Stock futures tank
U.S. stock markets look likely to open in the red territory on Friday, as Ukraine entered a second week of war against Russian troops, with the latter occupying Europe’s largest nuclear power plant.
As of 5:25 a.m. ET, futures tied to the blue-chip Dow were indicated 262 points, or 0.78% lower to 33,476.
S&P 500 futures dropped 35.5 points, or 0.77% to 4,325.75 while the tech-heavy Nasdaq 100 futures gave away 101.75 points, or 0.73% to 13,928.75.
Ukrainian nuclear regulator said a fire broke out in the early hours of Friday at the Zaporizhzhia nuclear power plant in southeastern Ukraine after Russian forces fired on the area and later took control of the complex.
According to a report from the Associated Press, the power plant’s six reactors are intact but elevated levels of radiation have been detected near the site.
February jobs report in focus
The U.S. Labor Department’s report on the February non-farm payrolls will be the market’s big data point today.
This will be a huge focus, especially as the recent surge in consumer prices could cause the Federal Reserve to act more aggressively on interest rates at its March 15-16 meeting.
Economists surveyed by the Wall Street Journal expect another sizable jobs gain in February jobs report — 440,000 positions. If that holds true, it would mark a slowdown from the 467,000 jobs added in January and the 510,000 gained in December.
The rate of unemployment rate is expected to fall 3.9% from 4.0% in January. Average hourly earnings are seen dropping 0.5% on a month-over-month basis from 0.7% in January.
The Labor Department will publish the report at 8:30 a.m. ET.
Crude futures inch higher Russia continues invasion
On the commodities front, crude futures rose on Friday amid signs of an escalation in the Russia-Ukraine war after Russian troops launched an attack that caused a fire a Ukrainian nuclear power plant.
Oil has been on the rise in recent days on fears that the harsh sanctions Western nations imposed on Russia over its invasion of Ukraine could disrupt shipments from Russia.
Trading activity for Russian crude has slowed as buyers are reluctant to make purchases due to the sanctions. President Joe Biden is also facing growing pressure to announce a ban on Russian oil imports.
As of 5:25 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures rose $2.31, or 2.15% to $109.98 a barrel. Global Brent crude futures gained $1.9, or 1.72% to $
