- ‘Legends of the Fall’ Director Says Brad Pitt ‘Can Be Volatile When Riled,’ Got ‘Edgy’ When He Had to ‘Display Deep Emotion’ and ‘Wasn’t Pleased’ With Final Cut Variety
- Brad Pitt Tried to Quit ‘Legends of the Fall,’ Grew ‘Edgy’ During Scenes That Required ‘Deep Emotion,’ Says Director IndieWire
- Brad Pitt and the Wild Making of ‘Legends of the Fall’ Vanity Fair
- Brad Pitt accused of ‘volatile’ behavior on set of Legends Of The Fall: Director claims pair had ugly ‘dust-up Daily Mail
- Brad Pitt Was Allegedly ‘Volatile’ On Set of ‘Legends of the Fall’ TMZ
Tag Archives: volatile
PGA Tour drops volatile LIV Golf memo to players amid Commissioner Monahan’s return – SB Nation
- PGA Tour drops volatile LIV Golf memo to players amid Commissioner Monahan’s return SB Nation
- PGA Tour denounces USGA’s Model Local Rule golf ball, still open to ‘collaborating’ Golf.com
- Jay Monahan informs players PGA Tour will not abide by ball rollback; announces ‘task force’ for LIV Golf discipline GolfDigest.com
- Tour memo addresses player compensation, ‘discipline’ team and rejects model local rule Yahoo Sports
- Jay Monahan returns from merger absence with explosive memo to players Golf.com
- View Full Coverage on Google News
Live news updates: Oil prices edge higher after volatile trading over reports of Opec production boost
Ukraine’s state energy firm said rolling power blackouts would continue across the country on Tuesday, with president Volodymyr Zelenskyy telling Ukrainians that they are consuming more energy than is available and the director of one power company warning that the outages will probably last until March.
“Ukraine’s power system still has not fully recovered from the six waves of [Russian] missile strikes and cannot operate at full capacity,” electricity group Ukrenergo wrote on Telegram late on Monday.
In his regular night-time address, Zelenskyy appealed to regional authorities and local communities to repeat pleas for residents to reduce their energy use.
Serhiy Kovalenko, chief executive at Ukrainian power provider Yasno, said that “Ukrainians will most likely have to live with blackouts until at least the end of March.”
The best-case scenario, Kovalenko said, was there were no new Russian attacks on Ukraine’s energy infrastructure and “the power deficit can be evenly distributed throughout the country”.
However, if Russia continued its missile and drone barrages on the power grid, he warned, Ukraine “will have to use not only hourly stabilisation shutdowns, but also emergency shutdowns, during which there may be no light for a very long time”.
State authorities said last week that more than 10mn people, or about a quarter of Ukraine’s population, were without power following weeks of Russian attacks.
The number and length of power outages across the country, including in the capital, Kyiv, have increased in recent days, as temperatures plunged below zero and the first snow fell in several regions this week.
Stock futures flat after a volatile session following the Fed’s latest interest rate hike
Stock futures were muted Thursday morning following losses during the daily trading session after the Federal Reserve delivered another interest rate hike and signaled that no pivot or rate cut is coming anytime soon.
Futures tied to the Dow Jones Industrial Average inched up 9 points, or 0.03%. S&P 500 futures and Nasdaq 100 futures were both roughly flat.
Shares of Qualcomm, Roku and Fortinet slipped after reporting disappointing quarterly results and forward guidance.
Traders had anticipated the central bank’s 0.75 percentage point rate increase and initially read the Fed’s statement as dovish, sending stocks higher.
Those gains reversed when Federal Reserve Chair Jerome Powell said it was “premature” to talk about a rate hike pause and that the terminal rate would likely be higher than previously stated.
Traders react as Federal Reserve Chair Jerome Powell speaks on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, November 2, 2022.
Brendan McDermid | Reuters
“We still have some ways to go and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected,” he said.
