Stock futures rise ahead of first trading day of March, Russia-Ukraine conflict in focus

Traders on the floor of the NYSE, Feb. 24, 2022.
Source: NYSE

U.S. stock futures were steady in overnight trading on Monday before the first trading day of March as investors continue to monitor the fighting between Russia and Ukraine.

Dow futures fell 15 points. S&P 500 futures fell 0.05% and Nasdaq 100 futures dropped 0.1%.

In a volatile session on Monday, the Dow Jones Industrial Average lost nearly 170 points. The S&P 500 dropped 0.24% and the Nasdaq Composite rose 0.4%.

The moves come amid fighting between Russia and Ukraine, where Ukrainian forces have held key cities including the capital of Kyiv.

Ukrainian and Russian officials wrapped up a critical round of talks Monday.

Meanwhile, the central bank of Russia more than doubled its key interest rate on Monday, as the ruble plummeted after heavy sanctions were imposed on Moscow by the West.

JPMorgan’s Marko Kolanovic said Monday the worst of the Russia-Ukraine sell-off might be over.

“The Russia/Ukraine crisis will continue to produce market volatility, but the direct impact on corporate earnings should be small. Indirect risks are more substantial, given effects of higher commodity prices on inflation, growth, and consumers,” Kolanovic said in a Monday afternoon note. “However, one silver lining is that the crisis forced a dovish reassessment of the Fed by the market.”

Investors are also gearing up to hear from Federal Reserve Chair Jerome Powell in his semiannual hearing at House Committee on Financial Services, which begins on Wednesday.

Monday also marked the final trading day of February. The Dow lost 3.5% in February. The S&P 500 and Nasdaq fell 3.1% and 3.4%, respectively, this month.

Looking to Tuesday, big box retailer Target reports earnings before the bell and cloud giant Salesforce reports after the close.

On the economic front, February’s Markit Manufacturing PMI will be released at 9:45 a.m. on Tuesday. ISM manufacturing PMI for February will be out at 10:00 a.m.

Products You May Like

Articles You May Like

GM to invest $918 million in new V-8 gas engines and EV components
Rent prices have dropped the most in these 5 U.S. metro areas. Why it’s cheaper to rent in many markets
Rupert Murdoch calls off proposed Fox-News Corp merger
Bed Bath & Beyond warns it can’t pay down debts, defaults on credit line
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now…than any time in the past’

Leave a Reply

Your email address will not be published. Required fields are marked *