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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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Most US equities indexes ended the week lower, although the tech-heavy Nasdaq Composite advanced modestly and cleared the 20,000 mark for the first time. The Russell 2000 Index recorded a second consecutive week of underperformance against the S&P 500 Index. Growth stocks posted a third consecutive week of outperformance versus value, thanks in part to gains in shares of Tesla (12%) and Alphabet (8.4%). On the macro-economic side, stagflation fears started to rise once again. Indeed, YoY CPI and PPI both accelerated. Meanwhile overall macro surprises disappointed for the fourth week in a row: on Thursday, the Labor Department reported a surprise jump in weekly initial jobless claims to a two-month high of 242,000.