The Dow Jones Industrial Average ended Wednesday’s trading session 416 points lower, or down1.3%, decreasing its significant October rebound. The S&P 500 dropped 2% and the Nasdaq Composite was off by 2.8%.
Markets will likely continue to seesaw until it is clear inflation has cooled off and that the Fed has stopped marching rates higher. Any data that shows the U.S. economy isn’t slowing as the central bank tightens policy will likely weigh on stocks.
The next important report is October nonfarm payrolls, set to be released Friday.
“You get a good jobs number, in other words a good unemployment rate that doesn’t go higher, then the market is in a lot of trouble,” said Guy Adami, director of advisor advocacy at Private Advisor Group, said on CNBC’s “Fast Money.”
Dow Surges 900 Points in Volatile Trading
U.S. stocks turned sharply higher Thursday, a head-spinning reversal after major indexes spent much of the morning deep in negative territory.
Stocks tumbled in early trading after new data showed that inflation remains persistently high, strengthening expectations for continued large interest-rate increases from the Federal Reserve. At their lows, the Nasdaq Composite had fallen more than 3%, the S&P 500 had dropped more than 2%, and the Dow Jones Industrial Average had declined nearly 2%, according to Dow Jones Market Data.
The morning’s declines followed what had been a dismal stretch for stocks. The S&P 500 on Wednesday fell for the sixth day in a row, hitting its lowest closing level since November 2020.
Traders appeared to decide that the selling had gone too far. Stocks pared their losses throughout the morning, then turned green shortly after 11 a.m. The S&P 500 recently was up 2.8% while the Dow industrials were up about 3%, or about 900 points. The Nasdaq Composite advanced 2.3%.
“What the market is experiencing is the influences of a lot of short-term traders,” said Tom Galvin, chief investment officer at wealth management firm City National Rochdale. While some traders dumped stocks after the inflation data, “once they were done selling, I think markets started to stabilize.”
The turn higher came as a relief after another punishing span in the markets.
The Nasdaq Composite, like the S&P 500, closed lower on Wednesday for a sixth consecutive trading day. On Tuesday those losses tipped the tech-heavy equities gauge into a bear market—Wall Street parlance for a decline of 20% or more from a recent peak—for the second time this year.
Still, such heart-stopping moves—sharp gains as well as steep drops—can be a sign of trouble. Markets were rocked by similar gyrations as they tumbled early in the pandemic.
Investors have been fixated on any signals about the path of inflation and the trajectory of the Federal Reserve’s campaign to tame the price increases by raising interest rates. Rising rates put pressure on the valuations that investors are willing to pay for stocks, while also raising concerns about companies’ future earnings.
Earlier Thursday, new data from the Labor Department showed that a reading of U.S. consumer inflation excluding volatile energy and food prices accelerated to a new four-decade high. The so-called core measure of the consumer-price index gained 6.6% in September from a year earlier, the biggest increase since August 1982.
The overall consumer-price index, meanwhile, increased 8.2% in September from the same month a year ago, down from 8.3% in August and 9.1% in June.
That move lower could be welcome news for investors looking to justify buying back into a stock market that is trading much more cheaply than in the recent past.
“The fact that you’re seeing some peaking out in inflation to where maybe we just don’t have to fight the Fed so much, people will feel comfortable buying in at these levels,” said Dan Genter, chief executive and chief investment officer at Genter Capital Management.
Investors have debated whether signs of stress creeping into some markets might cause the Fed to slow its pace of interest-rate increases. Volatility in U.K. government-bond markets, following government plans for large, debt-funded tax cuts, has sparked margin calls for pension funds and rippled into U.S. junk-debt markets.
Mortgage rates hit a 20-year high on Thursday, a development that is likely to add to the pressure on the cooling housing market, potentially accelerating the shakeout of this cyclical industry.
