U.S. stock futures bounced higher Thursday, as markets focus on a meeting of Western leaders set to impose further penalties on Russia for its invasion of Ukraine.
- Futures on the Dow Jones Industrial Average YM00, +0.35% rose 141 points, or 0.4%, to 34391
- Futures on the S&P 500 ES00, +0.49% rose 0.6%, or 25 points, to 4473
- Futures on the Nasdaq 100 NQ00, +0.56% gained 0.7%, or 98 points, to 14545
On Wednesday, the Dow Jones Industrial Average DJIA, -1.29% fell 449 points, or 1.29%, to 34359, the S&P 500 SPX, -1.23% declined 55 points, or 1.23%, to 4456, breaking below its 200-day average, and the Nasdaq Composite COMP, -1.32% dropped 186 points, or 1.32%, to 13923.
What’s driving markets
The asset that appears to be moving others at the moment is crude oil CL.1, -0.59%, which on Wednesday shot up 5% as Russia limited capacity on a pipeline after storm damage. While the U.S. and the U.K. are boycotting Russian oil, other nations are still buying Russian commodities, notably Europe for its natural-gas needs.
President Joe Biden arrived in Brussels to discuss further sanctions on Russia for its invasion on Ukraine.
“If they do rachet up the pressure on Russia, Russia will probably respond by ratcheting up the pressure on them, eg by cutting off oil or grain exports entirely. This will further depress the European economy and increase prices,” said Marshall Gittler, head of investment research at BDSwiss Holding.
There’s a wave of economic data, including weekly jobless claims, durable-goods orders and flash purchasing managers index releases. Fed Gov. Christopher Waller, typically a hawkish voice, is due to speak, as well as Minneapolis Fed President Neel Kashkari and Atlanta Fed President Raphael Bostic.