Key Advisors Group co-owner Eddie Ghabour says investors now have a second chance to lower their portfolio risk.
U.S. equity futures were trading higher as oil prices traded mixed on Thursday morning.
The major futures indexes suggest a gain of 0.4% when the trading session on Wall Street begins.
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U.S. West Texas Intermediate futures were down 48 cents, or 0.4%, to $114.47 a barrel. The price rose $5.66 to settle at $114.93 per barrel on Wednesday.
Brent futures were up about 34 cents, or 0.3%, to $121.96 a barrel.
Both contracts have posted steep gains this week, with WTI climbing over $10 a barrel, or 10%. Brent futures were up more than $14 a barrel, or 13%, since Monday.
Investors are watching to see the outcome of meetings of the NATO and European leaders’ summit Thursday, where President Biden will huddle with key allies to discuss imposing punishing new sanctions on Russia; and dealing with the extraordinary humanitarian crisis due to its invasion of Ukraine. The leaders will also workbto develop a consensus on how to respond if Russia were to launch a cyber, chemical or even nuclear attack.
A Belgian delegation welcomes U.S. President Joe Biden, who arrives to attend an extraordinary NATO summit to discuss ongoing deterrence and defense efforts in response to Russia’s attack on Ukraine, in Brussels, Belgium, March 23, 2022. (REUTERS/Evelyn Hockstein / Reuters Photos)
Russia reopened its stock market for limited trading on Thursday nearly one month after shares plunged and the exchange was shut down following the invasion of Ukraine.
The Russia MOEX was trading 11% higher.
A board with the logo is on display outside the office of the Moscow Exchange in the capital city of Moscow, Russia March 24, 2022. (REUTERS/Maxim Shemetov / Reuters Photos)
There will be heavy restrictions on trading to prevent the kind of massive selloff that took place in anticipation of crushing financial and economic sanctions from Western nations. Foreign shareholders will be unable to sell shares — a restriction Russia put in place to counter Western sanctions against its financial system and the weakening ruble.
Looking at the economic calendar, the Census Bureau is expected to say that new orders for manufactured big-ticket items fell a seasonally adjusted 0.5% month-over-month in February, reversing a larger-than-expected increase of 1.6% the prior month. If you factor out the transportation component, orders are anticipated to rise 0.6%, close to January’s 0.7% jump.
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Also, the Labor Department is out with its tally of new claims for unemployment benefits for last week. Expectations are for 212,000, little changed from 214,000 the previous week. Continuing claims, which track the total number of unemployed workers collecting benefits, are anticipated to edge down 9,000 to 1.41 million, another 52-year low.
In Europe, London’s FTSE gained 0.2%, Germany’s CAC added 0.3% and France’s CAC rose 0.4%.
In Asia, Tokyo’s Nikkei gained 0.3%, the Hang Seng in Hong Kong declined 0.7% and China’s Shanghai Composite index gave up 0.6%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34358.5 | -448.96 | -1.29% |
| SP500 | S&P 500 | 4456.24 | -55.37 | -1.23% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13922.604203 | -186.21 | -1.32% |
On Wednesday, the S&P 500 fell 1.2% to 4,456.24, with more than 80% of the stocks in the benchmark index closing lower. The Dow slid 1.3% to 34,358.50. Both indexes are now on pace for a weekly loss.
The Nasdaq fell 1.3% to 13,922.60.
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Bond yields have been rising overall as the market prepares for higher interest rates, but they eased back Wednesday. The yield on the 10-year Treasury fell to 2.33% from 2.37% on Tuesday.
The Associated Press contributed to this report.
