Stock futures were lower ahead of Friday’s session as the Dow Jones Industrial Average headed for its fifth losing week in a row amid Russia’s invasion of Ukraine.
Futures on the Dow Jones Industrial Average slipped 50 points. S&P 500 futures fell 0.44% and Nasdaq 100 futures declined 0.66%.
The Dow Jones Industrial Average dipped 112.18 points to 33,174.07 during regular trading on Thursday, after climbing more than 650 points in the previous session, while the S&P 500 shed 0.4%. The technology-heavy Nasdaq Composite dropped 1% to 13,129.96, led by losses from Apple and Meta Platforms.
Week to date, the Dow is down 1.31% and headed for its fifth negative week in a row since May 2019. Meanwhile, the S&P is down 1.60% and Nasdaq 1.38% this week.
The losses came as negotiations between Russia and Ukraine came to a halt without progress on a cease-fire or passage for civilians attempting to flee the city of Mariupol. The markets have fluctuated in recent weeks as investors weigh the fallout of the conflict between Russia and Ukraine.
Meanwhile, oil prices, which have been volatile amid the conflict, fell again on Thursday with West Texas Intermediate crude sliding to roughly $106 per barrel. Brent crude oil fell 1% to about $109 per barrel. Commodities including gold and silver which have rallied amid the war in Ukraine settled up 0.61% and 1.70% respectively.
“History from an investment point of view is on our side for the long-term,” Stephanie Link, Hightower’s chief investment strategist told CNBC’s “Closing Bell” on Thursday. “The market can recover, and I think eventually we will. We’ll have to see how long this goes but eventually, the market will recover.”
Thursday’s inflation report showed the consumer price index reach 7.9% in February, a fresh 40-year high. That was slightly higher than the expected 7.8% for the year, according to Dow Jones estimates. CPI gained month-over-month 0.8%, above estimates of 0.7% for the month.
Shares of Rivian slipped more than 11% in extended trading after missing estimates for the fourth quarter on the top and bottom lines, while DocuSign sank 18% after issuing weak guidance for the first quarter and fiscal year.