Market Snapshot 04/04/2022
3:19 PM EST - 04/04/2022
U.S. stocks rallied on Monday as traders kept a close eye on potential for more sanctions against Russia amid concerns over inflation and economic growth. The Nasdaq Composite rose more than 1% on the intraday charts as tech stocks also performed quite well. Shares of Twitter (TWTR) rose substantially after Tesla (TSLA) CEO Elon Musk released publicly that he now owns a 9% stake of the social media superpower. The EU may conduct further sanctions against Russia as today marks more than a month since the conflict began in Ukraine. The true horrors of civilian casualties are only now being recognized as clean-up crews patrol the streets of Kiev. Germany’s defense minister Christine Lambrecht stated she would support banning natural gas from Russia – this being a move that was previously excluded from sanctions as Russia supplies about 40% of Europe’s gas supply. Oil shares rose across the board today, with U.S. coal prices surging higher than $100 per ton. This is the first time Coal has rose higher than $100 per ton since 2008. This move is due to higher demand for fossil fuels amid the ongoing conflict between Russia and Ukraine. JPMorgan CEO Jamie Dimon confirmed that the Fed will need to move aggressively, especially in regard to interest rate hikes, in order to rein in inflation still running at 40-year highs across the board. “A Fed that reacts strongly to data and events in real time will ultimately create more confidence,” Dimon said in his annual letter to shareholders. “In any case, rates will need to go up substantially.”
Information retrieved from Yahoo Finance.