U.S. equity markets are rallying for a second straight day, despite an apparent breakdown in efforts to start discussions between Russia and Ukraine. The Dow, S&P 500, and Nasdaq are up more than 1% and Europe's Stoxx 600 gained more than 3%.

Fears of a disruption to oil supplies were reduced after President Biden said the U.S. and its allies are working on releasing crude from their strategic reserves. Oil futures are down below $92 a barrel, down $10 from yesterday, and the price of natural gas, gasoline, and heating oil are lower. Shares of Chevron Corp. (CVX) and other energy companies are gaining as sanctions&ꦇnbsp;against Russia could boost 🌊demand for U.S.-produced fuel.

Almost all of the stocks in the Dow are higher, led by drugmakers Johnson & Johnson (JNJ) and Merck & Co. (MRK), with shares up more than 4%. Shares of financial firms and big industrial companies are gaining. Still, the Dow is head🃏ing for a lower close this week, while the Nasdaq and S&P 500 are poised for a gain. 

Etsy Shares Jump

Etsy Inc. (ETSY) is the best-performing stock in the S&P 500 on its better-than-expected earnings. Dish Network Corp. (DISH) shares are rising following an analyst upgrade. Shares of Foot Locker Inc. (FL) and Beyond Meat Inc. (BYND) are♎ tumbling on their financial reports (more below).

Major cryptocurrencies are rallying as well, with the price of Bitcoin up more than 8%, and Et༒her higher by 9%. The euro strengthened against the dollar. Commodities, including wheat and corn, felꦍl after surging in recent days.

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Chart of the Day: More Spending, More Inflation

American consumers  more than expected in January, and the prices they pa♐id increased at the highest annual rate in almost 40 years✤. 

The Commerce Department reported澳洲幸运5开奖号码历🍒史查询: Perso🃏nal Consumption Expenditures (PCE)&nbs👍p;jumped 2.1% last month, well above 🅠the 1.6% rise estimated by economists, and a reversal of December’s decline of 0.8%.

The PCE Price Index advanced 0.6% for the month to a year-over-year gain of 6.1%, the most since February 1982. The “core” PCE, which leaves out volatile food and energy prices, was up 0.5% for the month and 5.2% from last year. That was the largest annual increase since April 1983. The PCE is the Federal Reserve's preferred measure of inflation.

Prices for energy goods and servic✤es shot up 25.9% from a year ago, and food prices were 6.7% higher. 

Personal Income Flat

The report als💎o showed personal🧜 income grew less than 1% in January, and after-tax, or real disposable, income actually declined 0.5%, primarily because of the expiration of a child tax credit. 

Stock of the Day: Beyond Meat (BYND)

Beyond Meat sales declined in the fourth quarter, and the company expects 2022 revenue will fall short of es💝timates as demand for meat substitutes slows. Shares sank to their all-time low.

The maker of Beyond Burger and other plant-based foodsquarterly revenue of $100.7 million, a drop of 1.2%, and a loss of $1.27 per share. Both missed analysts’ forecasts.&nꩲbsp;

Sales at U.S. grocery store🌌s sank 19.5% to $49.98 million. The company blamed softer demand, increased discounts, fewer shipping days, and to a lesser extent, loss of market share.

Beyond Meat noted its business continues to be affected by near-term uncertainty related to COVID-19 and its potential impact, which includes reduced demand levels, less workforce availability, and supply-chain disruptions. It antici♉pates 2022 net revenue will be in the range of $560 million to $620 million. 

Reducing Expenses

CEO Ethan Brown said while the company will continue to invest in its operations, it expects to “substantially moderat♑e” growth of its operating expenses this year.

Also this week, Canadian rival Maple Leaf Foods Inc. (MFI) reported s🍒lowing demand for meat alternatives and indicated its plan to focus on reducing costs.  

Shares of Beyond Meat are down more than 7% today, and they’ve lost nearly a third of their value since the company began publicly trading in May 2019.