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Oil soars, stocks fall as Russian-Ukrainian war rages, Bed Bath & Beyond surges

Oil soars, stocks fall as Russian-Ukrainian war rages, Bed Bath & Beyond surges

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The price of gasoline hits a new high…

symbol Price Change %Change
UGA $62.93 +0.96

+1.54%

Gas prices continue to climb over $4 a gallon.

ExxonMobil CEO discusses energy crisis

ExxonMobil CEO Darren Woods clarifies the challenges facing the US energy industry as oil prices soar.

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Stocks fell, pushing the Dow and Nasdaq deeper into the abyss

symbol Price Change %Change
Me: DJI $32,817.38 -797.42 -2.37%
SP500 $4,201.09 -127.78 -2.95%
I: COMP $12,830.96 -482.48 -3.62%

US stocks fell on Monday as the conflict between Russia and Ukraine, combined with soaring energy prices, pushed the Dow Jones into correction territory and the Nasdaq Composite into a bear market.

US and European allies agree to keep economic pain on Russia

President Biden, along with President Macron, Chancellor Scholz and Prime Minister Johnson agreed to maintain economic pressure on Russia, in a secure video call on Monday.

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Average US gas price hits record high: GasBuddy

Farmers face massive rise in fertilizer costs amid inflation and tensions with Russia

Astin Farm managing director Tres McQuaig says market volatility and rising diesel fuel costs have also upended his business.

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The Dow Jones Industrial Average enters a correction

symbol Price Change %Change
Me: DJI $32,954.02 -660.78 -1.97%

The benchmark Dow 30 has entered a correction, down more than 10% from its January high of 36,799+…

Developing story

Dow over 500 points at noon

symbol Price Change %Change
Me: DJI $33,015.05 -599.75 -1.78%
AXP $172.95 -6.94 -3.86%
V $200.29 -6.94 -3.35%
CAT $195.66 +0.81 +0.42%
AMGN $232.91 +0.27 +0.12%

The Dow Jones fell more than 500 points at midday, led by American Express, Nike and Visa, while Caterpillar and Amgen resisted selling.

Bed Bath & Beyond CEO is failing, says new investor

symbol Price Change %Change
BBBY $23.10 +6.92 +42.77%

Bed Bath & Beyond’s CEO is overpaid and underperforming, says investor Ryan Cohen, RC Ventures, which just took a nearly 10% stake in the company.

Developing story

Energy stocks jump as oil returns to $120

symbol Price Change %Change
HAL $34.13 +0.78 +2.34%
XOM $84.09 +3.05 +3.76%
CLC $158.81 +0.16 +0.10%

Oil prices dipped on Monday before resuming their ascent.

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Stocks fall as Monday trading begins

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US stocks fell in early trading on Monday.

Developing story

Biden hosts call with world leaders

Russia – Ukraine no later than 10 a.m. ET, The President will hold a video conference call in the Situation Room with French President Macron, German Chancellor Scholz and Prime Minister Johnson of the United Kingdom to discuss the latest developments regarding Ukraine and Russia.

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Uber raises earnings forecast

Uber now expects to earn $130-150 million, up from $100-130 million.

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Peak Oil Monday Morning

Oil traded above $120 a barrel on Monday morning as US stocks fell sharply.

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Bed Bath & Beyond Stock Soars

Ryan Cohen, chairman of GameStop and founder of Chewy.com, has taken a nearly 10% stake in the home goods retailer, by filing with the SEC to push a turnaround via his RC Ventures.

Cohen called out CEO Mark Tritton for failing his job.

“The problem at Bed Bath is that its highly publicized and dispersed strategy does not end the free fall that persisted before, during and after the nadir of the pandemic and the appointment of CEO Mark Tritton. As evidence, we point to the disappointment of shareholder returns and perpetual underperformance across all relevant time horizons…”

The company’s response:

“Bed Bath & Beyond’s Board of Directors and management team maintain a constant dialogue with our shareholders and, although we have not had any prior contact with RC Ventures, we will carefully review their letter and hope to engage in constructive way around the ideas they have put forward.”

“Our Board is committed to acting in the best interests of our shareholders and regularly reviews all avenues for creating shareholder value. 2021 marked the first year of execution of our bold, multi-year transformation plan, which, according to us, will create significant long-term shareholder value.”

