Range Resources Co. (NYSE:RRC – Get Rating) – Equities research analysts at KeyCorp issued their FY2023 earnings estimates for Range Resources in a research note issued on Wednesday, February 23rd. KeyCorp analyst L. Mariani forecasts that the oil and gas exploration company will earn $2.41 per share for the year. Range Resources (NYSE:RRC – Get Rating) last posted its quarterly earnings data on Monday, February 21st. The oil and gas exploration company reported $0.96 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.98 by ($0.02). Range Resources had a negative net margin of 22.48{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a positive return on equity of 17.74{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The business had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $871.99 million. During the same quarter in the previous year, the firm earned $0.02 EPS. Range Resources’s revenue was up 161.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} compared to the same quarter last year.
Several other brokerages have also issued reports on RRC. Morgan Stanley reduced their target price on Range Resources from $26.00 to $25.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 25th. JPMorgan Chase & Co. increased their price objective on Range Resources from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday. Susquehanna Bancshares increased their price objective on Range Resources from $22.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday. Truist Financial cut their price objective on Range Resources from $27.00 to $24.00 in a report on Friday, January 14th. Finally, Zacks Investment Research lowered Range Resources from a “hold” rating to a “sell” rating and set a $19.00 price objective on the stock. in a report on Thursday, January 6th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $21.50.
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RRC opened at $23.87 on Friday. The firm has a market cap of $6.20 billion, a price-to-earnings ratio of -13.04, a PEG ratio of 0.19 and a beta of 2.22. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 2.31. Range Resources has a 12 month low of $8.47 and a 12 month high of $26.48. The stock has a fifty day moving average price of $19.65 and a 200-day moving average price of $19.76.
Range Resources declared that its board has initiated a stock buyback program on Tuesday, February 22nd that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the oil and gas exploration company to reacquire up to 9.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Hotchkis & Wiley Capital Management LLC increased its position in shares of Range Resources by 4.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,208,601 shares of the oil and gas exploration company’s stock worth $185,761,000 after purchasing an additional 313,811 shares in the last quarter. JPMorgan Chase & Co. increased its position in Range Resources by 223.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 4th quarter. JPMorgan Chase & Co. now owns 6,093,208 shares of the oil and gas exploration company’s stock valued at $108,642,000 after acquiring an additional 4,209,030 shares during the period. Goldman Sachs Group Inc. increased its position in Range Resources by 79.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 2nd quarter. Goldman Sachs Group Inc. now owns 4,877,965 shares of the oil and gas exploration company’s stock valued at $81,755,000 after acquiring an additional 2,166,302 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in Range Resources by 0.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 3,968,245 shares of the oil and gas exploration company’s stock valued at $70,754,000 after acquiring an additional 33,119 shares during the period. Finally, Northern Trust Corp increased its position in Range Resources by 0.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 2nd quarter. Northern Trust Corp now owns 3,254,455 shares of the oil and gas exploration company’s stock valued at $54,544,000 after acquiring an additional 9,487 shares during the period. 91.16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is owned by institutional investors.
Range Resources Corp. engages in the exploration, development and acquisition of natural gas and oil properties in the Appalachian and Midcontinent regions. The company was founded in 1976 and is headquartered in Fort Worth, TX.
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Russia’s onslaught breached the suburbs of Kyiv on Friday as armoured columns battled towards Ukraine’s two major metropolitan areas in Europe’s major military services offensive because the second environment war.
Kyiv inhabitants woke to loud explosions shortly following 4am and reports of Russian armoured automobiles advancing into the northern Kyiv district of Obolon, bringing street combating to the 3mn-solid capital.
Western officials stated that much better than envisioned Ukrainian resistance on Thursday slowed Russia’s two essential goals of encircling Kyiv and capturing Kharkiv in the north-east, Ukraine’s second-biggest city.
Ukraine’s president Volodymyr Zelensky delivered an early early morning deal with to his nation as his military warned Russian troops had been “moving at speed” in the direction of central Kyiv adopted by a column of military trucks.
