Federated Hermes Chief Equity Strategist Phil Orlando joins Morning with Mary to discuss soaring oil prices and the economic implications.
US stocks tumbled across the board on Monday as investors traded cautiously as oil prices hit their highest level since 2008 as conflict between Russia and Ukraine continues to dictate market direction.
The Dow Jones Industrial Average fell over 300 points or 1%, while the S&P 500 and Nasdaq Composite fell 0.8% and 0.6%.
RUSSIA INVADES UKRAINE: LIVE UPDATES
|Me: DJI||DOW JONES AVERAGES||33247.53||-367.27||-1.09%|
|Me: COMP||COMPOSITE INDEX NASDAQ||13116.289846||-197.15||-1.48%|
Oil in the US fell to about $116 a barrel after nearly $130.
COMMODITIES HAVE THE BEST WEEK ON RECORD
|USO||UNITED STATES PETROLEUM FUND LP||81.53||+2.10||+2.64%|
|BNO||UNITED STS BRENT OIL FD||34.16||+1.38||+4.21%|
OIL TRADERS LOOKING FOR $200 PER BARREL THIS MONTH: REPORT
This caused the average price of gasoline in the US to exceed $4 per gallon. The record high for average gasoline prices was set on July 17, 2008 at $4.10 per gallon.
In terms of stock, Bed Bath & Beyond’s shares are up more than 60% after Ryan Cohen, GameStop chairman and founder of Chewey, acquired a stake in the home goods retailer and detailed plans to turn things around with criticism from CEO Mark Tritton .
|BBBI||BED BATH & BEYOND INC.||25.11||+8.93||+55.19%|
Kohl’s, another retailer targeted by activists, updated its strategy on its investor day, announcing plans to turn Sephora into a $2 billion business across nearly 900 stores. -high single-digit growth in earnings per share,” the company said.
Uber is also in the spotlight after the ride-sharing company improved its forecasts and now expects to earn between $130 million and $150 million, up from $100 million to $130 million.
|uber||UBER TECHNOLOGIES INC.||29.74||-0.09||-0.30%|
“Mobility demand improved significantly during February, with travel rebounding 90% and gross bookings up 95% compared to February 2019. Innings.
Apple teases online event in March
Investors will be keeping a close eye on Apple ahead of tomorrow’s event. The first rumors are that the tech giant will release a cheaper iPhone for 5G.
Shell pledges profits from Russian oil trade will go to charity
In cryptocurrencies, Bitcoin fell to $38,000.
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The Associated Press contributed to this report.