Russia-Ukraine Makes Wall Street Back, American Express shares to Nike Fall

United States stock exchange or Wall Street Stocks are red at the close of trading Monday (07/02/2022) local time (Tuesday morning WIB). The four-week weakness, as the Russian and Ukrainian conflicts raised market concerns about potential increases in energy prices, as well as an economic slowdown and rising inflation. The Dow Jones industrial average .

DJIA was down 797.42 points (2.3 percent) at 32,817.38. The DJIA's decline was dragged down by a sinking of American Express shares of nearly 8 percent, and Boeing's 6.4 percent. Read also: 10 Most Collected Foreign Stocks in a Week, There Are Shares of Bank Jago to Bank Neo Commerce S&P 500 fell close to 3 percent to 4,201.09, with the average index weakness reached 12 percent, including United Airline which plunged 15.01 percent and Delta Air Lines plunged 12.7 percent. The deepest weakness was on the Nasdaq Composite by 3.6 percent to 12,830.96. 

Jim Paulsen, chief investment strategist for Leuthold Group, said Wall Street's weakness was hit by the continued Russia-Ukraine war, and investors were monitoring the potential economic consequences of global energy supply disruptions. "This conflict resulted in 'stagflation' which quickly became a major focus in investors' portfolio strategies. These investor concerns are also related to the readiness of possible slower growth and inflation," Paulsen said.

On Sunday, U.S. oil prices hit their highest level since 2008 amid the ongoing war between Russia and Ukraine. West Texas Intermediate crude futures, the U.S. benchmark oil benchmark hit $130 a barrel, WTI oil closed up 3.2 percent at $119.40 a barrel, while the international benchmark, Brent crude, jumped to $139.13 a barrel. Energy stocks also rose along with oil prices, as Baker Hughes rocketed 4.7 percent, Chevron rose 2.1 percent, and Exxon Mobil shot up 3.6 percent.

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