Zelensky claimed that “enemy saboteur groups” ended up by now in Kyiv and that Russia was organizing to assassinate him. “The enemy has identified me as the quantity-1 focus on,” Zelensky explained, wearing a armed forces-design and style inexperienced T-shirt. “My spouse and children is the selection-two target. They want to wipe out Ukraine politically by destroying the head of state.”
A senior western intelligence official stated: “The strategic aim is plainly the alternative of the Zelensky governing administration and finish management of the nation.”
Air raid sirens sounded in the capital and the town governing administration warned folks to seek include in shelters or subway stations as the armed service stated it had intercepted two Russian projectiles fired at the metropolis.
Ukraine’s armed service called on citizens of Obolon to advise them about the movement of Russian equipment into the metropolis and known as on citizens to resist. “Make Molotov cocktails, neutralise the occupier,” the defence ministry mentioned. “Peaceful citizens, be very careful. Do not leave the property.”
Kyiv’s Hostomel airport, which is in the vicinity of the Obolon district, was however contested owning transformed fingers several instances on Thursday in combating involving special forces troops, assault helicopters and precision-guided missiles. Ukraine’s ministry of defence unveiled video clip footage exhibiting extreme volleys of gunfire, several fires and smoke soaring from the location.
Russia is in search of to management the runway, which would allow for it to rapidly transport large quantities of troops specifically to the cash.
Online video: Russian troops heading ‘at speed’ to Kyiv
Oleksiy Arestovych, an advisor in Zelensky’s place of work, claimed authorities troops have been battling Russian invaders north of Kyiv in close proximity to the cities of Dymer, Ivankiv, Vorzel and Bucha.
“Russian troops are seeking to assault, but our mechanized models have established up a solid barrier there,” Arestovych stated.
Ukrainian forces overnight wrecked bridges north of the city in an endeavor to impede the Russian advance. Western armed service officers warned that the arrival of tens of countless numbers of troops advancing south from Belarus and north from Crimea would bring “overwhelming” military superiority that could direct to the capital slipping inside times.
On the Ukrainian army, the senior western intelligence formal reported: “They are putting up a struggle and they are not doing horribly, but they are nonetheless overwhelmed. I have no doubt they will carry on to combat for as extensive as they potentially can.”
The defence ministry reported that as of 3am on Friday, its forces experienced taken down seven Russian aircraft, six helicopters and much more than 30 tanks since the commencing of the invasion and had killed about 800 “enemy” personnel. Zelensky reported that 137 of his countrymen experienced died. Russia offered no figures on problems to its army property or on casualties.
Ben Wallace, the Uk defence secretary, stated his intelligence estimates recommended Russia misplaced a lot more than 450 personnel on the initial day of operations, wherever it did not get “any of its significant objectives”.
Russian, Ukrainian and Nato armed service statements are unable to be independently verified.
Stunned planet leaders have condemned what they solid as the most momentous challenge to the postwar buy in Europe for 80 a long time. “[Putin] has much larger ambitions than Ukraine,” claimed Joe Biden, US president, on Thursday. “He would like to, in actuality, re-build the former Soviet Union. Which is what this is about.”
Biden claimed the US and its allies would impose sanctions in response to Russia’s aggression. “Putin chose this war and now he and his region will bear the implications.”
Zelensky thanked western leaders for their aid but questioned their willingness to go further. “Who is ready to combat with us? Honestly, I never see anyone . . . I’m asking them, are you with us?”
Nato will hold an crisis summit of its members’ 30 leaders on Friday to examine the invasion.
On Friday, oil selling prices steadied right after topping $100 for each barrel on Thursday for the very first time given that 2014. Oil experienced risen as higher as $106 ahead of dropping again just after the Biden administration announced a raft of sanctions that targeted on Russia’s economic sector relatively than its vitality marketplace.
