Markets Hit Correction Territory

As promised markets hit correction territory this past week. Russia launched a full invasion of Ukraine. The Dow for the week was only off 0.1%, year to date down 6.3%. The S&P finished the week up 0.8%, year to date down 8%. But the critical issue is that the S&P dropped below the critical 10% number this week, which signaled a correction. We haven't seen that since the COVID lockdowns. The NASDAQ finished the week up 1.1%; for the year, it's down 12 and a half. The 10-year Treasury was trading at 1.97, and oil finished the week at 91.91—up 22% for the year.

What's happening in the markets to cause all this?