Stocks fall again as uncertainty over Ukraine war persists

NEW YORK — Stocks gave up early gains and closed broadly lower Friday, capping a turbulent week of trading on Wall Street as uncertainty about the war in Ukraine and surging inflation continue to roil markets.

The moves are the latest swings for global markets, which have been rocked by dramatic hour-to-hour reversals in prior weeks as investors struggle to guess how high Russia’s invasion of Ukraine will send prices of oil, wheat and other commodities produced in the region. That’s raising the risk the economy may struggle under a toxic combination of persistently high inflation and stagnating growth. The Federal Reserve is expected to raise interest rates at its meeting next week.

Early Friday, before Wall Street opened, the pendulum was swinging toward optimism. European stocks and U.S. stock futures rose abruptly after comments from Russian President Vladimir Putin that some analysts saw as surprisingly optimistic. Putin cited “certain positive developments” in negotiations with Ukraine, though he didn’t offer any details.

More swings are likely ahead for markets because so much uncertainty remains about the war in Ukraine and inflation. President Joe Biden announced Friday that along with the European Union and the Group of Seven countries, the U.S. will revoke “most favored nation” trade status for Russia. The move allows for tariffs on Russian imports.

Markets were already on edge before Russia’s invasion, as central banks are set to raise interest rates and remove support for the economy put in place after the pandemic. The Federal Reserve and other central banks hope to stamp out the highest inflation in generations, though they also risk causing a recession if they raise rates too high or too quickly.

Brazil’s state-run oil company Petrobras on Friday increased its prices of fuels sold to its distributors by as much as 25%, citing the war between Russia and Ukraine, as official data showed inflation accelerated in February.

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