Dow futures are down triple digits ahead of the open
Stock futures are firmly in the red ahead of the open this morning, though off this morning's steeper lows after oil prices pulled back from 13-year highs. West Texas Intermediate Crude (WTI) earlier jumped to as high as $130, but was last seen holding above $118. Futures on the Dow Jones Industrial Average (DJIA) are down triple digits, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures fall lower as well. Elsewhere, a third round of ceasefire talks between Russia and Ukraine are expected today.
Continue reading for more on today's market, including:
- Checking in with underperforming Starbucks stock.
- Our Playbook of the Week nailed this aluminum stock breakout.
- Plus, Citigroup downgraded; BBBY's big breakout; and a fertilizer stock to watch.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.5 million call contracts traded on Friday, and over 1 million put contracts. The single-session equity put/call ratio rose to 0.67, and the 21-day moving average rose to 0.57.
- Jefferies downgraded Citigroup Inc (NYSE:C) to "hold," this morning, noting that the bank stock is unlikely to meet its new financial targets. C is down 2.7% before the bell, and looking to extend last session's 14-month low. Year-to-date, the stock is down 6.3% coming into today.
- Bed Bath & Beyond Inc (NASDAQ:BBBY) is soaring in electronic trading, up 91.7%, after it was revealed that billionaire Ryan Cohen has taken a 9.8% stake through his investment company RC Ventures. If these gains hold, BBBY will soar past the $18 level, which has rejected the stock's most recent rally attempts.
- Archer-Daniels-Midland Co (NYSE:ADM) is up 2.2% pre-market, after crop prices spiked following supply chain concerns due to Russia's invasion of Ukraine. Looking to extend Friday's record high of $83.11, ADM is up 22.5% year-to-date.
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Today will bring consumer credit data.
European Markets Eye Stagflation
Asian markets kicked off the week deep in the red. Surging oil prices amid the Russia-Ukraine war negatively impacted sentiment, as the U.S. and its allies consider banning oil and natural gas imports from Russia. In other news, data showed China’s exports rose a better-than-expected 16.3% year-over-year between January and February. Still, Hong Kong’s Hang Seng shed 3.9%, while Japan’s Nikkei ended 2.9% lower. Elsewhere, South Korea’s Kospi and China’s Shanghai Composite dropped 2.3% and 2.2%, respectively.
European markets are not faring much better, as officials weigh the risk of slower global economic growth, in addition to higher unemployment rates and inflation – known as stagflation – should they ban Russian crude imports. Such a move would follow a series of economic sanctions that have failed to stop Russia’s attacks on Ukraine. At last check, the German DAX is 1.5% lower, France’s CAC 40 is down 1.3%, and London’s FTSE 100 is eyeing a 0.5% drop.