Market Wrap: Crypto, Stocks Rise Despite Ongoing Invasion of Ukraine
The Ukrainian president criticized the country’s allies for their lack of assistance in stopping the Russian advance
Ukraine Parliament in Kyiv.
key takeaways
- The Nasdaq and Dow posted respective gains of 1.53% and 2.51% respectively
- New reports show inflation continuing to break records
Markets have largely shrugged off Russia's intensifying invasion of Ukraine, with all major US indices posting gains.
The S&P 500 climbed 2.21%, and the Nasdaq and Dow posted respective gains of 1.53% and 2.51% respectively. The increases could have been the result of recently released reports showing inflation continuing to break records. Major cryptocurrencies also rose.
Equities often hold up well in inflationary periods.
Ukraine President Volodymyr Zelenskyy, meanwhile, on Friday criticized allies for leaving the country alone in its bid to stop the Russian advance.
"This morning, we are defending our country alone," Zelenskyy said. "Just like yesterday, the most powerful country in the world looked on from a distance. Russia was hit with sanctions yesterday, but these are not enough to get these foreign troops off our soil. Only through solidarity and determination can this be achieved."
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In terms of crypto, bitcoin rose more than 2%, and ether notched a nearly 5% gain. The day's biggest gainer by the close of stock markets was LUNA, which soared almost 11%.
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Top stories
Story: AP Calls Off Sale of Stranded Migrants NFT After Twitter Outcry
- The original tweet advertising the NFT auction has since been deleted by the AP
- AP launched its photojournalism NFT marketplace at the end of January
Story: As Ukraine Crisis Underscores Bitcoin as Risk Asset, Volatility May Be Here To Stay
- Bitcoin and ether both plunged more than 10% on Thursday before recovering to notch modest 24-hour gains
- Crypto funding behind the conflict raises the possibility of quicker regulation, industry participants say
Story: Coinbase Expects ‘Softer’ First Quarter After Strong Q4
- Company’s leadership spoke about revenue diversification, NFTs and stock price during its latest earnings call
- Execs don’t view OpenSea as a chief competitor as it preps NFT marketplace, noting there will be many winners
Story: Funding Roundup: Major Raises of $1B and $200M Join Startup Spree
- Luna Foundation Guard raised $1 billion in a private token sale, while Amber Group closed a $200 million extended Series B round
- Amid the massive rounds, there were more modest raises, too, including a $33 million Series B for InfStones and a $34 million raise for Aligned
Going forward
Markets are likely to remain volatile as the invasion of Ukraine unfolds. Investors are also expected to keep a close watch on the Federal Reserve's decisions on raising interest rates and reassessing asset purchases.
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