Dow futures fall 500 points, Brent oil tops $100 as Russia, Ukraine tensions roil markets

America, European and Japanese allies to remove select Russian banks from the SWIFT

U.S. stock futures tumbled on Sunday as investors continue to monitor the developments between Russia and Ukraine and after U.S. and foreign allies agreed to remove select Russian banks from SWIFT, the global financial system, curbing access to banks in over 200 countries.

Dow futures fell over 500 points, in a volatile early session, while S&P 500 and Nasdaq Futures traded lower by over 2% a piece as of 7:30 pm ET.

After sharp losses during the session, U.S. equities staged a monster rally Friday with the Dow Jones Industrial Average rising over 834 points or 2.5% putting the benchmark on pace of the best day since late 2020. The S&P 500 rose 2.2% in a broad rally led by materials and financials. While the Nasdaq Composite added 1.6% helped by large-cap tech leaders Apple, Amazon, and Microsoft.

Strategas Chairman Jason DeSena Trennert, told Barron's Roundtable, investors should keep calm.

"You want to go back to first principles and think about the major things that drive stocks over longer periods of time" such as U.S. economic growth, monetary policy and corporate earnings all of which should not see a big impact from Russia Ukraine at the present time, excluding energy companies he noted.

In stocks to watch, British Petroleum, on Sunday, confirmed it will exit its stake in Russian energy company Rosneft – the latest private severance of relations with Russia as the global superpower invades neighboring Ukraine. BP, which has held a 19.75% stake in Rosneft since 2013, also said its chief executive, Bernard Looney, will resign from the Russian firm's board, effective immediately. Bob Dudley, a former BP executive, will also resign from Rosneft's board.

Russian exchange-traded funds could also be active following the additional sanctions being placed on Russia, which states that "selected" Russian banks are removed from the SWIFT financial system.

West Texas Intermediate crude rose to $97 per barrel, while Brent, the global benchmark, traded above $103 late Sunday.

Gold also jumped to above the $1,900 level. The Central bank of Russia, in a statement, said it will resume buying gold on the domestic market starting on Monday, Feb 28th. Russia’s international reserves have reached a new all-time high at $643 billion.

In cryptocurrencies, Bitcoin, the largest by market value, hovered around the $37,000 level Sunday evening.

.https://www.foxbusiness.com/markets/stock-futures-02-27-2022

Dow futures fall 500 points, Brent oil tops $100 as Russia, Ukraine tensions roil markets

America, European and Japanese allies to remove select Russian banks from the SWIFT

Dow futures fall 500 points, Brent oil tops $100 as Russia, Ukraine tensions roil markets

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