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Stock futures rise slightly amid rising oil prices, Ukraine conflict


Traders on the NYSE floor, February 28, 2022.

Source: NYSE

Futures inched higher on Tuesday night as oil prices rose amid the ongoing conflict between Russia and Ukraine.

Futures tied to the Dow Jones Industrial Average rose 64 points, or 0.19%. S&P 500 and Nasdaq 100 futures rose 0.1%.

Earnings boosted some stocks in extended trading. Nordstrom spiked more than 35% on high earnings while SoFi surged around 20%.

In normal trading, the Dow fell 597 points, or 1.76%. The S&P 500 lost 1.55% and the Nasdaq Composite dropped 1.59%.

Energy prices pushed higher on Tuesday as Russia continued its assault on Ukraine. West Texas Intermediate crude futures broke above $106 per barrel on Tuesday, hit a seven-year high.

Jay Hatfield, founder and CEO of Infrastructure Capital Advisors, said of the WTI spike: “This significant change was due to the flight to safety where US manufacturing is considered. is more reliable than other global sources. “However, that is unlikely to last long after the situation in Ukraine stabilizes.”

Investors are keep a close eye on oil pricescould fuel inflation, strangle the economy, and create a challenge for the Federal Reserve when shaping policy.

Energy stocks were the bright spot in the market on Tuesday, while banking stocks took a hit, dragging on a sharp drop in Treasury yields, demonstrating a rush into safe-haven bonds. in the context of stock market volatility.

The benchmark 10-year bond fell below 1.7% at some point in Tuesday’s trading.

Fed Chairman Jerome Powell will testify before Congress on Wednesday to deliver a biannual monetary policy update. With concerns about Russia’s invasion of Ukraine causing turmoil in the financial world, Wall Street has quietly lowered expectations for the Fed’s action.

Powell is now tasked with telling Congress this week that the central bank will do more to control inflation at a time when the market expects the central bank to do less.

Select stocks and investment trends from CNBC Pro:

Investors are also expecting employment data from ADP due out Wednesday, as well as mortgage application numbers.

President Joe Biden will give his first State of the Union address on Tuesday night. Investors may be listening for updates on his economic agenda, although the global response to the conflict in Ukraine is likely to prevail instead.

Earnings season continues with several tech companies reporting on Wednesday. Okta, Pure Storage and C3 AI will report after market close. ChargePoint is also scheduled to report after the bell.



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