US stocks fall as oil hits 2008 record highs

U.S. stock futures fell overnight as U.S. oil prices hit their highest levels since 2008 and Russia declared a ceasefire so major Ukrainian cities could be evacuated.

The price of oil jumped more than $12 a barrel and stocks were down sharply on Monday as calls for tougher sanctions on Russia grew. Brent crude jumped more than 10%, while benchmark U.S. crude rose $10 to more than $125 a barrel.

Equity futures in the United States and Europe also fell. The price of gold, which is seen as a haven for investors in times of crisis, jumped $26 an ounce to $1,992.90. The latest market turmoil followed a warning from Ukrainian President Volodymyr Zelenskyy that Ukraine’s statehood was in jeopardy as Russian forces pounded strategic locations.

A temporary ceasefire in two Ukrainian towns broke down over the weekend – and both sides blamed the other. A new ceasefire was to begin at 10 a.m. Moscow time.

Cryptocurrency market drops as Russian-Ukrainian fighting escalates

Cryptocurrencies were down early Monday morning as the Russian invasion of Ukraine intensified.

Bitcoin traded around $38,335, down 2.09%, while rivals Ethereum and Dogecoin traded around $2,540 (-3.40%) and 12 cents (-2.55%) , respectively, Coindesk reported.

At the end of last week, Bitcoin was trading above $41,000 per coin until a three-day winning streak was broken on Friday.

Overall, Bitcoin is down 9% for the year.

Dollar strengthens globally, euro extends decline early Monday

The euro extended its slide on Monday morning, reaching parity with the Swiss franc, and commodities on all sides were up as the Russia-Ukraine conflict showed no signs of cooling.

Meanwhile, the dollar was firmer overall, supported in part by a strong payroll report. thus effectively pushing back the timing of rate hikes,” said NAB economist Tapas Strickland.

“Higher CPI forecasts, however, will mean rate hikes on the horizon.” . US 10-year rates fell to 1.69%, having already lost 23 basis points last week.

Fed funds futures also gained ground as the market priced in a slower pace of rate hikes from the Federal Reserve this year, although a hike in March is still seen as a done deal. .

Gold futures climb 4% over the week

Gold futures rose on Sunday, posting a weekly gain of more than 4%. Concerns grew after Russia’s latest assault on Ukraine saw it take control of Ukraine’s largest nuclear power plant following a bombardment that sparked a fire at the plant.

April gold climbed 1.6% to settle at $1,966.60 an ounce. The precious metal saw a weekly gain of 4.2%, the biggest weekly gain for the most active contract since July 2020, according to Dow Jones Market Data.

Gold futures soared, posting a weekly gain of more than 4% as concerns arose over Russian stock in Ukraine. “Gold is clearly elevated and sensitive to headlines now and [in the] foreseeable weeks,” said Jeff Wright, chief investment officer at Wolfpack Capital. Prices “could rapidly accelerate above $2,000 or fall sharply – if there is a substantial settlement” to the Russia-Ukraine dispute, which becomes less and less likely with each passing day, he said.

Precious metals prices are likely to find support amid macroeconomic headwinds due to “deteriorating growth [and] inflation mix in developed markets,” says Goldman Sachs. These are the most important drivers of gold and silver prices, according to the investment bank.

Shell promises profits from Russian oil trade will go to charity

Shell PLC said it would donate profits from Russian oil purchases to efforts to ease the humanitarian crisis in Ukraine, after an outcry over the company’s bid for a shipment of Russian crude.

The London-listed energy company said it would choose alternatives to Russian oil where possible, but could not stop buying oil overnight because Russia contributes so much to global sourcing. Shell said its refiners needed Russian oil to continue producing gasoline and diesel.

“Without an uninterrupted supply of crude oil from refineries, the energy industry cannot ensure the continued supply of essential products to people across Europe over the coming weeks,” Shell said. “Cargoes from alternative sources would not have arrived in time to avoid market supply disruptions.”

Shell released the weekend statement after buying 100,000 metric tons of Russian Urals crude at a bargain price on Friday, paying $28.50 a barrel less than benchmark crude prices, the Journal reported. citing people familiar with the transaction, the largest discount ever.