{"id":27822,"date":"2023-06-26T18:54:50","date_gmt":"2023-06-26T22:54:50","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dow-extends-longest-losing-streak-since-september-after-russia-chaos-as-economic-worries-reverberate\/"},"modified":"2023-06-26T18:54:51","modified_gmt":"2023-06-26T22:54:51","slug":"dow-extends-longest-losing-streak-since-september-after-russia-chaos-as-economic-worries-reverberate","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=27822","title":{"rendered":"Dow extends longest losing streak since September after Russia chaos as economic worries reverberate"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002211105\" role=\"document\">\n<p>U.S. stocks finished lower on Monday, sending Dow industrials down for a sixth straight session, as investors assessed the ramifications of a volatile weekend in Russia and jitters around the economic outlook.<\/p>\n<h2>What happened<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"negative\">-0.04%<\/bg-quote><br \/>\n       finished marginally lower by 12.72 points at 33,714.71. It\u2019s down 693.35 points, or 2%, over the past six trading sessions \u2014 matching its six-day losing streak for the period that ended on Sept. 27, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"negative\">-0.45%<\/bg-quote><br \/>\n       ended down by 19.51 points, or 0.5%, at 4,328.82.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598365\/realtime\" class=\"negative\">-1.16%<\/bg-quote><br \/>\n       finished down by 156.74 points, or 1.2%, at 13,335.78 \u2014 its lowest close since June 9.<\/p>\n<\/li>\n<\/ul>\n<p>The S&amp;P 500 fell last week, ending a streak of five straight weekly gains, while the Dow and Nasdaq Composite also pulled back. The S&amp;P 500 and Nasdaq hit 14-month highs earlier this month.<\/p>\n<div class=\"paywall\">\n<p><strong>See: <\/strong>Why the \u2018easy money\u2019 has been made in the stock-market rally \u2014 and what comes next<\/p>\n<h2>What drove markets<\/h2>\n<p>Financial markets had a relatively muted reaction to the past weekend\u2019s short-lived revolt in Russia, though some analysts said the prospect of further internal strife after the incident could stoke volatility. On Monday, Russian President Vladimir Putin described the Wagner Group\u2019s rebellion as a \u201ccriminal activity,\u201d and said its organizers would be \u201cbrought to justice.\u201d\u00a0Meanwhile, U.S. President Joe Biden said his administration is evaluating the situation in Russia.<\/p>\n<p><strong>See:<\/strong> What\u2019s next for markets after aborted Wagner mutiny leaves Russia\u2019s Putin weakened<\/p>\n<p>\u201cSo far, the markets appear to be taking a wait-and-see attitude toward the weekend\u2019s eye-opening developments in Russia. But that element of geopolitical uncertainty unfolded just as the stock market suffered its first down week since mid-May as the Fed stuck to its hawkish script on interest rates,\u201d said Chris Larkin, managing director for trading and investing at E-Trade from Morgan Stanley, in emailed comments.<\/p>\n<p><strong>Read:<\/strong> After coup attempt in Russia, how should you invest $100,000 right now?<\/p>\n<p>The mutiny by the mercenary Wagner Group ended abruptly Saturday after its forces had moved to within a few hours of Moscow. Analysts and foreign-policy experts said the incident weakened Putin, raising questions about his grip on power.<\/p>\n<p>While the human toll of the Russia-Ukraine war is staggering, the market reaction is largely a function of how the fighting affects commodity prices, analysts said. Crude futures<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.12%<\/bg-quote><br \/>\n       settled only modestly higher on Monday, while gold and silver prices also ended up.<\/p>\n<p>\u201cFor the most part, the market reaction was that there wasn\u2019t anything new there that changed people\u2019s thoughts about Putin\u2019s credibility for very long,\u201d said Tom di Galoma, managing director and co-head of global rates trading at BTIG in New York. \u201cThe markets sloughed it off pretty quickly.\u201d<\/p>\n<p>Worries about the global economy continued after a sharp drop in the German Ifo business-climate index for June. The closely watched gauge\u00a0declined to 88.5 in June\u00a0from 91.5 in May, according to data from the Ifo Institute published Monday. The reading fell below economists\u2019 expectations in a poll by The Wall Street Journal.<\/p>\n<p>A flurry of rate hikes by European central banks last week heightened worries about growth. Meanwhile, Federal Reserve Chair Jerome Powell reiterated that a strong majority of policy makers were in favor of two more quarter-point rate increases, after the central bank opted to leave its fed-funds rate unchanged earlier this month.<\/p>\n<p>\u201cWith Fed chief Powell reminding everyone the inflation fight is a long way from being over \u2014 and that the Fed could raise rates another 0.5% before they call it quits \u2014 every inflation data point will be closely scrutinized,\u201d said E-Trade\u2019s Larkin.<\/p>\n<p>That includes Friday\u2019s personal-consumption expenditures index, the Fed\u2019s preferred inflation measure, and the June jobs report next week, he said, which \u201ccould determine whether last week\u2019s pullback remains just that or turns into something bigger.\u201d<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Tesla<\/strong>\u00a0<strong>Inc.<\/strong><br \/>\n        TSLA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203558040\/lastsale\" class=\"negative\">-6.06%<\/bg-quote><br \/>\n       shares finished down by 6.1% after Goldman Sachs became the latest Wall Street bank to downgrade the automaker.<\/p>\n<\/li>\n<li>\n      Shares of <strong>Lucid Group Inc.<\/strong><br \/>\n        LCID,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/221104327\/composite\" class=\"positive\">+1.46%<\/bg-quote><br \/>\n       ended 1.5% higher, bouncing off a record-low close, after the electric-vehicle and battery-pack maker disclosed a supply agreement with U.K.-based luxury automaker Aston Martin Lagonda Global Holdings PLC<br \/>\n        ARGGY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/201807162\/delayed\" class=\"positive\">+11.08%<\/bg-quote><\/p>\n<p>        AML,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/201272201\/delayed\" class=\"positive\">+10.76%<\/bg-quote><span>.<\/span><\/p>\n<\/li>\n<li>\n      <strong>Virgin Galactic Holdings Inc.<\/strong><br \/>\n        SPCE,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208333884\/composite\" class=\"negative\">-4.61%<\/bg-quote><br \/>\n       shares finished down by 4.6%, failing to hold premarket gains seen after the private spaceflight company announced June 29 as the target date for its first commercial flight.<\/p>\n<\/li>\n<\/ul>\n<p>\u2014 <em>Steve Goldstein contributed. <\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-stock-futures-point-to-more-caution-after-russian-turmoil-amid-economic-worries-d9e11c9e?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks finished lower on Monday, sending Dow industrials down for a sixth straight session, as investors assessed the ramifications of a volatile weekend in Russia and jitters around the economic outlook. What happened The Dow Jones Industrial Average DJIA, -0.04% finished marginally lower by 12.72 points at 33,714.71. It\u2019s down 693.35 points, or 2%, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":27823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-27822","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow extends longest losing streak since September after Russia chaos as economic worries reverberate | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks finished lower on Monday, sending Dow industrials down for a sixth straight session, as investors assessed the ramifications of a volatile\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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