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The way technological solutions are operated in the cloud is different. It is more about developing and implementing business rules than it is about technological …
February 24, 2022: -U.S. stock market futures were higher in the trading Wednesday after the S&P 500 closed in correction territory amid escalating tensions amid Russia and Ukraine.
Futures contracts tied to the Dow Jones Industrial Average advanced 220 points or 0.65%. S&P 500 futures are gaining 0.77%, while Nasdaq 100 futures increase 1.11%.
In market news, home retailing giant Lowe’s beat earnings forecasts and said sales rose 5%, sending shares up 3% in premarket trading.
During trading Tuesday, the Dow decreased 483 points, or 1.42%, for its fourth straight negative session. The 30-stock benchmark had been down more than 700 points at one point. The S&P 500 shed 1.01% and is now 10.25% below its January 3 record close, which puts the broad market index in correction territory. The Nasdaq Composite decreased 1.23% for its fourth straight negative session.
On Tuesday afternoon President Joe Biden announced the first tranche of sanctions against Russia. The measures target Russian banks, the country’s sovereign debt, and three individuals.
“While uncertainties remain, our work shows that historically military/crisis events tend to inject volatility into markets and cause a short-term dip, but stocks tend rebound unless the event pushes the economy into recession eventually,” Eylem Senyuz, senior global macro strategist at Truist, wrote in a note to clients.
“Investor sentiment suggests the bar for positive surprises is low,” Senyuz added.
On Wednesday, Energy prices moved lower while government bond yields edged higher.
On Tuesday, all 11 S&P 500 sectors declined, which led to the downside of consumer discretionary stocks, which fell 3%. Energy stocks moved lower despite an increase in oil prices. International benchmark Brent crude traded as high as $99.50 per barrel. West Texas Intermediate crude futures, the U.S. oil benchmark, reached a session high of $96, a price last seen in August 2014.
“The contagion risk will feed into inflationary pressures as energy costs will skyrocket, and that will derail large parts of the economic recovery coming out of Covid,” said Oanda senior market analyst Ed Moya.
“Geopolitical risks could result to a slower growth cycle, and that could remove the risk of a half-point Fed rate hike at the March 16 FOMC decision,” he added.
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