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Friday’s performance was part of a larger shift. For the week, the Dow, S&P 500 and Nasdaq fell 2%, 2.9%, and 3.5%, respectively. Ukrainian forces successfully attacked Russian vehicles in the capital city of Kyiv thanks to a public tip made through the encrypted messaging app Telegram, Ukraine's top law-enforcement agency said on Tuesday. 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. Ukrainian President Volodymyr Zelensky said in a video message on Tuesday that Ukrainian forces "destroy the invaders wherever we can." "Markets were cheering this economic recovery and return to strong economic growth, but the cheers will turn to tears if the inflation outbreak pushes businesses and consumers to the brink of recession," he added.
from cn