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Stocks Bounce as Russia Demobilize, But Last Week's Highs Out of Reach

EQUITIES
  • Wall Street opened well, and held the day's gains into the close as reports of demobilization of Russian troop units on both the eastern and southern Ukrainian borders prompted markets to re-assess the risk of a near-term military conflict. This allowed the e-mini S&P to rise back above the 200-dma, although rallies remained well shy of last week's best levels.
  • While a relief rally was evident across all three major indices, some concerns remain, with neither the UN nor NATO confirming a withdrawal of military units from war footing. This puts Biden's speech on Russian relations in focus, with POTUS speaking at 1530ET/2030GMT.
  • The tech and growth sectors led the bounce Tuesday, with the semiconductors sub-index seeing particular strength. Energy names were the laggards, with Marathon Oil, Occidental Petroleum and Diamondback Energy off as much as 4%.
  • European indices were uniformly positive, with gains consistent across both core and peripheral stock markets. The UK's FTSE-100 was the underperformer, rising just 1% as soft energy and metals prices weighed on the FTSE-100's outsized mining and resource exploration sectors.
  • Despite the intraday recoveries posted Tuesday, the medium-term technical signals may suggest the uptrend in stocks has reversed, with a key technical signal shifting from a bull phase to a bearish cycle. Read more here: https://marketnews.com/mni-market-analysis-sp-500-...
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market NewsCommodities Market News

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