Stock Futures Brush Off Upbeat Jobs Data

Russia's ongoing invasion of Ukraine is showing no signs of stopping

Deputy Editor
Mar 4, 2022 at 9:15 AM
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Stock futures are sharply lower ahead of the open this morning, even after nonfarm payrolls data showed the U.S. economy added 678,000 jobs in February -- higher than the anticipated 440,000 figure. Dow Jones Industrial Average (DJI) futures are down 348 points, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are firmly lower. News that Russia seized Ukraine’s largest nuclear power plant is weighing on global markets, and bond yields are slipping after the news as well. 

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

  • This tech stock tends to outperform in March. 
  • A primer on real estate and the cannabis industry
  • Plus, Best Buy downgraded; and two stocks surging after earnings.

Futures March4

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.4 million call contracts traded on Thursday, and 848,037 put contracts. The single-session equity put/call ratio rose to 0.59, and the 21-day moving average fell to 0.56.
  2. The shares of Best Buy Co Inc (NYSE:BBY) are down 2.1% before the bell, after a downgrade from Raymond James to "market perform" from "outperform." Six other analysts chimed in with price-target adjustments after yesterday's 14.9% post-earnings pop; five with hikes and one with a cut. Coming into today, Best Buy stock is up 8.9% year-to-date.
  3. Gap Inc (NYSE:GPS) is up 7.2% premarket, after the retailer's upbeat 2022 forecast and better-than-expected fourth-quarter results. To follow, two analysts cut their price targets, while three chimed in with price-target hikes. Should these gains hold, GPS will further itself from its Feb. 24 18-month low of $13.12. 
  4. After restaurant chain Sweetgreen Inc's (NYSE:SG) fourth-quarter revenue came in higher than anticipated, its stock rose 19.1% in electronic trading. SG is also getting a boost from its upbeat full-year guidance, and brushing off wider-than-expected quarterly losses per share. Meanwhile, no fewer than four analysts slashed their price objectives. 
  5. Today will bring info on consumer credit. 

OV Buzz March 4

Stocks Lower in Asia, Europe

Asian markets were sharply lower to close out the week, as investors eyed the aforementioned power plant in Ukraine. Pacing the laggards was Hong Kong’s Hang Seng with a 2.5% fall, followed by Japan’s Nikkei 2.2% tumble. Elsewhere, South Korea’s Kospi and China’s Shanghai Composite shed 1.2% and 1%, respectively.

European markets are also plummeting, as officials look to respond to the Russian attacks on Ukraine. U.K. Prime Minister Boris Johnson reportedly said he would request an emergency United Nations (UN) Security Council meeting, while Spanish Foreign Minister Jose Manuel Albares noted North Atlantic Treaty Organization (NATO) members could consider a no-fly zone. As a result, France’s CAC 40 is down 3.4%, while London’s FTSE 100 and the German DAX are both 3.2% lower.

 

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