European organic fuel prices retreated after surging as considerably as 69 per cent to €142 for each megawatt hour in the prior session. Futures contracts linked to TTF, Europe’s wholesale gas value, were down additional than a fifth on Friday morning at €106.7.
European equities had been up more than 1 for each cent, soon after the regional Stoxx 600 gauge shut 3.3 for every cent reduced on Thursday.
More reporting by John Paul Rathbone in London and Leo Lewis in Tokyo
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Kamila Elliott is the first Black chair of the Certified Financial Planner Board of Standards, a nonprofit that establishes and enforces the requirements for the CFP certification. Elliott is president of GRID 202 Partners, a wealth-management firm.
You’ve said one of your key goals as chair of the CFP Board is to increase the number of women and minority planners, along with attracting more young people to the profession. How do you plan to do that? By raising awareness. I didn’t know what a financial adviser was until I was in college. My mom didn’t have a financial planner, and neither did my grandparents. The CFP Board just hired someone whose goal is to work with high schools to create more financial literacy and awareness. At colleges, we have more than 300 programs where we help people reach CFP certification, and we want to increase the number of programs. We also have a goal to increase the number of CFP Board registered programs at HBCUs [historically Black colleges and universities].
Are some college grads deterred by the cost of becoming certified? We’re working to remove any financial impediments people may have on the path to certification. We have multiple scholarships available for CFP certification education and exams, and we have mentorship programs for diverse individuals and women. Financial professionals have a higher median salary than the average college graduate, and you’re helping people reach their financial goals. This is a profession where you can do good for yourself and do good for others.
What can the financial planning industry do to reach out to people who need advice but don’t have a lot of money to manage? We’re seeing a little more creativity in how firms structure their planning fees. Instead of using an assets-under-management model, they’re doing things like subscription models in which people pay a monthly planning fee. If you don’t have a lot of assets, you may not need as much complexity, so they are creating a structure in which the fees are commensurate with the level of planning provided.
At a time when individuals are turning to everything from TikTok to Reddit communities for investing advice, how can the CFP Board demonstrate the value of working with a CFP professional? On those forums, you don’t see much conversation about short-term and long-term capital gains rates. You don’t see conversations about whether you have the right estate plan. We’re happy that people are talking about investing, but we’re the ones they go to when they’ve made money. As you have more assets, there’s more complexity. This is a fairly new profession, and we’d like to do more research to show the public that when they work with a CFP professional, they’re able to reach their personal goals more quickly and see a difference in investment returns. Just as when you see a doctor you have better health, if you’re working with a CFP professional, you’ll have better financial health.
The market has been extremely volatile recently, particularly in specific sectors. Any advice for investors? I spent most of my career at the Vanguard Group, and the advice there was always “stay the course.” Your asset allocation should be reflective of your short-term and long-term goals. If you have the right allocation, there’s no need to make any changes to your portfolio right now, unless something has changed with you.
European lender stocks slide Austria’s RBI down 23{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Russia’s VTB down 41{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, Sberbank down 37{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} right after sanctions
Britain’s Lloyds on inform for cyberattacks
U.S. lender stocks fall led by Citigroup
German market place regulator monitoring disaster
FRANKFURT/LONDON/NEW YORK, Feb 24 (Reuters) – Economical corporations from Frankfurt to Wall Road suffered hefty share price falls on Thursday as they grappled with the influence of Russia’s invasion of Ukraine, digested recently-imposed sanctions and rushed to advise customers on how to reply.
Whilst several bankers have played down the importance of Russia to their operations, it is the European Union’s fifth-greatest investing companion, with a 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} share of trade, details reveals. U.S. trade with Russia is significantly less than 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of its overall.
