- US equities surged for a second day as traders backed off predictions that the Federal Reserve will boost interest rates swiftly next month due to economic data and uncertainty over Russia's war in Ukraine.
- The S&P 500 index rose, with eight of the 11 sectors gaining more than 2%. In the meantime, advances in the tech-heavy Nasdaq 100 slowed as geopolitical uncertainties continued to weigh on overvalued technology stocks.
- While global stocks have made a strong comeback, it is still minor in comparison to the day-to-day drops that occurred in the weeks leading up to the invasion. It comes in a market where fund managers slashed positions aggressively in January and February, piled on options-market insurance, and ploughed into short sales, all of which could be fueling the turnaround's speed.
- Russia stated that it was willing to talk to Kiev. However, there was no hint that Ukraine would accede to requests or that the combat would come to a halt. The United States intends to join its allies in imposing sanctions on Russian President Putin.
- Treasury yields were unchanged, but the dollar and gold fell, indicating waning demand for safe haven assets. The price of crude oil in New York has dropped to around $92 per barrel.
- A prolonged conflict could hit global markets hard, delaying the planned normalisation of central bank policies this year. Disruptions in the supply of raw materials and food, on the other hand, might exacerbate already-high prices and put pressure on central banks to act more quickly to control inflation.
- On Friday, the Federal Reserve restated its belief that interest rates will be raised soon. The Fed's hike cycle is still expected to be around six quarter-point hikes, but bets on other central banks' hike cycles have been trimmed in recent days.
- Despite inflation and the omicron virus type, consumer expenditure in the United States increased more than predicted last month. Consumer sentiment, however, remained considerably lower than in January, according to a university of Michigan indicator.
