By Oliver Gray
Investing.com - U.S. stock futures were trading lower in early APAC deals on Monday, as investors rotated away from riskier assets into perceived safe-havens, sending commodities higher, while Secretary of State Antony Blinken said the on Sunday that the U.S. and its allies are considering banning Russian oil and natural gas imports.
During Friday’s session, the Dow Jones Industrial Average lost 179.86 points or 0.53% to 33614.81, the S&P 500 fell 34.62 points or 0.79% to 4328.88 and the NASDAQ Composite dropped 224.5 points or 1.66% to 13313.44. For the week, the Dow fell 0.76%, the S&P 500 lost 0.61% and the Nasdaq fell 1.9%.
Dow Jones Futures lost 0.85%, S&P 500 Futures were down 1.17% while Nasdaq 100 Futures lost 1.72%
Among stocks, Energy companies were among the largest gainers as Crude Oil prices surged to fresh 13-year highs. Devon Energy Corporation (NYSE:DVN) added 1.22%, Exxon Mobil Corp (NYSE:XOM) added 3.76% and Chevron Corp (NYSE:CVX) lifted 1.56%. Meanwhile, Occidental Petroleum Corporation (NYSE:OXY) surged 17.56% after Berkshire Hathaway (NYSE:BRKa) revealed $5 billion stake in the oil giant on Friday.
Major financial players were lower, with JPMorgan Chase & Co (NYSE:JPM) down 2.81%, Citizens Financial Group Inc (NYSE:CFG) falling 4.02%, Bank of America Corp (NYSE:BAC) down 3.62%, Citigroup Inc (NYSE:C) losing 1.79%, Wells Fargo & Company (NYSE:WFC) down 4.78%, Morgan Stanley (NYSE:MS) losing 1.62% and Goldman Sachs Group Inc (NYSE:GS) down 1.12%.
Technology companies also suffered as Apple Inc (NASDAQ:AAPL) lost 1.84%, Alphabet Inc (NASDAQ:GOOGL) fell 1.49%, Block Inc (NYSE:SQ) shed 6.74%, Amazon.com Inc (NASDAQ:AMZN) fell 1.53% Meta Platforms Inc (NASDAQ:FB) lost 1.43% and Microsoft Corporation (NASDAQ:MSFT) declined 2.05%.
Electric vehicle manufacturers retreated as Tesla Inc (NASDAQ:TSLA) lost 0.12%, Rivian Automotive Inc (NASDAQ:RIVN) dropped 6.91% and Lucid Group Inc (NASDAQ:LCID) closed flat at 22.63.
On the bond markets, United States 10-Year rates were at 5-weeks lows of 1.736%.
Among data, Bureau of Labor Statistics reported that the economy added 678,000 jobs in February, coming in above analyst expectations, while the unemployment rate slipped to 3.8%.
Ahead in the week, investors will be closely monitoring the February’s Consumer Price Index which set to be released on Tuesday, with data expected to show inflation continuing to rise sharply. On Wednesday, February job openings and labor turnover survey, or JOLTS will be released.
Corporate earnings reports are quieter this week, with names such as Oracle Corporation (NYSE:ORCL), DocuSign Inc (NASDAQ:DOCU), Rivian Automotive Inc (NASDAQ:RIVN) and Crowdstrike Holdings Inc (NASDAQ:CRWD) among the names scheduled to report.