Federal Reserve officials expressed concern at their meeting last month over the persistence of high inflation. They revised higher their expectations for rate increases, though some signaled caution about overdoing them amid risks of economic and financial volatility. The International Monetary Fund has warned that global central banks’ moves to quickly raise interest rates have fueled increased risks to the financial system.
“Market volatility and financial stability is something we’re following closely,” said
Carsten Brzeski,
ING Groep’s
global head of macro research, adding that the fast rise in interest rates “is clearly a potential risk.”
Additional data from the Labor Department showed that 228,000 Americans applied for unemployment benefits in the week ended Oct. 8, up from 219,000 the week prior.
In bond markets, the yield on the benchmark 10-year U.S. Treasury note rose to 3.939% from 3.901% Wednesday, reversing earlier losses ahead of the inflation data. Yields and prices move inversely.
In energy markets, Brent crude, the international benchmark for oil prices, rose 2.3% to $94.57 a barrel.
Overseas, the pan-continental Stoxx Europe 600 rose 0.8%.
Traders worked on the floor of the New York Stock Exchange last week.
Photo:
BRENDAN MCDERMID/REUTERS
In Asia, major indexes closed with losses. Hong Kong’s Hang Seng fell 1.9% and South Korea’s Kospi declined 1.8%. Japan’s Nikkei 225 and China’s Shanghai Composite edged down 0.6% and 0.3%, respectively.
Write to Caitlin Ostroff at caitlin.ostroff@wsj.com and Karen Langley at karen.langley@wsj.com
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Kosovo government postpones its plan for volatile north after tensions heightened
FILE PHOTO- Kosovo’s Prime Minister Albin Kurti looks on during a news conference with German Chancellor Olaf Scholz in Berlin, Germany May 4, 2022. REUTERS/Hannibal Hanschke
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MITROVICA, Kosovo, July 31 (Reuters) – The Kosovo government postponed implementation of a decision that would oblige Serbs in the north of the country to apply for car license plates issued by Pristina institutions over tensions between police and local communities that set roadblocks.
Late on Sunday the protesters parked trucks filled with gravel and other heavy machinery on roads leading to the two border crossings, Jarinje and Bernjak, in a territory where Serbs form a majority. Kosovo police said they had to close the border crossings.
“The overall security situation in the Northern municipalities of Kosovo is tense,” NATO-led mission to Kosovo KFOR said in a statement.
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In Moscow, Russian Foreign Ministry spokeswoman Maria Zakharova blamed the heightened tension on what she called “groundless discriminatory rules” imposed by Kosovo authorities
Fourteen years after Kosovo declared independence from Serbia, some 50,000 Serbs living in the north use license plates and documents issued by Serbian authorities, refusing to recognize institutions under the capital, Pristina. Kosovo has been recognised as an independent state by more than 100 countries but not by Serbia or Russia.
The government of Prime Minister Albin Kurti said it would give Serbs a transitional period of 60 days to get Kosovo license plates, a year after giving up trying to impose them due to similar protests.
The government also decided that as of Aug. 1, all citizens from Serbia visiting Kosovo would have to get an extra document at the border to grant them permission to enter.
A similar rule is applied by Belgrade authorities to Kosovars who visit Serbia.
But following tensions on Sunday evening and consultations with EU and U.S. ambassadors, the government said it would delay its plan for one month, and start implementation on Sept. 1.
Earlier on Sunday, police said there were shots fired “in the direction of police units but fortunately no one was wounded”.
It also said angry protesters beat up several Albanians passing on the roads that had been blocked and that some cars had been attacked.
Air raid sirens were heard for more than three hours in the small town of North Mitrovica inhabited mainly by Serbs.
A year ago, after local Serbs blocked the same roads over license plates, Kosovo’s government deployed special police forces and Belgrade flew fighter jets close to the border.
Tensions between the two countries remain high and Kosovo’s fragile peace is maintained by a NATO mission which has 3,770 troops on the ground. Italian peacekeepers were visible in and around Mitrovica on Sunday.
