Contents
S&P 500 climbs to highest level since January
The S&P 500 rose to its highest level since January, as markets reacted to news that peace talks with Russia and Ukraine were going well.
Both sides have been engaged in talks for several days, with many believing that there could be light at the end of the tunnel.
| 💡 Neutrality seems to be the main talking point, what’s Ukraine’s position? Ukrainian President Volodymyr Zelenskyy had previously said he was willing to discuss his country’s neutrality to bring an end to the war “without delay.” However, over the weekend, he said he would not sacrifice his country’s territorial integrity |
This comes as Russia’s Defence Minister Sergei Shoigu said that “On the whole, the main goals of the first step of the operation have been fulfilled.”
As of writing, there have not been any formal reports from the Ukrainian side, with some comments from President Volodymyr Zelensky expected later today.
The benchmark S&P 500 closed 1.23% higher on the day.
U.S. job openings come in higher than expected
Ahead of this Friday’s Non-farm payrolls report, data released today reported that job openings had risen in the United States.
Figures from the Labor Department showed that the Job Openings and Labor Turnover Survey had risen to 11.3 million openings.
This number is marginally higher than the 11.1 million expected and was a contributing factor in today’s rally in markets.
source: tradingeconomics.com
GBPUSD fell to a 1-week low of 1.3020 on the news, as markets now wait for private payrolls tomorrow, ahead of the NFP report later this week.
The blue chip Dow Jones was 0.97% higher.
Oil prices fall to nearly 10-day low
Oil prices fell for a second consecutive session on Tuesday, as markets also reacted to the news of positive peace talks.
The reports which have suggested that a cease fire could be imminent helped push energy prices lower, following recent highs.
WTI crude dropped below $100 per barrel early in today’s session, which was the first time this had happened since March 17th. Crude finished the day at $105.
However, prices have since rallied, as we still await formal confirmation of Ukraine’s view of today’s meeting.
Markets continue to be volatile due to several factors, with the lockdowns in Shanghai also playing a part in current price uncertainty.
“We don’t care about ‘why’. Real traders only have the time and interest to care about ‘what’ and ‘when’ and ‘if’ and ‘then’. ‘Why’ is for pretenders.”
-JC Parets.
