By U.S. stock futures edged lower on Monday, continuing last week’s dip as uncertainty surrounding Russia induced investors to seek safe assets such as gold and bonds.
Market Figures
- Dow Jones Industrial Average futures, YM00, fell 32 points or 0.1%, at 33945.
- S&P 500 futures, ES00, declined 7 points, or 0.2%, at 4382.
- Nasdaq 100 futures, NQ00, decreased by 37 points, or 0.2%, to 15022.
Last Week’s Performance
The previous week saw the S&P 500 fall for the first time in five weeks, and the mood worsened following Wagner Group’s disrupted mutiny in Russia. On Friday, the Dow Jones Industrial Average DJIA, declined by 219 points, or 0.65%, to 33727. Similarly, the S&P 500 SPX fell by 34 points, or 0.77%, to 4348, and the Nasdaq Composite COMP dropped 138 points or 1.01% to 13493.
Gold Futures Rise Amidst Russian Uncertainty
Gold futures GC00 saw a rise and the yield on the 10-year Treasury TMUBMUSD10Y fell as reports emerged of Yevgeny Prigozhin heading to Belarus after his troops made their way to Moscow in an apparent challenge to Russian President Vladimir Putin. Uncertainty over how the Ukrainian war will now play out and the prospect of an internal battle within Russia have sharply reversed gold’s fortunes, according to Rupert Rowling, market analyst at Kinesis Money.
Dollar Slips as Bank of Japan Meeting Worries Over Inflation
Meanwhile, the dollar USDJPY fell against the Japanese yen as minutes from the last Bank of Japan meeting showed concerns that inflation will directly hit its 2% goal.
Tesla Stock Rating Downgraded
Premarket trade saw Tesla stock TSLA slip after the electric car maker’s rating was downgraded by Goldman Sachs to neutral.
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