The bloodbath follows a historic surge in energy costs. Brent Crude spiked 14.90% to hit $106.50, while WTI surged 13.27% to $102.96, with both benchmarks now aggressively testing their 52-week highs of $119.46 and $119.43, respectively.
Despite the market carnage, President Donald Trump took to Truth Social to dismiss the economic anxiety, framing the record-high fuel costs as a necessary byproduct of his administration’s offensive against Tehran.
Meanwhile, the 10-year Treasury bond yielded 4.19%, and the two-year bond was at 3.63%. The CME Group's FedWatch tool’s projections show markets pricing a 97.3% likelihood of the Federal Reserve leaving the current interest rates unchanged in March.
Index
Performance (+/-)
Dow Jones
-1.61%
S&P 500
-1.41%
Nasdaq 100
-1.56%
Russell 2000
-2.60%
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Monday. The SPY was down 1.21% at $664.25, while the QQQ declined 1.38% to $591.49.
Stocks In Focus
Ovintiv
Ovintiv Inc. (NYSE:OVV) jumped 5.24% in premarket on Monday after Director Mayson Howard John sold 5,000 shares of common stock last week, according to a Form 4 filing with the Securities and Exchange Commission.
OVV maintains a strong price trend in the short, medium, and long terms, with a solid value ranking, as per Benzinga's Edge Stock Rankings.
Hims & Hers Health
Hims & Hers Health Inc. (NYSE:HIMS) surged 49.36% after it reportedly ended a public feud with Novo Nordisk AS (NYSE:NVO), as the former decided to sell its weight-loss drug on the telehealth platform.
Benzinga’s Edge Stock Rankings indicate that HIMS maintains a weaker price trend over the short, medium, ...
