Stock Futures Mixed Following Gloomy Session

Black gold is at levels not seen since the financial crisis

Deputy Editor
Mar 8, 2022 at 9:13 AM
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Stock futures are seeing choppy price action this morning, following yesterday's dismal trading session in which the S&P 500 Index's (SPX) secured its worst day since October 2020 and the Nasdaq Composite (IXIC) entered bear-market territory. Recession concerns are heating up amid the Russia-Ukraine conflict, with the U.S. weighing a potential ban on Russian oil. West Texas Intermediate Crude (WTI) is up roughly 4% and holding above $124 per barrel. Meanwhile, the U.S. trade deficit rose 9.4% to a record $89.7 billion. At last check, Dow Jones Industrial Average (DJIA) futures are cautiously higher. 

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

  • Senior V.P. of Research Todd Salamone discusses the reset volatility expectations.
  • Plenty of cannabis companies reported earnings last week. 
  • Plus, DKS rises after quarterly beat; CVX eyes fresh record highs; and DISH receives an upgrade. 

Futures 0308

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.6 million call contracts traded on Monday, and 919,354 put contracts. The single-session equity put/call ratio fell to 0.57, and the 21-day moving average stayed at 0.57.
  2. Dick's Sporting Goods Inc (NYSE:DKS) is up 6% premarket, after the retailer announced better-than-expected fourth-quarter earnings and revenue, with same-store sales growing by 5.9%. Heading into today, DKS is down 13.5% year-to-date. 
  3. Chevron Corp (NYSE:CVX) is looking to extend yesterday's record high of $162.10, up 0.9% before the bell, as oil prices continue to rise amid the Russia-Ukraine crisis. Fresh off seven straight daily gains, the stock is up 38.1% year-to-date. 
  4. Dell upgraded Dish Network Corp (NASDAQ:DISH) to "buy" from "neutral" -- calling the stock "undervalued." At last glance, DISH was up 1.6% in electronic trading. Down 9.2% since the start of the year, the stock's 80-day moving average has blocked the equity's two rally attempts in 2022. 
  5. Today will bring the NFIB small-business index, data on the foreign trade deficit, and wholesale inventories.  

OV Buzz Chart March 8
  

Asian Markets Mimic U.S. Selloff

Asian markets were sharply lower on Tuesday, mirroring overnight stateside losses. Surging oil prices continued to weigh on global markets, amid Russia’s invasion of Ukraine. Pacing the laggards was China’s Shanghai Composite with a 2.4% loss, followed by Japan’s Nikkei’s 1.7% drop. Elsewhere, Hong Kong’s Hang Seng and South Korea’s Kospi shed 1.4% and 1.1%, respectively.

European markets are pushing higher, as investors brush off the impact a potential ban on Russian oil may have on the global economy. In other news, Russia said it could cut Europe’s gas supply through the Nord 1 Stream pipeline, while Ukraine claims to have killed another Russian general. At last check, France’s CAC 40 is up 0.8%, the German DAX is 0.6% higher, and London’s FTSE 100 is slightly above breakeven with a 0.08% gain.

 

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