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U.S. stock futures rallied Wednesday more on hope than reality, as Russia continued to shell Ukraine ahead of a key diplomatic meeting.
What’s happening
-
Futures on the Dow Jones Industrial Average
YM00,
+1.42%
rose 456 points, or 1.4%, to 33058 -
Futures on the S&P 500
ES00,
+1.60%
gained 1.6%, or 67 points, to 4236 -
Futures on the Nasdaq 100
NQ00,
+1.94%
gained 2%, or 259 points, to 13526
On Tuesday, the Dow Jones Industrial Average
DJIA,
fell 185 points, or 0.56%, to 32633, the S&P 500
SPX,
declined 30 points, or 0.72%, to 4171, and the Nasdaq Composite
COMP,
dropped 35 points, or 0.28%, to 12796.
The S&P 500 has dropped nearly 5% over the last four sessions.
What’s driving markets
Ahead of a Thursday meeting between Russia’s and Ukraine’s foreign ministers in Turkey, analysts looked at an apparent thawing of positions. Ukraine President Volodymyr Zelensky said he is no longer pressing for NATO membership, one of Russia’s stated reasons for its invasion.
“While this isn’t [Russian President Vladimir] Putin’s only demand, it is a major one and offers him at least some ‘victory’ that he can claim to save face if he wants to pull out,” said Marshall Gittler, head of investment research at BDSwiss Holding.
The German DAX
DAX,
and French CAC 40
PX1,
each surged more than 5%.
Oil futures
CL.1,
slipped a day after President Joe Biden announced a ban on Russian oil and gas imports, as major brands including McDonald’s
MCD,
and Coca-Cola
KO,
said they would exit Russia.
The economics calendar includes a release on job openings, before Thursday’s eagerly awaited consumer price index data and a European Central Bank decision.
