US equity markets retreated sharply in Friday’s (11 February) afternoon session (and crude prices jumped), with U.S. National Security Advisor Jake Sullivan advising at a White House briefing that took place ~2-hours before the close of trading that there were signs of Russian escalation at the Ukraine border - Dow down -504-points or -1.43% . The broader S&P500 shed -1.90%, with Information Technology (down -3.01%), Consumer Discretionary (-2.82%) and Communication Services (-2.54%) all falling over >2.5% and leading nine of the eleven primary sectors lower. Energy (up +2.79%) and Utilities (+0.01%) were the only sectors to advance. Exxon Mobil Corp and ConocoPhillips gained +2.5% and +2.3%, respectively. However, American Airlines Group Inc fell -5.88% and Delta Air Lines Inc -3.58%. The Nasdaq dropped -2.78%. Semiconductor stocks, which have been volatile in part due to supply chain issues caused by COVID, were notable underperformers on Friday (11 February), with Advanced Micro Devices (down -10.01%), Nvidia Corp -7.3% and Xilinx Inc (-9.99%) both falling ~10%. The small capitalisation Russell 2000 lost -1.02%. “Buy now, pay later” provider Affirm Holdings Inc plunged -20.67% after the group posted a wider-than-expected fiscal second quarter loss and disappointing third quarter revenue guidance.