Deutsche Bank (DBKGn.DE), Germany’s largest lender, said it had contingency ideas in location as U.S. and European officers imposed additional sanctions on Moscow. study a lot more
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British financial institution Lloyds reported it was on “heightened notify” for cyberattacks, when German insurance policies and asset administration huge Allianz (ALVG.DE) stated that it had frozen its Russian govt bond exposure. study a lot more
While U.S. banking companies had been perfectly-geared up for the steps announced so significantly about Russia’s aggression toward Ukraine, they concerned that new actions could raise the charge and complexity of enforcing them. Money establishments are the most important enforcers of sanctions. read through much more
“At any time there is any sort of economical strain throughout borders, fiscal businesses, significantly financial institutions, are inclined to be in the centre of it due to the fact they have organizations in all people areas,” stated Jamie Cox, managing associate at Harris Financial Group in Richmond, Virginia.
The United States imposed new sanctions against important Russian financial institutions, like the country’s two premier loan companies, Sberbank (SBER.MM) and VTB (VTBR.MM), aimed at restricting Russian obtain to the U.S. financial program. read through extra
Shares in Sberbank and VTB fell by 37{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 41{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} respectively.
“These sanctions concentrate on Russia’s domestic fiscal process, triggering bank operates and forcing Russia’s central financial institution to go on hiking charges,” reported Clay Lowery, govt vice president at the Institute of International Finance (IIF), the most significant intercontinental banking team.
Shares of foremost financial institutions plunged with the European banking sector (.SX7P) shut down 8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, steeper than a 3.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} slide for the Euro Stoxx index (.STOXXE).
In the United States, the S&P 500 banking index (.SPXBK), shut down 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Citigroup (C.N), which has the most important Russian exposure among U.S. financial institutions, fell 4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
Some banking institutions organised phone calls for clientele with gurus to analyze the condition, invitations seen by Reuters showed, with JPMorgan scheduling a person with Michael Singh, senior fellow at the Washington Institute for Around East Plan.
Goldman Sachs ran a call for its personal wealth clientele hosted by Alex Youthful, a previous chief of British overseas intelligence services MI6, who is now an personnel of the firm.
CONTINGENCY Planning
European banking companies are most exposed to Russia, specifically in France, Italy and Germany, far outstripping U.S. banks’ publicity, data from the Bank for Global Settlements shows.
And those banking institutions with important operations in Russia have been toughest strike just after its forces invaded Ukraine by land, air and sea, with the largest assault by just one point out versus another in Europe given that Globe War Two. go through much more
Austria’s Raiffeisen Financial institution Worldwide (RBIV.VI) fell 23{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, even though shares in Societe Generale (SOGN.PA) lost 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, whilst the French bank it reported its Russian device Rosbank ongoing to operate usually. read a lot more
UniCredit (CRDI.MI) shares fell 13.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and activated an automated trading suspension, although the Italian lender explained its Russia “exposures are extremely lined”.
Shares in Deutsche Lender, which like numerous creditors in recent yrs has diminished its existence in Russia as sanctions have expanded, ended up down 11{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, the largest decline amid German blue chips.
“We have contingency designs in put,” the financial institution said in a statement. A spokesperson declined to elaborate, but claimed “risks are properly contained”.
Reuters Graphics
German money regulator BaFin claimed it was keeping a watchful eye on the crisis.
Fresh new SANCTIONS
European Union leaders will impose new sanctions on Russia, freezing its assets, halting obtain of its banking companies to the European economic market place and focusing on “Kremlin pursuits” in excess of its “barbaric assault”, senior officials mentioned. go through far more
But in what will be a relief to Europe’s banking institutions, the EU is unlikely at this stage to choose steps to cut off Russia from the SWIFT world-wide interbank payments system, various EU sources stated. go through far more
British Primary Minister Boris Johnson unveiled a deal of “serious” sanctions in opposition to Russia on Thursday, targeting financial institutions, customers of President Vladimir Putin’s closest circle and the particularly rich who love significant-rolling London existence. L8N2UZ366
Both equally Deutsche Lender and Allianz, two of Europe’s most vital money companies and both with operations in Russia, said they had been ready to comply with sanctions.
Allianz, one particular of the world’s largest asset professionals, stated that the share of Russian government bonds in its portfolio was “quite lower” and that it experienced carried out a freeze on them.