The two countries committed in 2013 to a dialogue sponsored by the European Union to try to resolve outstanding issues but little progress has been made.
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Reporting by Fatos Bytyci; Editing by Philippa Fletcher, Ron Popeski, Daniel Wallis and Sandra Maler
Our Standards: The Thomson Reuters Trust Principles.
U.S. Stocks Rise as Volatile Trading Persists
U.S. stocks were higher Friday, putting major indexes on course to extend the whipsaw moves that have injected fresh volatility into markets this week.
The S&P 500 rose 0.7%. The Dow Jones Industrial Average added 0.3%, and the Nasdaq Composite climbed 1.4%. All three major indexes fell Thursday, closing at their lowest levels since 2020. Thursday’s decline reversed a rally in stocks Wednesday.
Stock indexes are on track to finish the week with sharp losses as investors have tried to assess inflation, central banks’ response to it and the outlook for the global economy. The Federal Reserve earlier this week approved the largest interest-rate increase since 1994 and signaled it would continue lifting rates this year at the most rapid pace in decades to fight inflation.
Recent rate increases have reversed a prior cycle of loosening monetary policy that allowed prices for both stocks and bonds to rally in recent years. Prospects for repeated rate rises throughout the rest of the year have caused investors to sell out of both assets and lent to fears that rapid tightening could reduce growth. U.S. mortgage rates recently reached their highest level in more than 13 years. Recent economic data reports have shown sharp declines in key sectors.
“The central banks, who have been our friends for a very long time, are telling us we should expect pain,” said Hani Redha, a portfolio manager at PineBridge Investments. “That inflation number is the only thing that matters right now. Even if we see growth slowing a lot, that will not be enough to cause the Fed to change course.”
Mr. Redha said it is possible that inflation could still climb further in the coming months as energy prices remain elevated. Brent crude, the international benchmark for oil prices, edged down 2.4% to $117.03 a barrel.
European natural-gas prices edged down 0.6% Friday, putting them up almost 50% for the week. Moscow’s move to slash natural-gas exports to Europe this week has pitched the continent’s energy crisis into a dangerous new phase that threatens to drain vital fuel supplies and kneecap the continent’s economy.
Signs remained that investors sought assets viewed as safe to hold, such as the U.S. dollar and U.S. government bonds. The WSJ Dollar Index, which measures the greenback against a basket of 16 currencies, rose 0.9%. In bond markets, the yield on benchmark 10-year Treasurys ticked down to 3.262% from 3.303% Thursday. Yields fall as prices rise.
The dollar value of bitcoin and other cryptocurrencies showed tepid signs of stabilizing after tumbling sharply over the 10 days prior. Bitcoin was roughly unchanged from its 5 p.m. ET level Thursday to trade at $20,637 Friday. Cryptocurrencies have been hit by rising interest rates that are sapping appetite for riskier assets, and concerns about select projects and companies in the crypto ecosystem.
Shares of
Adobe
fell 4.1% after the provider of software for creativity, marketing, and documents gave softer-than-expected guidance.
Overseas, the pan-continental Stoxx Europe 600 added 0.7%. Shares of commodity mining and trading giant
Glencore
added 0.8% in London trading after the company raised price and cost guidance for its coal operations and said that its trading business is outperforming expectations.
Stocks on Wall Street closed sharply lower on Thursday, with Dow Jones Industrial Average below 30000.
Photo:
BRENDAN MCDERMID/REUTERS
In Asia, the
Bank of Japan
maintained ultralow interest rates on Friday, confirming that it won’t join the Federal Reserve and other major global central banks in tightening monetary policy. Japan’s Nikkei 225 stock index fell 1.8% and the Japanese yen fell 1.8% against the dollar.
South Korea’s Kospi edged down 0.4%, while China’s Shanghai Composite added 1%.
