BMO Capital Markets chief strategist Brian Belski anticipates how the market will continue respond to the Russia-Ukraine conflict on ‘Mornings with Maria.’
U.S. equity futures spent the overnight hours bouncing between gains and losses.
The major futures indexes suggested a gain of 0.7% when the opening bell rings.
RUSSIA INVADES UKRAINE: LIVE UPDATES
Oil prices surged more than $5 per barrel as Russian forces stepped up attacks on Ukrainian cities.
Oil prices rose despite an agreement by the U.S. and other major governments in the International Energy Agency to release 60 million barrels from strategic reserves to stabilize supply.
U.S. crude jumped $5.60 to $109.05 per barrel in electronic trading on the New York Mercantile Exchange. It rose $7.69 on Tuesday to $103.41.
Brent crude, the price basis for international oils, gained $5.86 to $110.77 per barrel in London. It soared $7 during the previous session to $104.97.
EXXONMOBIL TO HALT OIL PRODUCTION IN RUSSIA, SUSPEND NEW INVESTMENTS THERE AMID WAR WITH UKRAINE
In a State of the Union speech, President Biden said he would try to cushion the impact of higher oil prices on Americans.
“I will use every tool at our disposal to protect American businesses and consumers,” Biden said.
The Russia-Ukraine war is adding to worries about global economic growth in the face of plans by the Federal Reserve and other central banks to fight surging inflation by raising interest rates.
Investors await more clues about possible rate hikes when Fed Chair Jerome Powell speaks Wednesday before Congress.
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Traders will get the first of this week’s labor-related reports. The payroll processing firm ADP releases its National Employment report for February. Economists are looking for a gain of 388,000 private-sector jobs, a reversal from January’s surprise loss of 301,000 jobs.
The government will release the monthly jobs report for February on Friday.
In Europe, London’s FTSE added 0.6%, Germany’s DAX gained 0.2% and France’s CAC was up 0.2%.
In Asia, the Nikkei 225 in Tokyo lost 1.7%, the Hang Seng in Hong Kong sank 1.8% and China’s Shanghai Composite Index shed 0.1%.
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Investors shifted money into the safe haven of government bonds, pushing up their market price and narrowing the yield, or the difference between the current price and the payout at maturity.
The yield on the 10-year Treasury fell by an unusually wide margin to 1.74%.
Bitcoin is trading above $43,000.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33294.95 | -597.65 | -1.76% |
| SP500 | S&P 500 | 4306.26 | -67.68 | -1.55% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13532.459154 | -218.94 | -1.59% |
On Wall Street, the S&P 500 declined 1.5% to 4,306.26. The Dow Jones Industrial Average lost 1.8% to 33,294.95. The Nasdaq composite slid 1.6% to 13,532.46.
JPMorgan Chase fell 3.8% and Bank of America slid 3.9%.
More than 70% of the stocks in the S&P 500 closed lower. Technology, industrials and communication companies were among the biggest drags on the benchmark index.
Energy stocks rose. Occidental Petroleum jumped 7%.
Companies were cutting ties with Russia. Apple said Tuesday it has stopped selling its iPhone and other popular products there. BP and Shell are pulling out of investments in the Russian oil industry.
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Airplane manufacturer Boeing said it suspended major operations in Moscow and temporarily closed its office in Kyiv. In a statement it said it also suspended supplying parts, maintenance and technical support services to Russian airlines.
The Associated Press contributed to this report.
