Stocks dropped on Friday afternoon, as gains made earlier in the day on hopes for diplomatic progress between Russia and Ukraine turned to losses. Technology stocks were hit particularly hard by higher bond yields. In February 2014, the Ukrainian people ousted pro-Russian president Viktor Yanukovych, prompting Russia to invade and annex the Crimean peninsula. By the start of April, Pavel Durov had given his notice, with TechCrunch saying at the time that the CEO had resisted pressure to suppress pages criticizing the Russian government. In a message on his Telegram channel recently recounting the episode, Durov wrote: "I lost my company and my home, but would do it again – without hesitation." Russian President Vladimir Putin launched Russia's invasion of Ukraine in the early-morning hours of February 24, targeting several key cities with military strikes. Overall, extreme levels of fear in the market seems to have morphed into something more resembling concern. For example, the Cboe Volatility Index fell from its 2022 peak of 36, which it hit Monday, to around 30 on Friday, a sign of easing tensions. Meanwhile, while the price of WTI crude oil slipped from Sunday’s multiyear high $130 of barrel to $109 a pop. Markets have been expecting heavy restrictions on Russian oil, some of which the U.S. has already imposed, and that would reduce the global supply and bring about even more burdensome inflation.
from us