Trish: Fearing Sanctions, Russia Dumps The Dollar

Economic warfare is ratcheting up.

Russia announced it will drop all dollars and dollar-denominated assets from its sovereign wealth fund in an effort to reduce the impact of potential U.S. sanctions.

Russia’s “National Wellbeing Fund” will sell $119 billion in dollar-denominated liquid assets in exchange for Euros or gold. According to the Russian Minister of Finance Anton Siluanov, the fund will divest from all dollar-denominated assets within a month.

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The move comes just days after a second cyberattack on U.S. infrastructure caused disruption in key industries. JBS, one of the largest meat producers in the world, and Colonial Pipeline, a crucial piece of U.S. energy infrastructure were both targeted by hackers with ties to Russian intelligence.

The divestiture of dollars suggests Russia expects the U.S. to react to the cyber attacks with sanctions.

But, it’s not all bad in Thursday trading. There was some good news for investors to focus on as well. U.S. jobless claims fell below 400,000 for the first week since the pandemic started.

Jobless claims slightly outperformed expectations, 385,000 vs. the expected 387,000. Last week’s claims were at 405,000.

Premarket

U.S. stock futures dropped on the Russian announcement. AMC stock reversed some of its gains after doubling in price on Wednesday. Bitcoin is back above $39,000.

  • S&P 500 futures: 4,182.00, -0.58%
  • Nasdaq futures: 13,556.75, -0.86%
  • DOW futures: 34,432.00, -0.46%

U.S. Dollar and Treasuries — The dollar strengthened slightly, and 10-year Treasury yields slightly increased.

  • U.S. Dollar Index (DXY): 90.20, +0.32%
  • 10-year Treasury yield: 1.599%, from previous 1.591%
  • 2-year Treasury yield: 0.130%, from previous 0.160%

Stocks To Watch

Virgin Galactic announced a new contract with the International Institute for Astronautical Sciences (IIAS) to fly one of its researchers on a dedicated research flight to space. During her mission, the researcher will reportedly test new healthcare technologies.

AMC stock fell in premarket trading after the company announced the sale of more than 11 million shares. The company decided to capitalize on the 95% on Thursday. The stock reached an all-time high of $62.55 at the close of Thursday’s trading, almost double its price on Wednesday. The company’s announced shareholder reward program clearly paid off.

Tesla‘s stock fell in premarket trading after the company announced a recall of 6,000 cars due to safety concerns. The company is concerned with potentially loose brake calipers, which could cause a loss in tire pressure. The company has already recalled more than 134,000 U.S. cars in February.

  • AMC AMC Entertainment Holdings Inc. Cl A $61.95, −0.96%, 22M (volume)
  • SPCE Virgin Galactic Holdings, $32.45, 4.37%, 422.6K (volume)
  • TSLA Tesla Inc. $592.14, -2.09%, 221.5K (volume)

Commodities To Watch

Oil saw volatile pre-market trading, after this week’s surge on news of a potential shortage. Gold dropped below $1,900.

  • WTI crude: $68.98, +0.22%
  • Brent crude: $71.25, +0.20%
  • Gold: $1,887.70, -1.16%

Crypto

The global crypto market cap increased by 6.50% in the last 24 hours. Bitcoin is back above $39,000, and Dogecoin lost some of its Wednesday’s gains.

  • BTC: $39,046.95, +5.70%
  • DOGE: $0.4089, -5.91%
  • ETH: $2,841.88, +6.43%
  • ADA: $1.85, 5.99%
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Trish Reganhttps://trishintel.com
Trish Regan is an award winning financial journalist, an American television talk show host and author who interprets political events through an economic lens.

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