The tension also triggered a spike in wheat and corn prices, as Ukraine is a leading exporter of both grains. The Teucrium Wheat ( WEAT ) and Teucrium Corn ( CORN ) ETFs both rose, and investors expected more gains in the coming days. “If Russian stand off continues $WEAT may be a continued play,” said StockTwits trader TrendHunter . ” $CORN Historically March is the best month for Corn,” said tyla858 .
US STOCKS-Wall St slides as Ukraine tensions escalate
Oil prices also rose as investors attempted to price in how potential economic sanctions against Russia would affect energy supplies, especially in Europe. A barrel of crude oil rose 2.1% to $104.77. Gas prices jumped another 10 cents in Michigan in the past week to a statewide average of about $3.69 per gallon, AAA Michigan reported. The sell-off in foreign bourses was more pronounced in Europe, whose closer proximity to the latest shock epicenter caused investors to turn cautious and pare back risk. Russias benchmark stock index dropped 11% Monday, its biggest loss since November 2008, according to Bloomberg.
Stocks hit by Ukraine chaos; Dow off more than 200
Energy stocks could lose if relations between the United States and Russia deteriorate further. Volatility is likely to spike alongside the uncertainty of the situation. “Anything that involves a boycott of Russian supplies, which are very significant, could impact the energy sector dramatically,” said Meckler. “In situations like this, you see very http://www.todayhotstocks.com quick reactions reverse as people understand the scenario and how things play out.” Both Brent and U.S. crude prices rose more than 2 percent each.
US STOCKS-Wall Street falls on Ukraine tensions
“If you need an excuse to sell, this is a good one.” Russian stocks and bonds fell sharply and the central bank hiked interest rates to defend the ruble. The MICEX index of Moscow stocks tumbled 11 percent to 1,288.81. The dollar-denominated RTS stock index tumbled 12 percent. The Market Vectors Russia ETF fell 7 percent in heavy volume, hitting a session low of $22.16, its lowest in 4-1/2 years.
STOCKS AROUND THE WORLD GET SLAMMED: Here’s What You Need To Know
Meanwhile, there were lots of economic data coming out in the U.S. and abroad. The ISM manufacturing index climbed to 53.2 in February from 51.3 in January. The new orders subindex jumped to 54.5 from 51.2.