Dow Jones futures tumbled Monday night, along with S&P 500 futures and Nasdaq futures. Russian President Vladimir Putin recognized two separatist regions of Ukraine as independent, sending in Russian troops.
The U.S. and other Western leaders condemned the move, promising limited sanctions for now.
Futures turned positive Sunday night when the White House said President Joe Biden had agreed "in principle" to a summit with Russia's Putin. Initial enthusiasm for a Biden-Putin summit faded as Russia said there were "no concrete plans" yet.
The stock market rally suffered significant damage last week, with the major indexes below key support and starting to move toward their Jan. 24 lows.
Ukraine's invasion fears are weighing heavily on the market rally, which is already dealing with inflation and other big headwinds. Investors should take a defensive posture with minimal exposure.
Dow Jones futures fell 1.4% vs. fair value. S&P 500 futures tumbled 1.7% and Nasdaq 100 futures plunged 2.3%.
Needless to say, futures have been volatile, shifting with every Russia-Ukraine headline.
U.S. markets were closed Monday, but other exchanges were open.
Russia's benchmark stock index dived 10.5% on Monday while the ruble tumbled on fears of a Ukraine invasion, triggering economic sanctions.
The 10-year Treasury yield fell 7 basis points to 1.86%, as investors flooded into safe havens, bidding up Treasury prices.
U.S. crude oil futures jumped 3%. Brent crude is nearing $100 a barrel. Natural gas futures soared.
A Marathon Petroleum refinery near New Orleans suffered explosions Monday. That could limit supplies of gasoline and diesel and push up fuel costs even more.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Apple stock, O'Reilly Automotive, Commercial Metals, Union Pacific, and Nutrien are five stocks holding up near buy points with relative strength lines at or near highs.
Apple dwarfs all of these names, but it's the only one trading below its 50-day moving average.
The RS line, the blue line in the charts provided, tracks a stock's performance vs. the S&P 500 index. It's an easy way to spot leading stocks in any kind of market. In a weak or choppy market, stocks with RS lines at highs could be leaders in the next rally.
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Meanwhile, Nvidia stock and Tesla rebounded from near their 200-day moving averages on Friday. This is an area where Tesla stock and Nvidia found support before in late January.
Can these big former winners continue to do so? It'll likely depend on the market rally's next moves. But as mega-cap stocks, Tesla and NVDA stock will have something to say about the overall market direction.
Donald Trump's Truth Social site debuted in Apple's App Store at midnight Monday. That's a big step toward the social media return of former President Trump.
Facebook and Twitter banned Trump in the wake of Jan. 6, 2021, storming Capitol Hill.
Some users reportedly struggled to set up accounts after downloading the Truth Social app. Truth Social is set to be fully operational at the end of March. Analysts say Truth Social will be sure to attract a lot of users to start, but profitability could be difficult.
 Exposed In 2022What Is The Most Accurate Trading Indicator? |
Truth Social is part of Trump Media & Technology Group, which is going public via a SPAC merger with Digital World Acquisition Corp. DOC stock has done well in 2022 and appears to be consolidating once again.
Home Depot headlines earnings before Tuesday's open, while Mosaic and Palo Alto Networks are among those due after the close.
Tesla stock and Nvidia are on IBD Leaderboard. ORLY stock is on the IBD 50. Commercial Metals was Friday's IBD Stock Of The Day. UNP stock was Thursday's.
