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Stock futures rise ahead of first trading day in March as Russian-Ukrainian dispute takes center stage

U.S. stock futures rose in trading overnight Monday ahead of the first trading day in March as investors continued to watch the fighting between Russia and Ukraine.

Dow futures rose about 70 points. S&P 500 futures added 0.2% and Nasdaq 100 futures rose 0.2%.

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

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

Ukrainian and Russian officials concluded a series of critical talks on Monday.

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

JPMorgan’s Marko Kolanovic said on Monday that the worst of the Russia-Ukraine selloff may be over.

“The Russian-Ukrainian crisis will continue to produce market volatility, but the direct impact on corporate earnings is expected to be small. Indirect risks are greater, given the effects of rising commodity prices on inflation, growth and consumers,” Kolanovic said in a Monday. afternoon note. “However, a silver lining is that the crisis has forced a dovish reassessment of the Fed by the market.”

Investors are also preparing to hear from Federal Reserve Chairman Jerome Powell during his biannual hearing at the House Committee on Financial Services, which begins Wednesday.

Monday also marked the last 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.

As of Tuesday, major retailer Target is reporting earnings before the bell and cloud giant Salesforce is reporting after the close.

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

Stock futures rise ahead of first trading day in March as Russian-Ukrainian dispute takes center stage

Source link Stock futures rise ahead of first trading day in March as Russian-Ukrainian dispute takes center stage

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