The stock market was off session lows around 11 a.m. ET as the Nasdaq composite reversed higher and other indexes pared losses.
X
The Nasdaq composite was up 0.3%, while the S&P 500 reduced its loss to 0.6%. The Russell 2000 outperformed with a 0.5% gain.
The Dow Jones Industrial Average lost 0.8% as financial components JPMorgan Chase (JPM) and Goldman Sachs (GS) led with losses of more than 2.5%. American Express (AXP) trimmed its loss to 0.5% and is holding above its 189.13 buy point.
Volume rose on the NYSE and Nasdaq compared with the same time on Friday.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33774.95 | -283.80 | -0.83 |
| S&P 500 | (0S&P5) | 4360.68 | -23.97 | -0.55 |
| Nasdaq | (0NDQC ) | 13726.43 | +31.81 | +0.23 |
| Russell 2000 | (IWM) | 203.45 | +0.95 | +0.47 |
| IBD 50 | (FFTY) | 37.68 | +0.10 | +0.27 |
| Last Update: 10:58 AM ET 2/28/2022 | ||||
The S&P sectors were mixed, with Financial Select Sector SPDR down 1.5%. The yield on the 10-year Treasury note slid 10 basis points to 1.88%. The energy sector performed best, up 1.8%.
After Russia’s invasion of Ukraine last week, the stock market plunged initially. But a potent reversal Thursday and big gains Friday offered hopes for a bottom. Today, however, indexes were broadly lower. Decliners led advancers by roughly a 2-1 ratio on the NYSE and Nasdaq.
In Europe, the London FTSE was down 1.5%, the German DAX was off 2.2% and the Paris CAC 40 lost 2.9%. In Asia, major indexes were mixed.
U.S. crude prices jumped 4.5% to $95.75 a barrel. While stocks and commodities react to the war in Ukraine, the conflict comes at a time when the Federal Reserve is trying to put down inflation. The war complicates the global economy on multiple fronts, as the West fights back with economic sanctions. Russian President Vladimir Putin put his nuclear forces on high alert over the weekend.
On Monday, representatives from Ukraine and Russia met on peace talks while heavy fighting continued. Russia’s invasion appears to have stalled, as Ukrainians continue to defend major cities.
Teladoc Among Stock Market Big Movers
Among big movers, Teladoc (TDOC) shot up more than 10% after the company said its online health care services will be available on Amazon.com‘s (AMZN) Alexa devices. Amazon.com stock eased 0.5%.
Teladoc stock saw big gains after the Covid-19 outbreak, although it had a better advance in 2019. The stock peaked a year ago and had fallen as much as 81% before today’s Alexa news.
Among major stocks, Microsoft (MSFT) and Tesla (TSLA) face resistance at the 200-day moving average. Apple (AAPL) fell 0.7% though it’s now forming a double bottom base with a 176.75 buy point.
Nvidia (NVDA), whose networks suffered a cyberattack Friday, was down 1% and holding above the 200-day line.
Innovator IBD 50 ETF (FFTY) rose 0.3%. Pacira Biosciences (PCRX), a biotech that specializes in pain management, is holding just above a 66.74 buy point.
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