Mainstay Capital Management CEO David Kudla and Commonwealth Global investment strategist Anu Gaggar discuss market volatility on ‘The Claman Countdown.’
U.S. equity futures traded higher Wednesday morning in an attempt to rebound from the prior session’s plunge on anxiety over Russian President Vladimir Putin’s authorization to send soldiers into eastern Ukraine.
The major futures indexes suggest a gain of 0.7% when the opening bell rings on Wall Street.
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Oil prices stabilized despite concerns about possible disruption to Russian supplies.
In energy markets, benchmark U.S. crude was little changed at $91.89 in electronic trading on the New York Mercantile Exchange. The contract rose $1.28 on Tuesday to $92.35. Brent crude, the price basis for international oils, advanced 2 cents to $96.86 per barrel in London. It gained $1.45 the previous session to $96.84.
President Biden delivers remarks on developments in Ukraine and Russia, and announces sanctions against Russia, from the East Room of the White House, Feb. 22, 2022. (Getty Images / Getty Images)
Traders are trying to figure out the impact of Russia’s moves and the sanctions imposed by the U.S., Britain and the European Union on Russia’s banks, officials and business leaders.
BIDEN ADMINISTRATION DETAILS FURTHER US SANCTIONS AGAINST RUSSIA
The Wednesday’s morning earnings schedule will include a pair of retailers – home improvement chain Lowe’s and TJ Maxx parent TJX Companies. After the closing bell focus will turn to online auctioneer EBay and car rental giant Hertz Global.
In Europe, London’s FTSE added 0.5%, Germany’s DAX and France’s CAC each gained 1%.
In Asia, the Hang Seng in Hong Kong gained 0.6% and China’s Shanghai Composite Index rose 0.9%. Japanese markets were closed for a holiday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33596.61 | -482.57 | -1.42% |
| SP500 | S&P 500 | 4304.76 | -44.11 | -1.01% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13381.516325 | -166.55 | -1.23% |
Wall Street’s benchmark S&P 500 index lost 1% to 4,304.76 on Tuesday. That puts it 10.3% below its Jan. 3 all-time high and into a correction or a decline of at least 10%.
The Dow Jones Industrial Average lost 1.4% to 33,596.61. The Nasdaq composite lost 1.2% to 13,381.52.
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In cryptocurrencies, Bitcoin traded around $38,000.
The Associated Press contributed to this report.
