More fear in the markets
Wall Street dipped back into the red on Tuesday. The S&P 500 lost 1.55%, the Dow (DJI) dumped 1.76%, the Nasdaq (NDX) sank 1.63%, and the Russell 2K (RUT) dropped 1.93% as the weakest link.
Commodities are coming out on top though. Goldman Sachs Commodity Index closed at ten-year highs on Tuesday, now up 26.7% for the year. Energy was the only sector that spent Tuesday in the green, and oil popped past $110 in Wednesday morning trading – its highest level since summer 2014.
Investors aren’t the only ones reacting to the crisis in Ukraine, with a number of big Western brands pulling back from Russia. Apple (AAPL) has suspended the sale of all its products in Russia, joining the likes of Nike (NKE), Ford (F), Boeing (BA), and Disney (DIS) in pulling back their involvement in the country to various degrees. As Veracity Worldwide’s Steven Fox said: “The temperature is going up rather quickly”.
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