A Peek Into The Markets: US Stock Futures Surge Amid Signs Of Easing Russia-Ukraine Tensions

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after a Russian news agency reported that some Russian troops are heading back to base after exercise. The Dow Jones tumbled around 170 points in the previous session. Investors are awaiting earnings results from Marriott International, Inc. MAR, ViacomCBS Inc. VIAC and Fidelity National Information Services, Inc. FIS.

The Producer Price Index for January is scheduled for release at 8:30 a.m. ET. Although producer prices slowed noticeably in December to a monthly rate of 0.2%, but prices are expected to increase 0.5% in January. The Empire State manufacturing index for February will be released at 8:30 a.m. ET.

Futures for the Dow Jones Industrial Average jumped 295 points to 34,766.00 while the Standard & Poor’s 500 index futures rose 50.50 points to 4,444.50. Futures for the Nasdaq index climbed 227.50 points to 14,480.50.

Oil prices traded lower as Brent crude futures fell 2.7% to trade at $93.89 per barrel, while US WTI crude futures fell 3% to trade at $92.57 a barrel. The API’s report on crude oil stocks will be released today.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 79,520,660 with around 946,180 deaths. India reported a total of at least 42,692,940 confirmed cases, while Brazil confirmed over 27,541,130 cases.

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A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 0.8%, while Spain’s IBEX 35 Index rose 0.8% and London’s FTSE 100 rose 0.8%. The French CAC 40 Index climbed 1%, while German DAX gained 1.1%. Labor productivity in the UK rose 1% on quarter in the final three months of 2021, while the number of people in work dropped by 39,000 on quarter to 32.485 million in the same period. The UK unemployment rate came in at 4.1% in the fourth quarter Spanish annual inflation rate eased to 6.1% in January from around 30-year high of 6.5% in December.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.79%, Hong Kong’s Hang Seng Index fell 0.82% and China’s Shanghai Composite Index rose 0.5%. Australia’s S&P/ASX 200 fell 0.5%, while India’s BSE SENSEX jumped 2.9%. Industrial production in Japan fell 1.0% in December, while consumer spending rose 2.7% to 294,070.4 billion yen in the fourth quarter. The Japanese economy grew 5.4% on an annualized basis in the fourth quarter. Australia's new home sales fell 8.3% in January. Indian trade deficit was revised lower to $17.42 billion in January versus a preliminary estimate of $17.90 billion.

Broker Recommendation

JP Morgan downgraded Weber Inc. WEBR from Overweight to Neutral and lowered the price target from $13 to $9.5.

Weber shares fell 1.8% to $10.41 in after-hours trading.

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Breaking News

• Celularity Inc. CELU said it received FDA orphan drug designation for its treatment for gastric/gastroesophageal junction cancer.
• Whirlpool Corporation WHR boosted its quarterly dividend from $1.40 to $1.75 per share and also reports an additional $2 billion buyback in share repurchases.
• Intel Corporation INTC announced plans to acquire Tower Semiconductor TSEM in a deal valued at approximately $5.4 billion.
• Arista Networks, Inc ANET reported better-than-expected results for its fourth quarter and issued strong sales forecast for the current quarter.

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