tightening. The S&P 500 shed 2.0% to drop under the 4400 level once more, with the bears now eyeing a test of Monday’s lows in the 4360s, while the Nasdaq 100 dropped 2.9% and the Dow dropped 1.8% to hit fresh lows for the week in the 34,300s. The S&P 500 CBOE Volatility Index rose over three points to the mid-27.00s but was still substantially lower than Monday’s highs at 32.00.
Renewed fighting broke out on Thursday between Russia-backed separatist forces and the Ukraine military in the Eastern Ukraine Donbas region as NATO leaders continued to sound about a potential Russian invasion as the country continued to amass troops. Meanwhile, Russia released its response to US security proposals, criticising the country for not taking its concerns seriously and expelled the US Deputy Ambassador from Moscow.
Against the backdrop of already high inflation and further warnings from hawkish Fed policymaker James Bullard on Thursday that the Fed should prepare for the possibility of longer-lasting inflation, the risk that Russian commodity export bans trigger a fresh round of global inflation is a worrying prospect. Further Fed speakers will orate on Friday, including influential policymakers including Fed Vice Chairwoman Lael Brainard and NY Fed President John Williams.
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