U.S. stocks pressured by escalating Russia-Ukraine tensions
Main U.S. indexes red; Dow off most, down ~0.8%
All S&P sectors red; Materials weakest group
Euro STOXX 600 index down ~1%
Dollar, crude, gold, bitcoin all gain modestly
U.S. 10-Year Treasury yield dips to ~4.38%
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U.S. STOCKS PRESSURED BY ESCALATING RUSSIA-UKRAINE TENSIONS
U.S. stocks are lower early on Tuesday as concerns over escalating tensions between Russia and Ukraine affected risk appetite globally, with investors rushing to safe-haven assets.
Ukraine launched an attack on the Russian Bryansk region overnight with six U.S.-made long-range missiles, Russian news agencies reported on Tuesday, citing the Russian Defence Ministry.
With this, Russian President Vladimir Putin issued a warning to the United States on Tuesday, lowering the threshold for a nuclear strike just days after the administration of Joe Biden reportedly allowed Ukraine to fire American missiles deep into Russia.
All S&P 500 sectors .SPX are lower with materials .SPLRCM taking the biggest hit. Defensive staples .SPLRCS has been fluttering around the flat line. This with Walmart WMT.N showing strength after it raised its FY2025 net sales forecast.
Under the surface, transports .DJT, banks .SPXBK, .KRX, and homebuilders XHB.P are among weaker groups. October housing starts and building permits data came in shy of estimates.
The FANG index .NYFANG, which includes six of the magnificent 7 names, is posting a slight gain. And perhaps not surprisingly, given the global tensions, gold stocks .HUI and defense stocks ITA.Z are higher. Though, they are showing just modest rises.
Here is a snapshot of where markets stood just shortly before 1000 EST:
(Terence Gabriel)
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FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
POST-ELECTION ANIMAL SPIRITS FADE, BUT NOT GONE - CLICK HERE
GREEN SHOOTS IN GREECE - CLICK HERE
WEAKEST QUARTER FOR LUXURY GOODS MAY BE BEHIND US - BOFA - CLICK HERE
"DON'T GIVE UP ON EUROPE," SAYS UBS - CLICK HERE
AUTOS AND BANKS DENT STOXX, RUSSIA WORRIES MOUNT - CLICK HERE
EUROPE BEFORE THE BELL: POSITIVE START IN STORE - CLICK HERE
TRADERS FOCUS ON FED AS KEY TRUMP PICKS AWAITED - CLICK HERE
Earlytrade11192024 https://tmsnrt.rs/40XtLaP
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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