☁️ Week 9 Update
[Week 9, 2022] 📉 Cloud stocks declined 7.2%
Cloud stocks declined 7.2% for the week ending March 4, 2022.
Sanctions expanded. On Monday, the US and its allies expanded financial sanctions against Russia. Markets closed largely flat (Cloud stocks increased 2.6% on the day), before tumbling again on Tuesday.
🤑 Fed ready to adjust policy on Ukraine impacts. On Wednesday, Jerome Powell told the House panel he's ready to support a 25bps rate hike this month but would remain "nimble" in response to impacts on the US economy from the Ukraine crisis. Markets closed higher, while Cloud stocks were flat.
Positive job creation. On Wednesday, ADP reported job creation rose more than expected in February.