Russia’s Invasion Of Ukrainian Is Hurting U.S. And Russian Stocks But Boosting Some Commodities

Russia’s Invasion Of Ukrainian Is Hurting U.S. And Russian Stocks But Boosting Some Commodities

The Russian occupation of certain regions of Ukraine, along with warnings from the U. S. State Department that Russia is poised to take over the entire country, pushed stocks lower once again on Wednesday. The S&P 500 (SPX) broke an important support level by trading below 4, 300. This level held in January of 2022 and October and July of 2021. Depending on which technical analyst you talk to, the next level of support could be between the 4, 050 to 4, 000 range. While oil futures closed relatively flat despite a volatile morning of trading, palladium futures rose 3. 70%. Russia is the largest producer of palladium. Russia is also a big player in nickel and those futures rose about 1% on the day. Other Russia-related assets are also struggling. Russian ADR Mobile Telesystems (MBT) fell 8. 79% on Wednesday. Overnight, the MOEX Russia stock index pared some of its losses from Monday's 20% sell-off. The troubles may not be just with Russian companies. President Joe Biden announced new sanctions on Switzerland-based company Nord Stream 2 AG, which built the Russian Nord Stream 2 gas pipeline. If the United States and its allies are willing to target Russian companies