The one piece of news that shook Wall Street this morning and put everyone on notice was, Turkey gunning down a Russian jet. Futures immediately took a nose dive, but by 11:00 am the market made a comeback and closed positive.
Energy names led the way; Energy was the best performing sector today with XES up 4.69%, OIH +3.26%, XLE +2.17%, USO +2.23%. Gold and the gold miners also had a slight uptick, probably related to the Russian/Turkey news.
Absent from today’s brief turnaround was AMZN, FB, GOOGL. LNKD, these have been stellar performers lately, but they did not go green as the market did after midday.
The focus now is on a possible retaliation by Putin; that’s probably the reason why we saw significant moves from the oil names and the gold miners. “Putin calls jet’s downing ‘stab in the back,’ but Turkey says warning ignored.”