Market Recap

Dow: -65.38…
Nasdaq: -177.36… S&P: -29.15…

The S&P 500 fell 0.6% on Wednesday, as the market was pressured by profit-taking interest amid tempered hopes for a timely Russia-Ukraine ceasefire. The Nasdaq (-1.2%) and Russell 2000 (-2.0%) posted steeper declines while the Dow declined just 0.2%.

Briefly, Russia refuted yesterday’s reports that described a breakthrough in peace talks and appeared to redirect troops to eastern Ukraine. The news contributed to a rebound in oil prices ($107.67, +3.34, +3.2%), which were further aided by bullish inventory data out of the EIA.

The news also functioned as an excuse for the stock market to cool off from a big rebound rally in which, entering the day, the S&P 500 was up 11.0% since March 14 and the Nasdaq Composite was up 16.5%.

No names tonight, market in a churn mode and working off overbought. Putin is nuts and continues to upset things.

See you in the morning.


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