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Stocks Struck Lower as Markets Trade Cautiously Ahead of the Weekend

EQUITIES
  • Wall Street traded uniformly lower into the Friday close, with the S&P500 slipping over 1% and the NASDAQ dropping close to 2.0%. Concerns and tensions surrounding the Ukrainian crisis climbed further, with markets choosing to sell equities into the weekend as the local situation continues to deteriorate.
  • The February nonfarm payrolls release was mixed, with the headline change in payrolls and unemployment rate beating expectations, although average hourly earnings slipped below forecast.
  • Banks and financials led the way lower, with financial institutions still reeling from the potential losses linked to derivatives covering now-sanctioned Russian assets. The likes of Goldman Sachs, Morgan Stanley and JPMorgan traded lower by 2.0-3.0%. Utilities and energy remained the week's best performers, with solid oil and commodity prices helping drive topline earnings. Defensive healthcare names also held gains, with UnitedHealth and Quest Diagnostics higher by 1.0-2.0%.
  • The e-mini S&P traded to a fresh weekly high on Thursday and moved above the 20-day EMA at 4393.16. The break of this EMA does suggest scope for an extension of any corrective recovery, however trend conditions still highlight a downtrend. Initial support is seen at 4227.50, Feb 25 low.
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