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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. Pavel Durov, Telegram's CEO, is known as "the Russian Mark Zuckerberg," for co-founding VKontakte, which is Russian for "in touch," a Facebook imitator that became the country's most popular social networking site. On Telegram’s website, it says that Pavel Durov “supports Telegram financially and ideologically while Nikolai (Duvov)’s input is technological.” Currently, the Telegram team is based in Dubai, having moved around from Berlin, London and Singapore after departing Russia. Meanwhile, the company which owns Telegram is registered in the British Virgin Islands. 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. The S&P 500 fell 1.3% to 4,204.36, and the Dow Jones Industrial Average was down 0.7% to 32,943.33. The Dow posted a fifth straight weekly loss — its longest losing streak since 2019. The Nasdaq Composite tumbled 2.2% to 12,843.81. Though all three indexes opened in the green, stocks took a turn after a new report showed U.S. consumer sentiment deteriorated more than expected in early March as consumers' inflation expectations soared to the highest since 1981.
from MS