Stock futures jump
U.S. stock futures advanced early Thursday, implying stock would start the session on a positive note after all three major stock indices closed lower during the previous session.
As of 5:40 a.m. ET, futures for the blue-chip Dow rose 149 points, or 0.44% to 34,999. S&P 500 futures gained 26.5 points, or 0.6% to 4,474 while the tech-focused Nasdaq 100 added 108.75 points, or 0.75% to 14,55.75.
On Wednesday, the Dow dropped 448.96 points, or 1.29%, to 34,358.50, as oil prices surged yet again because of supply disruptions caused by Russia’s invasion of Ukraine.
The S&P 500 fell 55.37 points, or 1.23%, to 4,456.24 while the Nasdaq Composite Index dropped 186.21 points, or 1.32%, to 13,922.60.
Crude futures inch higher ahead of NATO, EU, G7 meetings
In energy markets, crude futures crept up on Thursday morning as traders kept a close eye on several key meetings in Brussels later in the day with a NATO summit, a G7 summit, and a meeting of EU leaders scheduled to take place.
U.S. President Joe Biden and other world leaders will discuss new sanctions on Russia, more military assistance for Ukraine, and ways to support nations threatened by Vladimir Putin in eastern Europe.
Biden is also expected to hold talk with leaders of the G7 industrialized countries and the European Council.
As of 5:40 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were down 43 cents, or 0.375 to $114.5 a barrel. Global Brent crude futures fell 3 cents to $121.57 a barrel.
Russian stock market partially reopens after long shutdown
Meanwhile, Russia reopened its stock market on Thursday for limited trading nearly a month after stocks plummeted and the exchange was shut down in the wake of the Ukraine invasion.
Traders are only allowed to trade 33 Russian stocks as the Moscow exchange opened to avoid the kind of massive selloff witnessed on Feb. 24 in anticipation of hard-hitting financial and economic sanctions from the U.S. and its Western allies.
The market opened at 9:50 a.m. and is expected to close at 2 p.m. local time.
Russian authorities have also announced a ban on short selling, adding to a previous restriction that prevents foreign traders from selling Russian stocks until April 1.
