Gasoline prices have surged to the highest level since 2008, as crude oil supply fears stemming from Russia’s war on Ukraine increase the impact on consumers at the pump.  The national average for a gallon of gas hit just over $4.009 on Sunday, according to AAA, which is the highest since July 2008. Prices have been rising at a fast clip. Consumers are paying 40 cents more than a week ago, and 57 cents more than a month ago.  In some places, consumers are paying much more. California’s average is now $5.288 per gallon.

The quarter ends with S&P 500 EPS growth of 31.4% and revenue growth of 16.1%. Profit growth leaders included Energy, Materials and Industrials, while Financials, Consumer Staples and Utilities lagged. After enjoying four consecutive quarters of double digit earnings growth above 30%, investors are grappling with the reality that expectations for the first half of 2022 are in the single digits for year over year growth.

The US dollar serves as the backbone of the global economy and is considered the safest currency to hold. So in times of uncertainty, investors like to stock up.  The dollar rose to its highest level since spring 2020.  One reason for its sharp rise: Investors decided they didn't want to hold euros anymore given Europe's proximity to the conflict. They dumped the bloc's common currency and bought dollars instead. Plus, the dollar got a boost after Federal Reserve Chair Jerome Powell said that the central bank aims to start raising interest rates later this month. Higher interest rates should help attract capital from abroad, especially if policymakers in Europe are forced to delay their own hikes for longer.