Morning Recap – 3/31/2022

March 31, 2022

MORNING RECAP FOR 3/31/2022

U.S. futures are looking steady, with the S&P trading in a narrow range overnight (less than 20-points), currently flat holding around the 4,600-level heading into the last trading day of the month and quarter. Crude oil prices slide over 5% after reports the Biden administration is weighing a plan to release around 180M barrels of oil from the Strategic Petroleum Reserve (SPR), with the headlines coming just a few hours ahead of today’s OPEC+ meeting in Vienna. Ukrainian forces are preparing for new Russian attacks in the southeast region, President Volodymyr Zelensky said as the situation in Ukraine does not appear to be improving despite peace talks earlier this week. Markets are also bracing for another busy day of economic data with weekly jobless claims, personal income/spending, PCE inflation data and manufacturing data all expected later this morning. U.S. stocks fell on Wednesday, with a bout of profit taking in place after a massive 2-week rally brough the S&P less than 5% of its all-time highs. U.S. stocks ended Wednesday’s trading with modest losses, as investors booked some profits after the dramatic upswing that marked the previous couple weeks. The dip followed a recent run up, as stocks recovered from the substantial losses seen earlier in the year. On Tuesday, the Nasdaq and S&P 500 reached their highest closing levels since mid-January. Nine of the 11 S&P sectors finished lower, led by Consumer Discretionary and Information Technology. Energy and Utilities ended higher. In Asian markets overnight, The Nikkei Index falls -205 points to 27,821, the Shanghai Index slipped -0.44% to 3,252, and the Hang Seng Index dropped -235 points to 21,996. In Europe, the German DAX is down -0.25% to 14,565, while the FTSE 100 fall s-0.25% to 7,560.Market Closing Prices Yesterday
  • The S&P 500 Index slipped -29.11 points, or 0.63%, to 4,602.49
  • The Dow Jones Industrial Average fell -66.04 points, or 0.19%, to 35,228.15
  • The Nasdaq Composite dropped -177.36 points, or 1.21%, to 14,442.28
  • The Russell 2000 Index declined -42.03 points, or 1.97% to 2,091.07

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