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Wealth Daily 14 February 2022

WEALTH DAILY 2022-02-14
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Shares on Wall Street fell sharply on Fri, and investors shifted into safe-haven assets, on heightening fears that Russia could take military action against Ukraine.

The Dow Jones Industrial Average lost 503.53 pts, or 1.43%, to close at 34,738.06. The S&P 500 index fell 1.90%. The tech-heavy Nasdaq Composite retreated 2.78%. The small cap Russell 2000 dropped 1.02%.

US National Security Advisor Jake Sullivan said at a White House briefing on Fri that there were signs of Russia escalation at the Ukraine border. Kremlin aide Yuri Ushakov said "hysteria" in the West about a looming Russian invasion was “absurd,” according to France24.

The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, rose 0.55% to 96.082.

US Treasury yields fell and prices gained. The yield on the 10-year Treasury note slipped 9.22 basis points (bps) to 1.9371%. Meanwhile, the price of riskier bonds dropped. The iShares iBoxx High Yield Corporate Bond ETF (HYG US) fell 0.35%.

US precious metals futures had closed before the flight to quality got underway. The US gold futures (Apr) contract settled up $4.70, or 0.3%, at US$1,842.10/oz. After the regular close, gold prices surged more than US$20.

 Splunk (SPLK US, -2.76%) soared 11.3% in after-hours trade on Fri after a WSJ report said that Cisco Systems (CSCO US, -1.77%) made an offer of more than $20b for the software company.

Oil spiked higher as a Russian attack could lead to harsh sanctions from the US. The front-month Brent and WTI futures closed up $3.03 at US$94.44/bbl and $3.22 at US$93.10/bbl respectively.

European equity markets finished lower last Fri. The UK FTSE lost 0.15%, France's CAC 40 fell 1.27%, while the German DAX retreated 0.42%.

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