U.S. Stocks Fall Sharply

U.S. stocks declined on Thursday, with the benchmark indexes recording their worst session since July 31, as Apple tumbled on glitches tied to its new smartphone and as investors considered a proposal in Russia that would let its courts seize foreign assets.

“That would signal a threat from the Kremlin that the Russian-U.S.-Europe conflict economically might take a turn for the worse. They are signaling that unless concessions or negotiations take place, we’re prepared to do this,” said Jim Russell, senior equity strategist for US Bank Wealth Management.  “It’s a turn for the worse, it’s an unwelcome signaling from the Kremlin that this, a limitation on capital flows to Russia, is a possibility,” Russell said.

Reuters reported the draft law, submitted to Russia’s parliament on Wednesday by a pro-Kremlin deputy, would also allow state compensation for those whose assets were taken in foreign jurisdictions. The proposed measure comes after Italy froze luxury properties owned by a longtime friend of President Vladimir Putin, Bloomberg reported.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.