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US indices pull back amid geopolitical turmoil

US equity benchmarks closed the trading week to the downside. On Friday, March 4, investors continued to bail out of risk-sensitive assets, amid an unstable geopolitical news flow, and due to the Fed’s imminent rate liftoff, which will mark a complete reversal in the regulator’s monetary policy settings. Meanwhile, even a stellar NPF report was unable to propel the market into positive territory.

Closes

NASDAQ Composite: 13,313 (-1.66%)

S&P 500: 4,328 (-0.79%)

DJIA: 33,614 (-0.53%)

SPX 500 CFDs are consolidating in the range of 4,300-4,350.  From the technical standpoint, an extension of the downtrend to 4,250 is most likely (see below the CFD chart on the SPX 500 from MT4).

Market news

The US economy added 678k jobs in February, the best reading since July. The actual number strongly outperformed the median forecast that called for 423k. The US unemployment rate fell last month to 3.8%, a pandemic-era low.

Corporate news

Airbnb, which recently suspended all operations in Russia and Belarus due to the events surrounding Ukraine, plummeted 6%.

Microsoft, which announced the suspension of sales of new products and services to customers in the Russian Federation, saw 2% shaved off its market cap.

Singapore-based developer of the taxi service Grab Holdings Inc. advanced 2.44% following a sharp of 37.3% decline in previous trading due to an increase in the company's Q4 net loss.

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