Stock Futures Lower as Oil Dominates Headlines

West Texas Intermediate (WTI) crude jumped above $130 earlier

Assistant Editor
Mar 7, 2022 at 9:21 AM
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Stock futures are firmly in the red ahead of the open this morning, though off this morning's steeper lows after oil prices pulled back from 13-year highs. West Texas Intermediate Crude (WTI) earlier jumped to as high as $130, but was last seen holding above $118. Futures on the Dow Jones Industrial Average (DJIA) are down triple digits, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures fall lower as well. Elsewhere, a third round of ceasefire talks between Russia and Ukraine are expected today.

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

  • Checking in with underperforming Starbucks stock
  • Our Playbook of the Week nailed this aluminum stock breakout.
  • Plus, Citigroup downgraded; BBBY's big breakout; and a fertilizer stock to watch.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.5 million call contracts traded on Friday, and over 1 million put contracts. The single-session equity put/call ratio rose to 0.67, and the 21-day moving average rose to 0.57.
  2. Jefferies downgraded Citigroup Inc (NYSE:C) to "hold," this morning, noting that the bank stock is unlikely to meet its new financial targets. C is down 2.7% before the bell, and looking to extend last session's 14-month low. Year-to-date, the stock is down 6.3% coming into today. 
  3. Bed Bath & Beyond Inc (NASDAQ:BBBY) is soaring in electronic trading, up 91.7%, after it was revealed that billionaire Ryan Cohen has taken a 9.8% stake through his investment company RC Ventures. If these gains hold, BBBY will soar past the $18 level, which has rejected the stock's most recent rally attempts. 
  4. Archer-Daniels-Midland Co (NYSE:ADM) is up 2.2% pre-market, after crop prices spiked following supply chain concerns due to Russia's invasion of Ukraine. Looking to extend Friday's record high of $83.11, ADM is up 22.5% year-to-date. 
  5. Today will bring consumer credit data.  

OV Buzz March 7

European Markets Eye Stagflation

Asian markets kicked off the week deep in the red. Surging oil prices amid the Russia-Ukraine war negatively impacted sentiment, as the U.S. and its allies consider banning oil and natural gas imports from Russia. In other news, data showed China’s exports rose a better-than-expected 16.3% year-over-year between January and February. Still, Hong Kong’s Hang Seng shed 3.9%, while Japan’s Nikkei ended 2.9% lower. Elsewhere, South Korea’s Kospi and China’s Shanghai Composite dropped 2.3% and 2.2%, respectively.

European markets are not faring much better, as officials weigh the risk of slower global economic growth, in addition to higher unemployment rates and inflation – known as stagflation – should they ban Russian crude imports. Such a move would follow a series of economic sanctions that have failed to stop Russia’s attacks on Ukraine. At last check, the German DAX is 1.5% lower, France’s CAC 40 is down 1.3%, and London’s FTSE 100 is eyeing a 0.5% drop.

 

 




 
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