RBI this month stated it experienced earmarked 115 million euros ($129 million) in provisions for possible sanctions on Russia. As its shares dropped sharply on Thursday, the financial institution said that it was “premature to assess” the impression of sanctions on its company.
The Austrian team claimed its banking institutions in Russia and Ukraine were being “effectively capitalised and self-funding”.
Some major bankers have been much more involved about the prospective secondary effects of the disaster.
The manager of HSBC (HSBA.L), one particular of Europe’s greatest financial institutions, reported this 7 days that “wider contagion” for world-wide marketplaces was a concern, even if its immediate exposure was confined. examine extra
($1 = .8951 euros)
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Extra reporting by Alexandra Schwarz-Goerlich, Lawrence White, Valentina Za, Sujata Rao-Coverley, Kane Wu and Matt Scuffham, Devik Jain, Megan Davies Enhancing by Tomasz Janowski, Jason Neely, David Goodman, Alexander Smith and Daniel Wallis
Wall Street’s main benchmarks clawed back from session lows Thursday after Russia’s military invasion of Ukraine overnight rocked equity markets across the globe.
The Nasdaq Composite rebounded from a morning sell-off that saw the index tumble more than 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The Dow Jones Industrial Averaged recouped some losses after an 800-point nosedive but continued to trade lower, down more than 500 points to 32,591.57. The S&P 500 bounced back from a drop of 1.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to hover just below its flatline.
Meanwhile, investors flocked to safe-haven plays amid a broader risk-off trade across global markets. Gold prices surged 2.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $1,970 an ounce, hovering around a one-year high. WTI crude oil jumped to its highest level since July 2014, notching the biggest surge since Nov. 2020.
President Joe Biden on Thursday said in a tweet Thursday that he and G7 counterparts agreed to move forward on “devastating packages of sanctions and other economic measures” in condemnation of Russia’s attack on Ukraine.
“I condemned this unprovoked and unjustified attack by Russian military forces,” Biden said in a seperate tweet, also indicating he spoke with Ukrainian President Volodymyr Zelenskyy on steps the administration is taking to rally international condemnation.
President Joe Biden unveiled the “first tranche” of financial sanctions Tuesday targeting Russia in response to Vladimir Putin’s move to recognize the independence of two pro-Moscow separatist republics in east Ukraine and deploy troops into the areas — a move seen by Western countries as a provocation and breach of international law.
European allies acted in lockstep to reprimand Russian aggression. Germany halted approval of the Nord Stream 2 natural gas pipeline that would have deepened western Europe’s energy link to Russia, the world’s largest natural gas exporter. Fears of other energy-linked sanctions sent crude oil prices to a seven-year high and Brent crude towards $100 per barrel.
“Putin knew these were going to be coming,” CSIS International Security Program senior adviser Mark Cancian told Yahoo Finance Live. “He took his move anyway, so it’s unlikely that they will deter him.”
Risk assets slid on Tuesday as investors considered the financial market implications of an escalating threat of military attack and greater sanctions on Russia. As European allies also coordinated their response to Russia’s increased military presence in and around Ukraine, Germany halted approval of the Nord Stream 2 natural gas pipeline that would have deepened western Europe’s energy link to Russia, the world’s largest natural gas exporter. Crude oil prices spiked to a seven-year high, and Brent crude neared $100 per barrel as investors contemplated the potential for further energy-linked sanctions on Russia, the third-largest oil producer in the world.
In the U.S., the conflict creates an added headwind for investors already grappling with a hawkish shift in Federal Reserve policy to intervene more aggressively in mitigating inflationary pressures. A war between Russia and Ukraine threatens to exacerbate already surging prices and spur other economic disruptions that could complicate the Fed’s policy-making choices.
Many strategists have argued that despite the weight of geopolitical turmoil on equities, the risk-off mood among traders stems primarily from worries around interest rate hikes.
