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The major US equity indexes closed mostly higher after a week of historic volatility sparked by Russia’s invasion of Ukraine. On Thursday, the Nasdaq Index swung by 6.8%, the largest intraday range since March 2020. Although a Russian incursion into Ukraine had been widely anticipated, investors appeared surprised by Russian President Vladimir Putin’s decision to launch a broad-scale invasion beyond the breakaway Donbass region. News of attacks on the capital, Kyiv, and other major cities on Thursday morning sent stocks sharply lower. But stocks rallied sharply at the end of the week after Russia stated that it was ready for negotiations with Ukraine and by the fact that Western sanctions against Russia were not as severe as some feared, particularly regarding its energy sector. Friday’s rally pushed the yield on the 10-year U.S. Treasury note slightly higher for the week. Shares in Europe fell over the week as Russia’s invasion of Ukraine fueled fears of higher inflation and an economic slowdown. Markets in China also recorded a weekly loss. Oil and precious metals were practically unchanged on the week. Cryptos all ended lower on the week but well off the Putin plunge lows.
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Major stock indexes finished the week higher, recovering some of the previous week’s losses despite some continuing uncertainty around the incoming Trump administration’s policies and escalating geopolitical tensions between Russia and Ukraine. Gains for the week were also relatively broad-based, with small caps outperforming large-caps and an equal-weighted version of the S&P 500 Index outpacing the main index. Shares of Nvidia ended the week little changed as investors appeared to be generally satisfied with the results, although the guidance for Q4 was lighter than some analysts expected. Solid US economic data sparked a rethink of Fed rate-cut expectations, with the curve now pricing in a 50-50 chance of 2 or 3 cuts by the end of 2025.