"After leading stocks on Wednesday, the small-cap Russell 2000 was hammered, down 1.92% to close at 2,585. The only good news is that all of the indices finished the day well off the lows. The Dow Jones Industrials took a huge hit on the day, closing down 1.61% at 47,954, while the S&P 500 closed down 0.56% at 6,830."
"Needless to say, the biggest story was spiraling prices across the energy complex. Brent Crude closed higher by 3.92%, at $84.59, but the move higher by West Texas Intermediate, which finished up 6.90% at $79.81, is what gave the bears all they needed, as prices at the pump will start moving much higher in the near-term."
"Yields were higher across the belly and the long end of the Treasury curve, while some buying was seen at the front-end short maturities. Higher energy prices and the threat of an inflation spike put pressure on the government debt market and could persist if the jobs report is poor. The 30-year long bond finished the day at 4.75%, while the benchmark 10-year note was last seen at a 4.13% yield."
Markets experienced significant volatility throughout the week, with Thursday reversing Wednesday's gains as geopolitical tensions escalated. Oil prices jumped substantially, with West Texas Intermediate rising 6.90% to $79.81 and Brent Crude climbing 3.92% to $84.59, driving energy-related market movements. Major indices declined: the Dow Jones fell 1.61% to 47,954, the S&P 500 dropped 0.56% to 6,830, and the Nasdaq decreased 0.26% to 22,748. The Russell 2000 small-cap index suffered the largest loss at 1.92%. Treasury yields rose across the curve, with the 10-year note at 4.13% and the 30-year bond at 4.75%, reflecting inflation concerns. Gold and silver declined 1.22% and 1.86% respectively, despite their typical safe-haven status.
Read at 24/7 Wall St.
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