Russian President Vladimir Putin takes part in a wreath laying ceremony at the Tomb of the Unknown Soldier by the Kremlin Wall on the Defender of the Fatherland Day in Moscow, Russia February 23, 2022. Sputnik/Aleksey Nikolskyi/Kremlin via REUTERS ATTENTION EDITORS – THIS IMAGE WAS PROVIDED BY A THIRD PARTY.
“So far, it looks like Ukraine is not the reason for the drop, despite the fears,” Commonwealth Financial Network Chief Investment Officer Brad McMillan said in a note.
“But what has pulled the markets down, if not the Ukraine crisis?” McMillan wrote. “The most likely candidate—one which makes both fundamental and mathematical sense — is higher interest rates”
Brad McMillan points out that since the start of the year, the 10-Year U.S. Treasury yield is up from 1.63{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to 1.97{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} at an increase of 34 basis points, or 21{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Typically, higher yields mean lower valuation, pushing the forward price/earnings ratio for the S&P 500 from roughly 22.35 at the end of 2021 to an estimated 19.1, a 15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} decline.
“After adjusting for earnings beats this quarter, that drop in valuations pretty much explains the drop in the market, and that rationale doesn’t leave much, if any, room for worries about Ukraine,” McMillan noted. “Wall Street, then, seems to be much more worried about Fed Chairman Jay Powell than Vladimir Putin, at least at the moment.”
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3:07 p.m. ET: SEC launches investigation into Elon Musk and brother’s stock sales
The Securities and Exchange Commission has initiated a probe into whether stock sales by Tesla Inc. (TSLA) Chief Executive Elon Musk and his brother violated insider trading rules, according to a report by the Wall Street Journal that cited people familiar with the matter.
The watchdog’s investigation began last year after the Tesla leader’s brother Kimbal Musk sold $108 million worth of company shares the day before Musk tweeted a poll asking whether he should sell 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of his stake in Tesla.
Musk framed the potential sale as a way to cover taxes he would owe if lawmakers imposed new taxes on unrealized capital gains. Musk began selling billions of dollars worth of Tesla shares in the days following his tweet.
Elon Musk pauses and looks down as he speaks during a press conference at SpaceX’s Starbase facility near Boca Chica Village in South Texas on February 10, 2022. – Billionaire entrepreneur Elon Musk delivered an eagerly-awaited update on SpaceX’s Starship, a prototype rocket the company is developing for crewed interplanetary exploration. (Photo by JIM WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)
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1:45 p.m. ET: UK reveals new package of sanctions to reprimand Russian aggression
Prime Minister Boris Johnson unveiled Britain’s largest-ever package of sanctions against Russia the West responds to the Kremlin’s invasion of Ukraine.
The sanctions target banks, members of President Vladimir Putin’s closest circle and wealthy Russians who frequent London.
“This hideous and barbarous venture of Vladimir Putin must end in failure,” Johnson told parliament Thursday. “For our part today, the UK is announcing the largest and most severe package of economic sanctions that Russia has ever seen.”
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1:18 p.m. ET: President Biden warns of “devastating packages of sanctions” against Russia
President Joe Biden is expected to unveil new sanctions against Russia on Thursday after Moscow launched a full-scale military attack on Ukraine, triggering condemnation and financial penalties from the United States and European allies.
The president is scheduled to announce the new measures at 1:30 p.m. ET, according to the White House.
Biden met with G7 allies Thursday to plan measures against Russia after the Kremlin initiated what the president deemed “a premeditated war” against Ukraine.
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12:47 p.m. ET: Mortgage rates fall slightly lower after nearing 4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
The rate on the average 30-year fixed home mortgage fell to 3.89{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, down from 3.92{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} a week ago, according to Freddie Mac. A year ago, 30-year loans averaged 2.97{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
Mortgage rates have surged roughly 84 basis points since December, leading to a decline in applications for home lending.
“Even with this week’s decline, mortgage rates have increased more than a full percentage over the last six months,” Freddie Mac chief economist Sam Khater said. “Overall economic growth remains strong, but rising inflation is already impacting consumer sentiment, which has declined in recent months. As we enter the spring homebuying season with higher mortgage rates and continued low inventory, we expect home price growth to remain firm before cooling off later this year.”