Write to Caitlin Ostroff at caitlin.ostroff@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Stocks Drop in Volatile Trading
U.S. stock indexes opened lower and a selloff in technology stocks deepened, weighed down by growing investor concerns about the outlook for economic growth.
The S&P 500 fell 1.0% Tuesday, while the Dow Jones Industrial Average lost 0.5%. Contracts for the tech-heavy Nasdaq Composite slid 1.8%.
The losses point to a sharp turnaround from Monday, when major U.S. indexes rallied after a volatile trading session the previous week. But a profit and revenue warning later on Monday from social-media company
Snap
sent investor sentiment souring again. Asian indexes broadly fell amid declines in technology stocks. European markets also traded lower.
Snap’s shares fell 34% premarket Tuesday as investors digested comments that the macroeconomic environment has deteriorated more than expected. Worries about disruptions to Snap’s advertising revenue rippled to other tech stocks that have been battered this year.
Meta Platforms
shed 8.1% before the opening bell and Google-parent
Alphabet
fell 4.4%.
Investors are confronting a range of signals as they try to map out the trajectory of the U.S. economy. Many have grown worried that the Federal Reserve’s plans for monetary tightening to tamp down inflation could tip the economy into a recession.
Disappointing earnings and warnings across the corporate landscape have exacerbated those fears.
Abercrombie & Fitch
became the latest retailer Tuesday to dent investor sentiment after it swung to a first-quarter loss amid higher costs. The company’s shares tumbled 31% premarket.
Worries about slowing growth amid higher inflation have been among the catalysts that have sent the S&P 500 falling 17% through Monday from its January high. Investors are now keeping a close watch on whether the S&P 500 enters bear market territory, defined as a drop of at least 20% from a recent high. On Friday, the benchmark index came close to finishing in a bear market, though it was saved by a late-session rally.
There have been glimmers of optimism, however, such as on Monday, when
JPMorgan Chase
said U.S. consumers appear to be in good financial health. But that sanguine depiction was quickly counterbalanced by the disclosure from Snap, a company that had never issued a revenue warning before.
“We’re going to have this roller-coaster ride for some time, as investors cling onto more optimistic data points and get fresh disappointment when there’s another downbeat reading coming through,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. “We don’t yet know the full path of interest-rate rises or how resilient consumers will be.”
Despite Tuesday’s broad premarket technology selloff, there were bright spots in the market.
Zoom Video Communications
advanced 4.9% before the opening bell after the videoconferencing services company raised its profit outlook.
Later Tuesday, Fed Chairman
Jerome Powell
will give remarks at an economic summit in Las Vegas. Investors will be looking for fresh clues about his outlook for inflation, the economy and the path of interest-rate increases.
Several pieces of economic data are also due Tuesday, including U.S. new-home sales data and gauges of U.S. manufacturing activity. Earlier Tuesday, data firm S&P Global said its Purchasing Managers Index for the eurozone’s services and manufacturing sectors fell in May from the month before. Factories in Europe and Japan reported a weakening of new orders amid higher costs and prices, a sign that manufacturing output will slow further over coming months.
Tuesday’s selloff in technology stocks in the premarket session sent investors scooping up government bonds, with the yield on the benchmark 10-year U.S. Treasury note falling to 2.819%, from 2.857% Monday. Yields fall when bond prices rise.
Gold, considered another haven asset, advanced 0.3% to $1,853.70 a troy ounce.
Traders worked on the floor of the New York Stock Exchange on Monday.
Photo:
Spencer Platt/Getty Images
Brent crude, the international oil benchmark, rose 0.2% to $113.66 a barrel, reversing losses from earlier in the session.
“You’ve got this push and pull with oil prices—oil prices are being kept down somewhat by global growth, which is not a great signifier for the health of the global economy,” Ms. Streeter said. “But at the same time, it’s not dropping any further because of concerns about tight supply.”
