Stock futures point to a strong open
U.S. stock futures rose sharply early Wednesday, suggesting stocks would open on a positive note after tumbling in the previous session.
At around 5:35 a.m. ET, futures tied to the Dow were marked 463 points, or 1.42% higher to 33,065. S&P 500 futures climbed 68.5 points, or 1.64% to 4,237.25 while the tech-heavy Nasdaq 100 futures jumped 268.75 points, or 2.03% to 13,535.75.
On Tuesday, the Dow lost 184.74 points, or 0.56% to end at 32,632.64. The S&P 500 lost 30.47 points, or 0.73% to close at 4,170.62 while the Nasdaq Composite gave away 35.41 points, or 0.28% to finish at 12,795.55.
Biden bans imports of Russian gas and oil
Meanwhile, U.S. President Joe Biden has announced a ban of all imports of Russian oil and gas, in a move aimed at pressuring his Russian counterpart Vladimir Putin to end his war in Ukraine.
Biden said at the White House on Tuesday morning that the move targets “the main artery” of the economy of Russia.
The ban applies to oil, coal, and liquefied natural gas imported from Russia. It also blocks new American investments in the Russian energy sector. Additionally, it bans U.S. citizens from enabling or financing foreign companies that have invested in the Russian energy sector.
As of 5:35 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were indicated $1.72, or 1.39% lower to $121.98 a barrel. Global Brent crude futures slid $1.35, or 1.05% to $126.63 a barrel.
Coca-Cola, McDonald’s, PepsiCo, and Starbucks join corporate exodus from Russia
Coco-Cola (NYSE: KO), PepsiCo (NASDAQ: PEP), Starbucks (NASDAQ: SBUX), and McDonald’s (NYSE: MCD) have temporarily halted their business operations in Russia to protest Putin’s invasion of Ukraine.
The four join a list of other high-profile Western companies that recently announced they would stop operating in Russia.
“Our values mean we cannot ignore the needless human suffering unfolding in Ukraine,” McDonald’s CEO Chris Kempczinski said in a letter addressed to employees on Tuesday.
Russia is now the world’s most sanctioned country and majority of its citizens are quickly losing access to foreign banking and streaming services, furniture, cars, clothes and makeup.