Wall Street Today | Long lines at Russia's ATMs as bank run begins — with more pain to come
U.S. futures steady as rally in crude oil pauses
U.S. equity futures were steady Tuesday and a rally in crude oil paused, bringing a hiatus in volatility as investors evaluated the war in Ukraine and the sweeping sanctions imposed on Russia.
Stocks in the Asia-Pacific made a steady start, pushing higher in Australia, while futures for Japan rose and Hong Kong's were flat. The $S&P 500 Index(.SPX.US$ trimmed most of a Monday drop by the close, while a gauge of global shares notched a second straight monthly decline for the first time since 2020.
Long lines at Russia's ATMs as bank run begins — with more pain to come, analysts say
Russia's central bank announced it would more than double its key interest rate from 9.5% to 20% in an attempt to stabilize the ruble. The central bank also introduced some capital controls to limit how much money could leave the country.
"This is a full-fledged bank run that's already underway," Maximilian Hess, a Russian economy expert and fellow at the Foreign Policy Research Institute, told CNBC.
Swiss ditch historic neutrality to enforce Russia sanctions
The government's decision Monday to implement the sanctions with immediate effect -- which prompted Lavrov to cancel a planned trip to Geneva -- came after a weekend in which it was criticized by opposition politicians and in editorials in leading Swiss papers as well as by other governments.
Fed's Bostic says half-point move possible if inflation persists
"One data point that I am looking at in particular is month-to-month change in inflation. To the extent we start to see that trend down, then I will be comfortable pretty much with a 25 basis-point move. If that continues to persist at elevated levels, or even moves in the other direction, then I am really going to have to look at a 50-basis-point move for March." Bostic said Monday in a virtual discussion with Harvard University students.
SpaceX shipment of Starlink satellite-internet dishes arrives in Ukraine, government official says
A shipment of SpaceX's Starlink satellite-internet dishes arrived in Ukraine on Monday, according to a top government official. The Starlink kits came less than 48 hours after CEO Elon Musk announced the company would send support.
Ukraine digital minister Mykhailo Fedorov posted a photo showing more than two dozen boxes of Starlink user kits in the back of a truck.
EV start-up Lucid slashes 2022 vehicle production forecast, causing shares to plummet
$Lucid Group(LCID.US$ is cutting its car production forecast for this year by as much as 40%, sending shares of the electric vehicle start-up tumbling 14% during after hours trading. The company cited supply chain constraints for slashing production expectations to between 12,000 and 14,000 vehicles, down from 20,000 units.
Lucid's CEO said the problems are more to do with commodity parts such as glass and carpet rather than an ongoing global shortage of semiconductor chips.
Tesla shares rally on expectations that German factory will open in March
Investors were cheering reports that its next factory, near Berlin, Germany, is close to receiving approval for commercial production.
Bitcoin bucks S&P correlation trend with uptick as Ukraine crisis escalates
Digital coins formed a sea of green Monday amid speculation cryptocurrencies will gain favor in the wake of sanctions against Russia, with Bitcoin and Ether soaring following a volatile weekend. Bitcoin rose as much 12% to $41,946, while Ether gained about 8.7%.
Bitcoin's 60-day correlation with the S&P 500 has climbed in the wake of the Ukraine crisis with a 0.6 rating level.
Source: Bloomberg, CNBC
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