Stock futures posted strong gains early Wednesday surging in commodity prices eased while the war in Ukraine continues.
Stock futures rose Wednesday as traders tried to build on the sharp gains from the previous session, while Wall Street awaited the Federal Reserve’s latest monetary policy decision.
Futures on the Dow Jones Industrial Average climbed 359 points, or 1.1%, while S&P 500 futures rose 1.2%. Nasdaq 100 futures jumped 2%.
Micron Technology was among the best-performing S&P 500 stocks in the premarket, gaining more than 4%. Starbucks shares also climbed 3.5%, while Dow member Boeing advanced 2.3%.
Futures were rallying in part on signs that a ceasefire could be possible in the Russia-Ukraine war.
Ukrainian President Volodymyr Zelenskyy said a peace agreement was beginning to “sound more realistic” in an address to the nation Tuesday. Russian Foreign Minister Sergey Lavrov told the BBC there was “some hope of reaching a compromise.” Russian State media quoting the Kremlin echoed similar sentiments overnight.
The war between Ukraine and Russia has sent ripples through global financial markets, sending commodity prices sharply higher and stocks lower. However, some commodities have cooled off in recent days, while the U.S. equity market tries to find its footing.
U.S. oil traded at around $95.70 per barrel Wednesday, after topping a multiyear high of $130 earlier this month.
Stocks, meanwhile, are coming off a stellar session in which the Dow surged nearly 600 points, while the S&P 500 snapped a three-day losing streak.
Big Fed decision ahead
To be sure, all eyes are on the Fed on Wednesday, as the central bank wraps up a key two-day policy meeting.
The Fed is widely expected to raise rates by a quarter-point, the first hike since 2018. Watchers are also expecting the central bank to offer a new quarterly forecast that could indicate five or six more hikes this year.
“My guess is it’s going to sound a little more hawkish than people want it to sound, and that’s going to be a little tough to digest, particularly in the fixed income markets,” David Zervos, chief market strategist at Jefferies told CNBC’s “Closing Bell” on Tuesday. “I think the equity market might digest it a little bit better, but it’s going to be a tough swallow.”
The Fed is expected to announce an interest rate decision and economic projections at 2 p.m. on Wednesday, which will followed by a briefing from Federal Reserve Chair Jerome Powell.
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THIS MORNING’S MOST ACTIVE TRENDING TICKERS ON STOCKTWITS:
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BABA
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NIO
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JD
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LKNCY
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KWEB
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PDD
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FXI
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KMPH
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BIDU
THIS MORNING’S STOCK NEWS MOVERS:
DiDi Global (DIDI), Alibaba (BABA), JD.com (JD), Pinduoduo (PDD) – China-based stocks listed in the U.S. are staging strong rallies in premarket trading, helped by state media reports that the Chinese government will take steps to support the markets and the economy, and that the U.S. and China are progressing toward an agreement on regulatory requirements for those companies. Didi surged 36.7% in the premarket, with Alibaba up 19.2%, JD.com rallying 21% and Pinduoduo soaring 32.5%.
STOCK SYMBOL: DIDI
STOCK SYMBOL: BABA
STOCK SYMBOL: JD
STOCK SYMBOL: PDD
Nvidia (NVDA) – The graphics chipmaker’s stock added 2.3% in the premarket after Wells Fargo added it to its “signature picks” list. The firm anticipates upbeat announcements from Nvidia at its upcoming investor day, and also said the recent market downdraft has helped create a favorable risk/reward profile.
STOCK SYMBOL: NVDA
Boeing (BA) – Boeing gained 2% in premarket trading after Baird declared the stock a “bullish fresh pick” following a recent sell-off and noted that 737 MAX deliveries to China are close to resuming.
STOCK SYMBOL: BA
Pfizer (PFE), BioNTech (BNTX) – Pfizer and partner BioNTech have asked the FDA to approve a second booster dose of their Covid-19 vaccine. A decision could come in time for an autumn vaccination campaign. BioNTech jumped 4.4% in premarket trading, while Pfizer rose 0.6%.
STOCK SYMBOL: PFE
STOCK SYMBOL: BNTX
Micron Technology (MU) – Micron rallied 4.7% in the premarket following a Bernstein double upgrade to “outperform” from “underperform”. Bernstein said the Ukraine conflict won’t result in any significant memory chip supply or demand destruction, while also noting the recent sell-off in Micron and other semiconductor stocks.
STOCK SYMBOL: MU
Spotify (SPOT) – The streaming services company signed a stadium and shirt sponsorship deal with Spanish soccer team FC Barcelona, with the Spotify brand on uniform shirts for the next four seasons. Spotify rose 2.6% in premarket action.
STOCK SYMBOL: SPOT
NortonLifeLock (NLOK) – NortonLifeLock’s $8.6 billion deal to buy British cybersecurity rival Avast may get an in-depth probe by UK regulators, who say the deal raises competitive concerns. NortonLifeLock said it does not intend to submit any potential remedies for those concerns. Its stock slid 5.5% in the premarket.
STOCK SYMBOL: NLOK
Lands’ End (LE) – The apparel retailer missed estimates by 10 cents with quarterly earnings of 21 cents per share, while revenue also fell short of Street forecasts. Lands’ End also gave a weaker-than-expected forecast as it faces increasing costs and continued supply chain challenges. Lands’ End tumbled 9.5% in premarket trading.
STOCK SYMBOL: LE
Shoe Carnival (SCVL) – Shoe Carnival shares slid 3.3% in the premarket despite an upbeat quarterly report which saw it beat estimates on both the top and bottom lines. The shoe retailer issued a full-year revenue and profit forecast range that was largely – but not completely – above current Street forecasts. Shoe Carnival also announced a 29% dividend increase.
STOCK SYMBOL: SCVL
FULL DISCLOSURE:
/u/bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk.
DISCUSS!
What’s on everyone’s radar for today’s trading day ahead here at r/StockMarket?
I hope you all have an excellent trading day ahead today on this Wednesday, March 16th, 2022! 🙂
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