mining and processing in the US, and the current situation can create complete chaos in the American nuclear industry.
The National Energy Institute (NEI), which unites nuclear power companies, is outspokenly alarmed about this. An entire industry could be under attack. We wish luck to our colleagues.
Gas hits a new all-time high of $2226
. Natural gas futures contracts made a new all-time high when traded on Tuesday, March 2. The price of 1,000 cubic meters of blue fuel broke the psychological level of $2,000 on the TTF index of the Netherlands, where it reached $2226.
Rapid price growth began with the trading session which started from yesterday’s price of $1471. In the second half of the day, the buyers’ activity slightly decreased, and at the end of the trading the price stopped at $1991 per 1000 cubic meters, having shown the growth of more than 35%.
