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“Facts do not cease to exist because they are ignored.” – Aldous Huxley
It hasn’t been a fun morning for equity investors around the world this morning as futures have been in the red everywhere you look. German stocks, while currently off their morning lows are currently on pace to close in bear market territory. Here in the US, futures are also lower, but well off their overnight lows.
The Russia-Ukraine war continues to drive headlines, and the place it is being felt the most is in crude oil prices. While prices of WTI still remain elevated at a price of more than $118, they actually briefly traded as high as $130 in overnight trading. How desperate is the market for additional barrels of oil given the disruption of Russian supplies? This weekend, US government officials actually visited with the Venezuelan government in an effort to boost ties with a country we cut off diplomatic relations with back in 2019.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
Mondays (or the first trading day of the week when Monday was a holiday) have not been friendly to bulls this year. In the nine weeks so far this year, the S&P 500 has opened the day lower seven times by an average of 0.54%, and today looks like it will be the eighth). The rest of the week has also been negative, but with an average gap lower of 0.03% for all other days of the week, Mondays have been notably weak.
While stocks have opened the day lower to kick the week off, selling hasn’t necessarily followed through to the rest of the trading day. After opening down by an average of 0.54% to start the week, SPY has averaged an intraday gain of 0.42% with positive returns just over half of the time. That compares to an average intraday decline of 0.20% for all other days of the week.
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