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11:27 a.m. ET: Stocks claw back from morning sell-off to turn mixed
Here were the main moves in markets as of 11:27 a.m. ET:
S&P 500 (^GSPC): -40.03 (-0.95{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,185.47
Dow (^DJI): -588.72 (-1.78{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 32,543.04
Nasdaq (^IXIC): -6.11 (-0.05{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,031.38
Crude (CL=F): +$5.56 (+6.04{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $97.66 a barrel
Gold (GC=F): +$17.00 (+0.89{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,927.40 per ounce
10-year Treasury (^TNX): -3.1 bps to yield 1.9460{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
—
11:16 a.m. ET: U.S. new home sales drop in January as prices charge higher
New U.S. single-family home sales posted a marginally higher-than-expected decline last month, likely due to rising mortgage rates and higher prices.
The Commerce Department said new home sales fell 4.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to a seasonally adjusted annual rate of 801,000 units in January. Meanwhile, December’s sales pace was upwardly revised to 839,000 units from the 811,000 units initially reported.
Economists surveyed by Bloomberg projected a print of 802,000. Drops in sales occurred mainly in the Midwest, Northeast and the South, while increasing in the western part of the country.
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10:55 a.m. ET: Russian stocks erase $200 billion in market value
The sell-off in Russian stocks Thursday following its military invasion of Ukraine marked the third-worst plunge in market history in local currency terms as, according to Bloomberg data.
The benchmark MOEX Russia Index traded 38{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} lower as of 5:28 p.m. in Moscow, wiping out more than $200 billion in shareholder assets as Western leaders condemned the Kremlin and vowed to take action against the country.
According to Bloomberg’s analysis of historical figures, this is the first time since 1987 that such a large selloff has hit a market bigger than $50 billion.
A woman walks past a currency exchange office in central Moscow on February 24, 2022. – Russia’s central bank said Thursday in would intervene as the ruble tumbled to a record low and the Moscow Stock Exchange reopened down 14 percent after Moscow launched a military attack on Ukraine, as Russian President Vladimir Putin announced a military operation in Ukraine on Thursday with explosions heard soon after across the country and its foreign minister warning a “full-scale invasion” was underway. (Photo by Alexander NEMENOV / AFP) (Photo by ALEXANDER NEMENOV/AFP via Getty Images)
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9:30 a.m. ET: Russian military attack roils equity markets across the globe
Here’s how U.S. stocks fared at Thursday’s open:
S&P 500 (^GSPC): -107.90 (-2.55{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,117.60
Dow (^DJI): -808.48 (-2.44{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 32,323.28
Nasdaq (^IXIC): -344.03 (-2.57{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,037.49
Crude (CL=F): +$7.00 (+7.60{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $99.10 a barrel
Gold (GC=F): +$43.60 (+2.28{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,954.00 per ounce
10-year Treasury (^TNX): -8.5 bps to yield 1.8920{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
—
8:38 a.m. ET: Jobless claims renew decline after uptick in prior read
First-time unemployment filings dipped in the latest weekly data, resuming a recent downward trend in jobless claims after a temporary spike.
The Labor Department most recent weekly jobless claims report showed 232,000 Americans filed for unemployment in the week ended Feb 19., down from a revised 249,000 during the prior period. Economists surveyed by Bloomberg projected a read of 235,000, according to consensus data.
Prior to the latest figure, jobless claims ticked up slightly after a consistent decline that signaled Omicron-related pressures on the labor market were beginning to abate following a temporary surge in mid-January to a print of nearly 300,000.
“Ongoing issues with labor supply has led companies to increase retention rates, which has contributed to the low level of jobless claims,” Bank of America economists wrote in a note published Friday. “We expect this to persist over the course of the year.”
