Stock futures resume selling after wild rebound
Uncertainty surrounding Russian invasion making markets ‘skittish’: Ann Berry
SlateStone Wealth chief strategist Kenny Polcari and Wheelhouse CIO Ann Berry discuss market reaction to the Russian invasion of Ukraine.
U.S. equity futures traded lower Friday morning, following a day that saw a dramatic recovery toward the end of a wild trading day, as governments slapped sanctions on Russia for its invasion of Ukraine.
The major futures indexes suggested a decline of 1% when the final trading day of the week gets underway on Wall Street.
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Oil prices rose nearly 2% Friday morning as Russia's invasion of Ukraine raised concerns about global supply.
Markets are bracing for what impact trade sanctions on Russia will have on price.
U.S. West Texas Intermediate (WTI) crude increased $1.36 to $94.13 a barrel.
Global benchmark Brent crude rose $2.07 to $101.15 a barrel.
Traders will have a slew of economic reports to sift through Friday morning:
The Commerce Department posts personal income and spending numbers for January. Economists surveyed by Refinitiv anticipate spending to jump 1.5% month-over-month, reversing a slide of 0.6% in December. Core personal consumption expenditures, which remove volatile food and energy prices, are seen rising 0.5% month-over-month in January.
Personal income, meantime, is expected to edge down 0.3%. The year-over-year change in core PCE, which is the Federal Reserve’s preferred measure of inflation, is expected to shoot up to 5.1%, which would be the highest reading in more than 38 years.
US ECONOMIC GROWTH REVISED UP TO 7% FOR END OF 2021, BEFORE OMICRON IMPACT
The Census Bureau is expected to say that new orders for manufactured big-ticket items rose a seasonally adjusted 0.8% month-over-month in January, reversing a larger-than-expected decline of 0.7% the prior month. If you factor out the transportation component, orders are anticipated to rise 0.4% after a 0.6% pop in December.
Also on the agenda is the University of Michigan’s final index of consumer sentiment for February and the National Association of Realtors index of pending home sales for January.
MAJOR MUTUAL FUND COMPANIES DOUBLE DOWN ON EXPLAINING MARKET VOLATILITY DURING UNREST
In Europe, London's FTSE added 0.7%, Germany's DAX gained 0.4% and France's CAC rose 0.6%.
In Asia, Japan's benchmark Nikkei 225 surged 1.9%, Hong Kong's Hang Seng edged down 0.5% and China's Shanghai Composite rose 0.6%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33223.83 | +92.07 | +0.28% |
| SP500 | S&P 500 | 4288.7 | +63.20 | +1.50% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13473.585028 | +436.10 | +3.35% |
On Wall Street, the S&P 500 rallied 1.5% to 4,288.70 after erasing an early 2.6% loss, while the Nasdaq staged an even bigger comeback, gaining 3.3% to 13,473.59.
The Dow Jones Industrial Average rose a more modest 0.3% to 33,223.83.
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Bitcoin was trading around $38,000.
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Huge swings have also rocked the bond market. The 10-year treasury yield was at 1.95% on Friday.
The Associated Press contributed to this report.
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