US, Asian stocks slide as oil prices rise again

The Dow Jones Industrial Average fell 448.96 points, or 1.3%, to 34,358.50. The S&P 500 index fell 1.2 percent to 4,456.24. The Nasdaq Composite Index fell 1.3% to 13,922.60 points.

Markets stock In Asia – Pacific opening session this morning also dropped when oil prices rose again. Japan’s Nikkei 225 index fell 1.23% in early trading. The Topix index fell 1.02%. South Korea’s Kospi index also fell 0.73%. In Australia, the S&P/ASX 200 index fell 0.18% in early morning trading.

Traders are still watching the news Latest from Ukraine. Ukrainian President Volodymyr Zelensky urged countries to put more pressure on Russia as the conflict appeared to be reaching a stalemate.

Oil prices edged higher yesterday, with WTI rising about 5% to $115 a barrel. Brent oil price also increased more than 5% to 121 USD/barrel.

As of 7:40 am this morning, the price of WTI oil is trading at 115.8 USD/barrel. While the price of Brent oil rose to 122.5 USD/barrel.

Since the Russia-Ukraine conflict heated up, oil prices have fluctuated wildly as investors assess the impact of the war on oil supplies along with other concerns such as the coronavirus pandemic. Covid-19 outbreak in China – the world’s largest oil consumer.

The US 10-year Treasury yield also surpassed 2.41%, levels not seen since May 2019. Bond yields have risen since the start of the week when Fed Chairman Jerome Powell vowed to be more aggressive with inflation. Last week the Fed raised interest rates for the first time since 2018.

“Markets are still trying to find their footing,” said Jack Ablin, chief investment officer at Cresset Capital, adding: “It’s difficult to gauge how higher interest rates will impact inflation. economy and income. Add to that the war to limit oil.”