Oil Prices Jump

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What's Happening Today

Good morning! It's Kristin with your daily morning digest.

Investors are still nervous about Russia's ongoing invasion of Ukraine—the Dow and S&P 500 finished lower yesterday and stocks are continuing to lose ground on the first trading day of March. The Dow, S&P 500, and Nasdaq all lost over 3% for the month of February, in the second straight month of losses. The VIX, also known as the "fear index," spiked in February, highlighting market volatility.

American companies across a broad swath of industries, including Disney, Google, Meta, and Twitter, are also scaling back business in Russia, divesting Russian assets, or otherwise limiting exposure on the heels of expanded sanctions against Russia.

Tonight is the annual State of the Union address and President Joe Biden is expected to discuss the Russia-Ukraine conflict, his Build Back Better plan, and concerns about inflation.

Over the weekend, the White House authorized an additional $350 million in military assistance and equipment for Ukraine on reports of escalating conflict. The U.S. also provided Ukraine with more than $50 million in humanitarian aid.

And oil prices have jumped (again), rising to their highest levels since 2014, with the price of crude climbing past $102 a barrel. This isn't great news if you're trying to pinch pennies at the pump: some analysts expect that the price of oil could climb as high as $140 a barrel, which would mean higher gas prices, too.

- Kristin

Editors' Picks

US Oil Jumps to 7-Year High Above $101 a Barrel as Russian Assault Prompts Supply Shortage Fears (CNBC)

Fed Rate Hikes: Traders Abandon Bets on a Half-Point Increase in March (Bloomberg)

How Sanctions on Russia Are Affecting the Global Economy (New York Times)

Car Dealerships Don't Want Your Cash—They Want To Give You a Loan (The Wall Street Journal)

Off the Charts

The average rate offered to homebuyers using a conventional 30-year fixed mortgage climbed to 4.40% from 4.36%—near its recent peak of 4.41%, the highest it's been since 2020. The average for a 15-year fixed mortgage rose to 3.55% from 3.52%. Twice in February it touched 3.56%, also the highest since 2020.

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