In Europe, the pan-continental Stoxx Europe 600 lost 0.6%. In Asia, Hong Kong’s Hang Seng fell 1.7%. Japan’s Nikkei 225 lost 0.9% while China’s Shanghai Composite declined 2.4%.
Write to Caitlin McCabe at caitlin.mccabe@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Bitcoin set for volatile monthly close after BTC price ‘checks all boxes’ for major move
Bitcoin (BTC) has reentered its most significant lifelong consolidation zone but could still crash to a “macro bottom,” new research warns.
In a Twitter thread on April 27, on-chain analytics platform Material Indicators shone a light on the importance of $38,000 for BTC price action.
Bitcoin circles all-important point of control
After lingering near liquidity at or above $37,700 on intraday timeframes, data from Cointelegraph Markets Pro and TradingView shows, BTC/USD has yet to make a clear move up or down, and traders have been left guessing which way the market will go.
Macro factors are demanding further downside, as the impact of inflation and geopolitical strife is clearly felt on equities markets.
At the same time, on-chain signals are anything but bearish, led by miners and their ever-increasing investment in hash rate.
Whether short or long timeframe, however, $38,000 forms a critical historical price for Bitcoin.
“Since the breakout from $20k in Dec ’20, BTC has consolidated in this range more than any other,” Material Indicators explained.
It added that the “point of control” — essentially the price level with the highest volume — now sits at “precisely” where spot price is currently acting.
Where Bitcoin could go from here, however, is not obvious given this month’s price trend. Analyzing the 3-day chart, Material Indicators noted both bullish and bearish patterns repeating themselves this week alone.
These involve the 50-period, 100-period and 200-period moving averages on the 3-day chart.
“Zooming in slightly to the 3 Day chart reveals that 3-Day 50MA crosses below the 100 3-Day MA have triggered rallies and interaction with the 3-Day 200 MA has either led to a rally or breakdown to the macro bottom,” it noted.
“BTC has checked all of those boxes this week.”
Lost moving averages stack up
Regardless of direction, volatility is all but guaranteed thanks to the upcoming monthly close. At present, BTC/USD is set to close April $6,000 lower than where it started.
Related: Ex-BitMEX CEO explains how Bitcoin will have hit $1 million by 2030
As Cointelegraph previously reported, the weekly chart produced the first four-period red candle set since June 2020 on last Sunday’s close.
Two key weekly moving averages meanwhile repeated a rare trend, which twice sparked a 50% BTC price drawdown this week.
Concluding, Material Indicators brought whales into the picture. In addition to now lying below all three aforementioned moving averages, whale buying and selling behavior at this crucial point is key to determining future trajectory.
“Until BTC reclaims the key moving averages these are considered distribution rallies used to sell the rip or add to short positions,” it wrote.
“Expect more volatility coming into the Monthly close/open. Will look for a new Trend Precognition signal on the Monthly chart then.”
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
U.S. Stocks Finish Volatile Session With Gains
U.S. stocks flipped higher Monday as government-bond yields retreated and investors took the opportunity to scoop up shares of beaten-down technology and other growth stocks.
The S&P 500 climbed 24.34 points, or 0.6%, to 4296.12 after dropping nearly 1.7% earlier in the session. The Dow Jones Industrial Average advanced 238.06 points, or 0.7%, to 34049.46.
The tech-heavy Nasdaq Composite Index rose 165.56 points, or 1.3%, to 13004.85.
shares rose 5.7% after the social-media company accepted
Elon Musk’s
$44 billion takeover deal.
All three indexes had opened lower after Chinese shares suffered their worst selloff in more than two years as Beijing sticks to its zero-Covid strategy while faced with increasing cases in major cities. Oil prices fell, at one point dipping below $100 a barrel, before staging an afternoon rally.
A decline in bond yields signaled to investors that the Federal Reserve may not move to raise interest rates as aggressively as feared, investors said.
