U.S. stocks go on a wild ride. The U.S. reports the most Covid deaths in 11 months. The Pentagon puts troops on alert over Ukraine.
A U.S. stock selloff of up to 4% was wiped out as dip buyers emerged by the end of a session marked by explosive trading volume and wild market swings. Retail traders bailed out before the rebound, in a bout of panicked selling. Markets have been rattled by geopolitical tensions and the Federal Reserve’s campaign against inflation. Asian stocks looked set for a choppy start, with Australian shares down and futures for Japan and Hong Kong pointing lower. Bitcoin snapped its five-day slide, Treasuries were mixed and the yield curve steepened.