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7:00 a.m. ET: Contracts on S&P 500, Dow, and Nasdaq erase more than 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Here were the main moves in markets in pre-market trading Thursday:
S&P 500 futures (ES=F): -91.75 points (-2.17{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,130.25
Dow futures (YM=F): -741 points (-2.24{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 32,325.00
Nasdaq futures (NQ=F): -372.50 points (-2.76{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,135.00
Crude (CL=F): +$7.78 (+8.45{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $99.88 a barrel
Gold (GC=F): +$52.70 (+2.76{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,963.10 per ounce
10-year Treasury (^TNX): +2.9 bps to yield 1.9770{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
—
10:57 p.m. ET Wednesday: Dow futures plunge more than 700 points after Russia announces troops to enter Ukraine
Here were the main moves in markets as of 11:02 p.m. ET:
S&P 500 futures (ES=F): -87.75 points (2.08{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,134.25
Dow futures (YM=F): -709.00 points (-2.14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 32,357.00
Nasdaq futures (NQ=F): -340.25 points (-2.52{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,167.25
Crude (CL=F): +$2.65 (+2.88{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $94.75 a barrel
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6:00 p.m. ET Wednesday: Futures open flat after S&P 500, Dow and Nasdaq notch fresh 2022 lows
Here were the main moves in markets in extended trading Wednesday:
S&P 500 futures (ES=F): +0.50 points (+0.01{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,222.50
Dow futures (YM=F): +23.00 points (+0.07{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 33,089.00
Nasdaq futures (NQ=F): +2.75 points (+0.02{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,510.25
Crude (CL=F): +$0.56 (+0.61{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $92.66 a barrel
Gold (GC=F): +$1.40 (+0.07{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,911.80 per ounce
10-year Treasury (^TNX): +2.9 bps to yield 1.9770{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Traders work on the floor of the New York Stock Exchange at the opening bell on February 22 2022, in New York. – Wall Street stocks retreated early on February 22 as Russian President Vladimir Putin’s latest escalation of the Ukraine conflict stoked volatility in markets. (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images)
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Read the latest financial and business news from Yahoo Finance
Russia invasion of Ukraine spikes oil as investors weigh actions.
Lloyds on ‘heightened alert’ for Russian cyberattacks on banks, CEO says
Britain’s biggest domestic lender Lloyds said on Thursday it was on “heightened alert” for cyberattacks from Russia as the crisis in Ukraine has worsened.
“We’ve been on heightened alert… internally around our cyber risk controls and we’ve been focused on this now for quite a while,” Lloyds CEO Charlie Nunn told reporters after the bank’s full-year results.
Preparation for potential cyberattacks was discussed in a meeting between the government and banking industry leaders about Russia on Wednesday, Nunn added. Lloyds has been on heightened alert for the “last couple of months”, Nunn said.
Stock futures tumble, oil surges as Russia launches full-scale attack in Ukraine
The major futures indexes are suggesting a decline of more than 2.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, or more than 800 points on the Dow.
The price of oil jumped on concern about possible disruption of Russian supplies. U.S. crude is gaining $7.62 to $99.72 per barrel. Brent crude is higher by $8.33 to $105 per barrel. Brent traded at $94.05 the previous session.
Stock futures dive, oil surges as Russia invades Ukraine
U.S. equity futures plunged as Russian President Vladimir Putin launched his along-anticipated military operation in Ukraine. U.S. crude oil and Brent both moved higher. Continue reading
Bitcoin trades around $35,000
In cryptocurrencies, Bitcoin traded down more than 4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} around $35,000, as investors sold risky assets. Bitcoin has recently been trading in concert with the stock market due to concerns about inflation and upcoming interest rate moves by the Federal Reserve.
US facing worst worker shortage since WW2, Goldman says
The U.S. economy
is facing the worst labor shortage in close to a century, according to new research, raising the prospect of prolonged higher-than-usual inflation.
Goldman Sachs economists, led by Jan Hatzius, estimated that there is a shortage of 4.6 million workers in the U.S. Continue reading
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