Putin's Invasion Of Ukraine, The COVID-19 Stock Market Crash, The Battle Of LA: Is Feb. 24 Cursed?

The SPDR S&P 500 SPY opened higher on Thursday after economic data hit traders' desks.

Gross domestic product data was revised down to an increase of 2.7% in the fourth quarter from a prior estimate of 2.9%. Initial jobless claims for the week ending Feb. 18 fell by 3,000 to 192,000 compared to the estimate of 200,000, indicating the jobs market remains tight.

Following the early morning spike, heavy selling pressure came into the SPY, causing the ETF to drop under Wednesday’s low-of-day, indicating traders and investors fear the Federal Reserve may need to do more to hamper stubborn inflation. The market may be pricing in steeper or additional rate hikes in 2023 than the previously expected 0.25% raises in March and May.

Related Link: The Fed's Preferred Inflation Measure Is Due Friday: Why It Could Send Shockwaves Across Markets

After five straight days of losses, the SPY could bounce on Friday, or at least trade sideways to begin consolidating the steep downturn. Consumer spending and PCE data set to be released at 8:30 a.m. EST could affect the market open, however, and trading could shift beginning at 10:15 a.m., with five separate Fed respresentatives scheduled to speak into the early afternoon.

Outside of what’s on the economic calendar, traders and investors may be wondering what the chances are that another major event could unfold on Feb. 24 this year to rattle the stock market.

The History of Feb. 24: COVID, Wars and Impeachment

Friday, Feb. 24 will mark the three-year anniversary of the start of the COVID-19 market crash as well as the one-year anniversary of Russia’s invasion of Ukraine. On that date in 2020, the SPY closed down 3.32% before plunging 32% to reach a March 23 low of $218.26.

Last year, on Feb, 24, hours after the first onslaught of Putin’s bombs landed in Ukraine, the SPY opened down 2.59% before rallying to close the trading day higher. At that point, a bear market had already taken hold and the market ETF continued gradually lower to bottom at the $362.17 mark on June 17.

Although the future can’t be told, it appears Feb. 24 usually lacks major events, but there are a number of important occurances that have taken place on that date, according to Britannica and The Fact Site:

• On Feb. 24, 2008, Fidel Castro was officially replaced as president of Cuba by his brother Raul when the latter was unanimously voted as president by the the National Assembly of People's Power, ending Fidel’s 32-year reign.
• The war in the Persian Golf accelerated on Feb. 24, 1991 when the U.S. began ground operations in the area. The move came about a month after the U.S. began air strikes against Iraq.
• On that date in 1976, the Communist Party of Cuba became the official and only political party in the country, after Castro’s regime adopted the country’s consistution.
• The Battle of Los Angeles began on Feb. 24, 1942 and lasted until the following day. The incident began when an unidentified flying object was spotted off the coast of California, which resulted in the U.S. Office of Naval Intelligence issuing a warning of an impending attack on the state’s mainland and deploying anti-aircraft artillary to shoot the object down.
• On Feb. 24, 1942, Adolf Hitler founded the Nazi party, officially known as the National Socialist German Workers' Party.
• Many years earlier, on Feb. 24, 1869, Andrew Johnson’s impeachment was initiated following political conflict in the wake of the Civil War. Johnson was the first U.S. president be impeached.

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Kyiv, Ukraine on Feb. 24, 2022. Photo via Shutterstock.