June 5, 2023

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Stocks Fall, Oil Prices Rise, Bitcoin Falls, After Russia Attacks Ukraine

Stocks Fall, Oil Prices Rise, Bitcoin Falls, After Russia Attacks Ukraine

US markets opened sharply lower on Thursday, after the global plunge in stocks and the surge in oil prices of more than $7 after Russian President Vladimir Putin launched military action in Ukraine, This prompted Washington and Europe to pledge to impose sanctions on Moscow that could disturb the global economy.

The Dow Jones fell 830 points Thursday morning as investors continued to decline amid concerns that a prolonged conflict could drive up energy prices, increase inflationary pressures and slow economic growth around the world. The S&P 500 fell 2.5%, sending the US stock index deeper into a market correction, and the heavy Nasdaq Composite fell 1.5%.

The price was down somewhat by 11:30 AM ET, with the Dow Jones dropping nearly 600 points, or 1.8%, to 32,539. The S&P 500 was down about 1% and the Nasdaq was down just 0.1%.

Bitcoin price keeps dropping

Meanwhile, the price of major cryptocurrencies continued to rise recession This week as the Russia-Ukraine crisis deepened and cryptocurrency buyers and other investors sought safer havens such as the US dollar and gold.

Bitcoin fell to $36,067 on Thursday, down 4%, after hitting $44,125 just a week ago. Ethereum price is down 6% to $2,464 and Solana price is down 5% to $85.34.

Asia Pacific markets also saw selling, with markets in Hong Kong and Sydney down 3%, while those in Tokyo and Seoul fell 2%. European stock markets fell 2.5% to 4%, and major Russian stock markets fell more than 35% on Thursday MOEX . indicator More than 150 billion dollars in value is lost, according to Bloomberg.

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Eurasia Group President Ian Bremer talks about the consequences and costs of the Russian invasion of Ukraine


The Ukraine offensive began moments after Russian President Vladimir Putin announced that he had “decided to conduct a special military operation” to protect the Donbass region of eastern Ukraine. CBS News reporters reported hearing explosions in the capital, Kiev, and in the eastern city of Kharkiv.

A Ukrainian government spokesman said early Thursday that “cruise and ballistic missile strikes are underway at control centers” in Kiev.

Gas prices in the United States are on the rise

Oil prices jumped 7.5 percent, topping more than $100 a barrel for the first time since 2014, amid concerns that the crisis in Eastern Europe could disrupt Russian crude supplies. Russia represents about 12% of the world’s oil supply It provides about 40% of the gas to the European Union. Most of this fuel is delivered via pipelines, including in Ukraine, according to Eurasia Group.

President Biden announced on Tuesday Sanctions against Russia After Russian President Vladimir Putin sent military forces to the eastern separatist regions of Ukraine. Experts now expect the United States and the European Union to respond to the latest hostilities with tougher economic sanctions, which could invite Russia to respond with its own measures.

“The response to the attack and sanctions will have far-reaching implications for the global economy,” analysts at political risk consultancy Eurasia Group said in a report. He added that “oil and gas prices will rise significantly, which will enhance inflationary pressures and burden financial markets and global growth.”

Although the United States is not dependent on Russian energy, rising global oil costs since late 2021 have put prices at the pump for Americans. The national average for a gallon of gas is $3.53 — 21 cents more than it was in January and 90 cents more than last year, according to the AAA. The highest price ever for a gallon of regular gas in the United States was $4.11 in July of 2008.

Russia’s attack on Ukraine has raised fears of a global economic slowdown, rising oil and gas prices


“Russia is one of the largest oil producers in the world after only the United States and Saudi Arabia,” AAA spokesman Andrew Gross said in a statement. Transfer. “And if they choose to withhold their oil from the global market, such a move will eventually be reflected in higher gas prices for American drivers.”

The S&P 500 down 1.8% It hit an eight-month low on Wednesday and is now in “correction” territory, with a loss of at least 10% from its recent peak, while the Dow and Nasdaq also closed lower. US stocks have fallen this year on investor expectations that the Federal Reserve will start raising interest rates as early as next month in an effort to curb inflation.

The Associated Press and Reuters contributed to this report.