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NWQWM Morning Financial Report

The S&P 500 has gained for three consecutive days this week, up 4.9%, on track for its best week since November 2020. The blue-chip Dow is coming off a four-day winning streak, rising 4.7% for the week so far, and is also on pace for its biggest weekly gain since November 2020. The tech-heavy Nasdaq Composite is up 6% this week, headed for its best week since February 2021.

Russian oil exports to India have quadrupled this month in a sign of the vast reshaping of global energy flows since Russia’s invasion of Ukraine. India, the world’s third-largest energy consuming country, and the world’s largest democracy, has snapped up multiple cargoes of Russian oil from traders as buyers in Europe shunned the country’s vast commodities market following western sanctions on Moscow. Russia has exported 360,000 barrels a day of oil to India in March so far, nearly four times the 2021 average.

In earnings news, transportation bellwether FedEx missed earnings estimates by 5 cents, though the delivery service’s revenue beat analyst forecasts. FedEx’s bottom line was impacted by worker shortages. FedEx shares are 3% lower on the news.  
 

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