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There was another possible development: Reuters also reported that Ukraine said that Belarus could soon join the invasion of Ukraine. However, the AFP, citing a Pentagon official, said the U.S. hasn’t yet seen evidence that Belarusian troops are in Ukraine. "Markets were cheering this economic recovery and return to strong economic growth, but the cheers will turn to tears if the inflation outbreak pushes businesses and consumers to the brink of recession," he added. Markets continued to grapple with the economic and corporate earnings implications relating to the Russia-Ukraine conflict. “We have a ton of uncertainty right now,” said Stephanie Link, chief investment strategist and portfolio manager at Hightower Advisors. “We’re dealing with a war, we’re dealing with inflation. We don’t know what it means to earnings.” Stocks dropped on Friday afternoon, as gains made earlier in the day on hopes for diplomatic progress between Russia and Ukraine turned to losses. Technology stocks were hit particularly hard by higher bond yields. Russian President Vladimir Putin launched Russia's invasion of Ukraine in the early-morning hours of February 24, targeting several key cities with military strikes.
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