It's Friday! Today we're going over Russia's latest moves in the market, and how geopolitical conflict continues to stir up uncertainty among investors.
Let's jump in.
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1. Russia made a payment on its US dollar bonds. The US Treasury Department Thursday said it let a $117 million Russia payment on dollar-denominated debt go through. According to reports, the US won't block Moscow's payments until May 25.
Since invading Ukraine, Russia has inched closer to its first foreign-currency bond default since 1918, and yesterday's payment marked a key moment since Western sanctions largely cut the country off from global financial
As part of those sanctions, an estimated 4 million barrels of Russian oil have been sidelined. All eyes are watching what happens next to global crude prices, and famed French commodities trader Pierre Andurand estimated prices could soar to $200 a barrel — even if the war stops.
"I don't think that suddenly they stop fighting, the oil comes back," Andurand told Bloomberg. "The oil's going to be gone for good. We'll have to live with higher prices to keep demand down."
Even as markets digest the impact of the war and Russia averts default, stocks aren't in a great position. Billionaire Leon Cooperman said markets have further to fall still thanks to the conflict and the Fed's latest rate hike.
On Wednesday, he said that the S&P 500 is still overvalued, and that "conditions are going to deteriorate to some degree."
In other news:
2. US futures have pulled back from yesterday's highs. But the major indexes are still heading for their biggest weekly gain since November 2020. Here's what's happening this morning.
3. Earnings on deck: Ellomay Capital Ltd, and Pyxis Tankers reporting.
4. Billionaire investor Ray Dalio told us why the Fed has a "very difficult" task ahead. As the central bank begins its battle with historic inflation, the legendary investor explained what investors should be buying right now in an exclusive interview.
5. The crash in innovative "bubble stocks" favored by Cathie Wood is likely over after 80% declines, said JPMorgan. Analysts at the bank said that the correction in bubble sectors is "now likely finished" — and that means now is the time to buy.
6. Oil could hit $200 a barrel even if the Ukraine war ends, according to famed commodities trader Pierre Andurand. That's because Andurand thinks about 4 million barrels of Russian oil will be sidelined for the long-term — which would leave a huge hole in global supply.
7. Warren Buffett continues to build up Berkshire Hathaway's stake in Occidental Petroleum. Shares of the oil and gas producer have surged as the legendary investor continues to buy. So far, the conglomerate led by Buffett has purchased $7 billion in shares this month.
8. Morningstar shared 5-star-rated companies that are undervalued and set for a comeback. Top strategists from the firm said these specific stocks will benefit from consumer behavior returning to normal — see their list of seven stocks to buy.
9. The head of BlackRock's $2.2 trillion iShares Investment Strategy Americas unit shared investment ideas that could withstand volatility. While a recession in the US still remains unlikely, these five strategies could provide a hedge for your portfolio as all eyes watch the Federal Reserve.
10. This map shows the states where the most Americans quit their jobs in January. Alaska saw the most rampant quitting at 4.4%, while New York saw the smallest share of workers walk out. Dig into the data here.
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Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn.)