Stock Futures Climb as Oil Stays Hot

Fed Chair Jerome Powell says rate hikes are still coming later this month

Assistant Editor
Mar 2, 2022 at 9:12 AM
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Stocks futures are on the rise this morning, though oil prices are surging as well, with West Texas Intermediate crude futures up 8.2% at $111.85. The Organization of the Petroleum Exporting Countries (OPEC) agreed this morning to stick to its original production output plan despite the ongoing invasion of Ukraine.

Federal Reserve Chairman Jerome Powell, in a prepared testimony, stated that interest rate hikes are still coming later this month, but acknowledged the uncertain implications of the Ukraine crisis. Elsewhere, the ADP employment report showed 475,000 jobs created in February -- above the expected 400,000. At last check, Dow Jones Industrial Average (DJI) futures are comfortably higher, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are both modestly above fair value. 

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

  • This social media stock is one of the worst to own in March. 
  • What traders need to know about filing their taxes
  • Plus, solar stock sinks; DKNG receives analyst praise; and JWN soars after earnings. 

Futures March2

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.5 million call contracts traded on Tuesday, and 749,806 put contracts. The single-session equity put/call ratio fell to 0.50, and the 21-day moving average stayed at 0.57.
  2. The shares of First Solar Inc (NASDAQ:FSLR) are down 12.5% premarket, after the renewable energy name's fourth-quarter revenue miss and disappointing full-year forecast. In response, no fewer than three analysts slashed their price targets, including J.P. Morgan Securities to $67 from $83. Should these losses hold, FSLR will trade at 17-month lows out of the gate. 
  3. DraftKings Inc (NASDAQ:DKNG) is up 2.4% in electronic trading, after Morgan Stanley named the stock a "top pick." The firm expects the digital sports betting industry to grow very large, and for DKNG to be one of the market share winners. Year-to-date, the equity is down 14.4%. 
  4. Nordstrom Inc (NYSE:JWN) is soaring before the bell this morning, up 31%, after the retailer's better-than-expected fourth-quarter results and strong 2022 guidance. No fewer than five analysts lifted their price targets after the event, with three raising it to $30. Coming into today, JWN was down 13.6% year-to-date. 
  5. Today will bring the Federal Reserve's beige book.

OV Buzz March 2

International Markets Eye Oil Prices

Russia’s ongoing invasion of Ukraine weighed on Asian markets Wednesday, which settled mostly lower as oil prices soared. Hong Kong’s Hang Seng paced the laggards with a 1.8% drop, followed by Japan’s Nikkei’s 1.7% loss. Elsewhere, China’s Shanghai Composite was 0.1% lower, while South Korea’s Kospi added 0.2%.

Meanwhile, European markets are mostly higher, despite surging oil prices and geopolitical tensions. Investors are also digesting Germany’s latest round of unemployment data, and euro zone inflation numbers for February. At last check, London’s FTSE 100 is up 0.6%, France’s CAC 40 is eyeing a 0.5% pop, and the German DAX is 0.2% higher.

 




 
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