What we’re reading (2/21)
“Rouble Sinks, Stocks Plunge As Russia Recognises Ukraine Breakaway Regions” (Reuters). “The rouble tanked on Monday, slipping past 80 against the dollar, while stocks plunged to their lowest in over a year as Russian President Vladimir Putin called for the immediate recognition of two breakaway regions in eastern Ukraine.”
“Dow Futures Drop More Than 400 Points As Tensions Between Russia And Ukraine Brew” (CNBC). “Stock futures fell sharply on Monday night, as traders continue to monitor brewing tensions between Russia and Ukraine. Futures tied to the Dow Jones Industrial Average were down by 476 43 points, or 1.4%. S&P 500 futures slid 1.7%, and Nasdaq 100 futures were off by 2.2%. The U.S. stock market was closed Monday due to the President’s Day holiday. Oil prices rose, with West Texas Intermediate futures jumping 3.6% to $94.30 per barrel.”
“JPMorgan Strategists Say Stock Pessimism Is ‘In Vogue,’ But Wrong” (Yahoo!Finance). “‘We believe one should look through the widespread ‘slowdown’ calls that are currently in vogue, and stay bullish on banks, mining, energy, insurance, autos, travel and telecoms,’ [JPMorgan Chase & Co. strategist Mislav] Matejka and his team wrote in a note on Monday. Over the past six months, and in direct contrast to bearish predictions, ‘the internals became more bullish again,’ they said.”
“Is There A Way Out Of America’s Impossible Housing Mess?” (Slate). “It’s not surprising that there are restrictive zoning rules in lots and lots of localities because that’s what current voters want. And their elected officials are essentially providing policies that respond to their voters. Moving things up to the state level offers some opportunities to make things better because the state sees the larger picture, particularly for things like regional labor markets.”
“Peloton’s New C.E.O. On The Tough Road Ahead” (DealBook). “At Peloton, Mr. McCarthy’s immediate task is to right the ship — the company’s chief financial officer said it wanted to save at least $800 million annually, on the same day Peloton announced it would lay off 20 percent of its corporate work force. But he also needs to fend off constant sale speculation, curtail frequent leaks and determine a postpandemic strategy.”
