Stocks Closed Mixed As The War Continues  Image: Bigstock Stocks closed mixed yesterday with the Dow and the S&P in the red, while the Nasdaq and the Russell 2000 were in the green. The markets were under pressure from the beginning as the war between Russia and Ukraine intensifies. Talks between a Russian delegation and Ukrainian delegation yesterday near the border of Belarus yielded only frustration. If anything, it shows how unrealistic Russia's position is, which includes Ukraine's pledge to never join NATO and to completely demilitarize the country. The world is stepping up their sanctions against Russia. The additional concern now being, as they become more and more isolated, how will they respond? The western allies agreed over the weekend to ban certain financial institutions from SWIFT (the global banking messaging system known as the Society for Worldwide Interbank Financial Telecommunications), but left carveouts for oil and gas transactions. The ruble plummeted nearly -30% yesterday as a result. As oil and natural gas prices rise, the U.S. and other oil consuming nations are considering releasing a portion of their emergency reserves in an effort to increase supply and bring down prices. In the meantime, the war rages on. In other news, the Chicago Purchasing Managers Index slipped to 56.3 from last month's 65.2 and views for 63.0. Although, the Dallas Fed Manufacturing Survey jumped to 14.0 vs. last month's 2.0 and the consensus for 1.0. Today we'll get the Redbook retail sales report, the PMI Manufacturing report, the ISM Manufacturing Index, and Construction Spending. Everybody will also be watching the President's State of the Union tonight. That, of course, takes place in the evening after the market's close. Nevertheless, it's something that traders and everybody will be watching closely. And it could have an influence of the futures prices in the evening and the market the next day. So everybody will be watching to see if there's any market-moving news either way. As I mentioned last week, it's a shame that the world has to worry about war with Russia and Ukraine. Most economies around the globe are rebounding nicely. And with Omicron cases dropping in most countries (especially in the U.S.), and Covid restrictions being lifted, this should be a time of celebration, both economically and from a personal perspective. So it's too bad this has become the focus. But this will eventually pass. And the good news that's being overlooked right now should soon become the new focus. Because the pent-up economic demand in the U.S. and around the world will help usher in a multiyear boom. See you tomorrow,  Kevin Matras
Executive Vice President, Zacks Investment Research | 
