US stocks slip as optimism wanes

US stocks fell on Wednesday, as optimism around Ukraine-Russia peace talks waned and concerns grew over the prospect of a rapid rise in interest rates hurting economic growth. The Kremlin said there was no sign of a breakthrough yet, even though it welcomed Kyiv’s move to set out its demands in written form. Markets had rallied in the previous session after Russia pledged to scale down military operations around Kyiv and in northern Ukraine, while on Wednesday, Russian forces bombarded the outskirts of Kyiv. Worries about the fallout of the nearly five-week long invasion and rising rates have put Wall Street indexes on course for their worst quarter since the sell-off during the peak of the pandemic in 2020. Still, the indexes are set to end March higher, with the S&P 500 erasing more than half of its quarterly losses in the last few days, powered by upbeat economic data and gains in megacap stocks. 

Published in The Express Tribune, March 31^st, 2022.

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