Dow Futures Signal Biggest Losses Since November

Oil futures, meanwhile, are skyrocketing

Deputy Editor
Feb 24, 2022 at 9:03 AM
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Stock futures are eyeing substantial losses on Thursday morning, as markets reel from news that Russia launched an attack on Ukraine, with explosions detected near Ukraine's capital, according to NBC News. Futures on the Dow Jones Industrial Average (DJI) are eyeing an 851-point drop, and should these losses hold, it could mark the index's biggest loss since November. Meanwhile, the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) aren't faring much better, as the former sinks even deeper into correction territory, and the latter looks to shed over 400 points.

Meanwhile, oil prices are surging, with West Texas intermediate futures last seen up over 8% and nearing the $100 mark. Elsewhere, weekly jobless claims came in at 232,000, coming in slightly below expectations. Fourth-quarter gross domestic product data was just released as well, showing a 7% increase. 

Continue reading for more on today's market, including:  

  • Analyst sends up warning signal on Quest Diagnostic stock. 
  • The oil stock that hit a 3-year high yesterday. 
  • Plus, checking in on earnings reports from GCI, W, and MRNA. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.23 million call contracts traded on Wednesday, and 814,637 put contracts. The single-session equity put/call ratio rose to 0.66, and the 21-day moving average stayed at 0.56.
  2. The shares of Gannet Co Inc (NYSE:GCI) are down 13.4% in premarket trading, adding to their 5.3% year-over-year deficit, after the company reported a wider expected loss and revenue miss for its fourth quarter. The equity is looking to open back near its late-January lows. 
  3. Wayfair Inc (NYSE:W) is also sinking, last seen down 13.4% following a fourth-quarter loss that came in wider than analysts' estimates. The furniture retailer also posted an 11.4% drop in revenue, noting weakness in international sales. The stock is looking to open at a fresh annual low, and already suffers a 38% year-to-date loss. 
  4. Moderna Inc (NASDAQ:MRNA) on the other hand, shared a top- and bottom-line beat for its latest quarter, and lifted its full-year vaccine sales forecast. Despite the upbeat results, MRNA is down 5.2% this morning, pointed toward its lowest open since April. 
  5. It gets busy again today, however, with details on fourth-quarter gross domestic income, gross domestic product (GDP) revision, and new home sales for January are due out. 

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Overseas Markets Plummeting 

Russian forces invading Ukraine sent markets lower globally. Hong Kong's Hang Seng led the losses in Asia with a 3.2% drop, after shares of Chinese artificial intelligence company SenseTime Group took a nosedive, following news that its weighting in the Hang Seng Tech index will be 0.2% instead of 3.9% when it is included next month. The Bank of Korea kept interest rates the same, and the South Korean Kospi fell 2.6%. Elsewhere, Japan's Nikkei dropped 1.8%, while China's Shanghai Composite shed 1.7%.

European markets are plummeting midday, as journalists report explosions throughout Ukraine. London's FTSE 100 is down 3.2% at last glance, while the French CAC 40 and German DAX lose 4.9% and 5.2%, respectively. 

 




 
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