The U.S. equity futures fell as the oil price jumped to their highest level since 2008.
The S&P 500 futures and the Nasdaq 100 futures fell 1.2% and 1.6%, respectively.
At one point, the West Texas Intermediate crude futures were at $127.66 per barrel. The international benchmark, brent crude, traded 9% higher to $128.60, the highest prices seen since 2008.
The US and its allies are considering banning Russian oil and natural gas imports in response to the country's attack on Ukraine, according to Secretary of State Antony Blinken. The national average price of gas was $4 a gallon, the highest level since 2008, according toAAA.
Russia violated a cease-fire agreement and fighting continued in or around the cities of Mariupol and Volnovakha. Mariupol City Council said that Russia violated a second attempt at a cease-fire that would allow its civilians to leave.
The blue chip index fell for the fourth straight week on Friday. The S&P 500 lost 0.7% and closed at a record high. The index moved down by 1.6%.
Despite positive U.S. economic data out Friday, investors continued to watch developments in the war between Russia and Ukraine.
Lindsay Bell said investors aren't just jumping out and exiting, they're rotating from Europe to the U.S.
Energy stocks were a bright spot in the market. The company gained a huge 17%. The bank stocks that benefit from higher interest rates were lower.
European stocks finished the week 7% lower, marking their worst stretch since March 2020. The VanEck Russia exchange traded fund fell 2% to finish the week down more than 50%.
Positive data from the U.S. Labor Department wasn't enough for investors to ignore concerns about the war between Russia and Ukraine. The Bureau of Labor Statistics reported that the economy added 678,000 jobs in February. The monthly jobs gain was better than expected. The unemployment rate fell.
The S&P 500 lost 1.3% for the week. The index lost 2.8%.
The bond market completely ignored the jobs report because people wanted to be defensive over the weekend and not want to own risk.
The Consumer Price Index for February is due Tuesday and is one of several economic data reports that will be released in the coming week. The stock market could be volatile in the week ahead if the key indicator shows inflation continues to rise.
The February job openings and labor turnover survey is due Wednesday.
A quiet week of earnings is on the way. The big tech names are due to report. Rivian automotive will report.
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