FX.co ★ Weekly US market review on March 1. Russia-Ukraine conflict deteriorates economic conditions

S&P500

Weekly US market review for February 23 - March 1

Global markets came under strong pressure last week as Russia invaded Ukraine on February 24. The military conflict is dramatically escalating. Russian forces launched rocket and air attacks on facilities in Ukraine. A column of tanks was reportedly deployed by Russian troops from three main directions. Currently, there is a huge number of Ukrainian refugees. Over 100,000 people have already fled to Poland. People in large Ukrainian cities seek shelter from Russian airstrikes in subways. Western nations imposed very tough sanctions on Russia in response to the invasion of Ukraine. Accounts and transactions involving Russia's central banks were blocked. Major Russian banks were cut off from the SWIFT international payment system. The West introduced personal sanctions on Russian President Vladimir Putin and his Foreign Minister Sergei Lavrov, on major Russian businessmen close to the government. However, the first Ukraine-Russia talks were ineffective as they did not result in a cease-fire. At the time of writing this review, Russian troops started to attack Kherson. However, now Ukrainian troops manage to hold all major cities. The Ukrainian army and the Zelensky administration takes control of Kiev.

US indices for week:

The Dow stays in the range of 33,800 - 33,900. It fell by 100 points or 0.3%

The NASDAQ remains in the range of 13500 - 13,750. It rose by 250 points or 1.7%.

The S&P500 is trading in the range of 4330 - 4370. It added 40 points or 1%

Outlook:

The Dow is likely to remain in the range of 33,500 - 34,500

The NASDAQ is likely to stay in the range of 13,300 - 14,300

The S&P500 is expected to be in the range of 4300 - 4500

Conclusion: The US market is set to grow as the economy is booming and the market has had a strong correction. However, the Russia-Ukraine conflict could deteriorate economic conditions.