S&P 500 pares early gains, drops back under 4250 with investors skeptical of Putin positivity By Frank_Macro SP500 Equities
got a pre-open boost by commentary from Russian President Vladimir Putin, who noted a positive shift in the rhetoric coming from Ukrainian officials in recent days. But investors have learned not to take comments from President Putin, or any other Russian officials, at face value in recent weeks, and the optimism was quickly pared. The index, which managed to nearly test its Tuesday highs at 4300 has now reversed back under the 4250 level, where it now trades about 0.3% lower.
Comments from the Ukrainian Foreign Minister Dmytro Kuleba suggesting that “zero” progress had been made in talks with Russian Foreign Minister Sergey Lavrov on Thursday highlighted just how difficult it is to guage the possibility that a diplomatic solution to the war might be found. For now, investors aren’t banking on it, which is probably one reason why the demand to push the S&P 500 back above 4300 just isn't there.
In terms of the other major US indices, the Nasdaq 100 was down 0.9% and back below the 13,500 level while the Dow has managed to maintain a modestly positive trading bias and is trading 0.2% higher in the 33,200s.
Geopolitics remains the main equity market driver next week. Traders are assessing the prospect for high-level Russo-Ukraine talks delivering some much-needed de-escalation as speculation about a potential Putin/Zelenskyy meeting build. But concerns are also mounting that Russia might turn up the heat in the conflict by using chemical/biological weapons, which could trigger a furious reaction from the international community.
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