“Rates had been weighing against the market,” said
Jack Ablin,
chief investment officer of Cresset Capital. “Now what we’re seeing is a reversal of that trend.”
The yield on the benchmark 10-year Treasury note ticked down to 2.825% Monday from 2.905% Friday as investors sought safer assets to hold. Yields and prices move inversely.
“I think a lot of growth stocks have been punished too severely,” said
Brian Price,
head of investment management for Commonwealth Financial Network. “Part of what we’re seeing may be a reversal of that. Longer-term rates have just moved so far.
“The market is stepping back and assessing if they should have moved so fast. And falling interest rates tend to help growth stocks.”
Twitter rose $2.77 to $51.70.
Microsoft
climbed $6.69, or 2.4%, to $280.72, while Google parent
Alphabet
added $68.77, or 2.9%, to close at $2,461.48
Meantime, the S&P 500’s energy sector was the biggest decliner, falling 3.3%.
Schlumberger
fell $2.96, or 7.1%, to $38.69.
Halliburton
dropped $2.36, or 6.3%, to $35.33.
APA,
Apache’s parent company, slipped $1.63, or 4%, $39.08.
Investors are worried that strict policies China has in place to combat Covid-19 will further disrupt global supply chains. But the extended lockdowns, and a slowdown in China’s economy, also could crimp global demand for oil, investors said.
The Shanghai Composite and CSI 300 indexes fell 5.1% and 4.9%, respectively. Those were the largest single-day percentage declines for both benchmarks since February 2020, in the early days of the pandemic.
The offshore yuan fell about 1% to trade at about 6.59 per dollar. That was the lowest since November 2020, according to FactSet. The decline built on a selloff last week that ended months of relative stability.
“The problem with inflation is it can get embedded and we see inflation getting quite sticky,” said
Sebastian Mackay,
a multiasset fund manager at Invesco. “What we’re seeing is a combination of the war in Ukraine and the lockdown in China causing supply issues.”
Limitation of movement in China also could sap demand for oil. Brent crude, the international benchmark for oil, fell 4.1% to $102.32 a barrel. Oil prices still remain near historically high levels due to concerns about disruptions to energy markets from Russia’s invasion of Ukraine.
In other corporate news, shares of
Coca-Cola
rose 69 cents, or 1.1%, to $65.94. The company said it logged higher sales for the latest quarter as demand held up in the face of price increases.
Advanced Micro Devices
added $2.55, or 2.9%, to $90.69 after a Raymond James analyst lifted his rating on the chip maker’s shares.
Elevated inflation has caused the Federal Reserve to increase efforts to combat it. Last week, Fed Chairman
Jerome Powell
signaled that the central bank is ready to tighten monetary policy more quickly and indicated that it was likely to raise interest rates by a half-percentage point at its meeting in May.
Money managers are worried that the Fed’s aggressive interest-rate increases could slow economic growth or even tip the economy into recession. This could lead to a situation where the Fed has to raise interest rates in the short term but cut them in the long term, Mr. Mackay said.
On Monday, the
Cboe
Volatility Index—Wall Street’s so-called fear gauge, also known as the VIX—approached its highest level since mid-March before retreating to 27.02.
The Dow Jones Industrial Average on Friday posted its worst one-day percentage change since October 2020.
Photo:
BRENDAN MCDERMID/REUTERS
Gold futures fell 2% to $1,893.20 a troy ounce. While gold is historically seen as an inflation hedge, it pays no yield, making it less attractive than government bonds in a time of rising interest rates. The cost of buying gold, which is denominated in dollars, also is more expensive for foreign investors when the dollar strengthens.
Overseas, the pan-continental Stoxx Europe 600 dropped 1.8%. South Korea’s Kospi declined 1.8%, and Japan’s Nikkei 225 contracted 1.9%.
Write to Caitlin Ostroff at caitlin.ostroff@wsj.com and Justin Baer at justin.baer@wsj.com
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