Stock futures point to a sell-off
U.S. stock markets looked set to slide sharply on Monday, as futures slumped, with Russian forces continuing to bombard Kyiv and other major cities in Ukraine.
Ukrainian President Volodymyr Zelensky urged his citizens to fight in the streets, while Russian President Vladimir Putin said Moscow could halt its attacks “only if Kyiv ceases hostilities.”
As of 5:25 a.m. ET, futures tied to the Dow Jones Industrial Average futures lost 442 points, or 1.32% to 33,141.
The S&P 500 futures shed 59.75 points, or 1.38% to 4,267.5 and Nasdaq Composite futures gave 208.5 points, or 1.51% to 13,631.25.
Meanwhile, the Russian stock market is expected to remain closed today and tomorrow.
Crude futures stage massive rally amid calls to ban imports of Russian oil
In energy markets, crude futures hit their highest mark since 2008 early Monday as traders weighed the impact of a potential ban on Russian oil imports by the U.S. and its Western allies.
Secretary of State Antony Blinken said the U.S. and its European allies are exploring an embargo on Russian imports to isolate Russia from the global economy.
Blinken also added that the White House coordinated with key Congressional committees moving forward with their own ban, according to a Reuters report.
Additionally, House Speaker Nancy Pelosi told lawmakers on Sunday that the House is “exploring strong legislation” that would ban Russian oil imports among other steps to tighten the economic squeeze on Putin over his invasion of Ukraine.
Russia is the world’s second top exporter of crude oil after Saudi Arabia, and accounts for about a third of Europe’s demand.
Brent crude futures surged to near $139 early on Monday, only to fall back to $125.31 a barrel at 5:25 a.m. ET.
Even still, the international benchmark was trading at a 14-year-high, a level last witnessed during the 2008 global financial crisis.
U.S. West Texas Intermediate (WTI) crude futures added $7.01, or 6.06% to $122.69 a barrel.
Netflix, Mastercard, and Visa boycott the Russian market
Streaming giant Netflix (NASDAQ: NFLX) has joined the list of western companies cutting ties with Russia overs its invasion of Ukraine.
Netflix said no new subscribers will be able to sign up and it’s not clear what will happen with existing accounts. The company has more than 1 million subscribers in Russia.
Mastercard (NYSE: MA) and Visa (NYSE: V) have also suspended their operations in Russia. The payment processors had already banned many financial institutions from using their respective platforms as ordered by regulators globally.
The decision means Mastercard and Visa networks will no longer support any card issued by Russian banks. In addition, any Mastercard or Visa issued outside of Russia will not work at merchants or ATMs in the country.
