Oil prices are moving higher this morning
Yesterday's impressive rebound appears to have been short-lived, as stocks are firmly lower before the bell this morning. Dow Jones Industrial Average (DJIA) futures are down 403 points, while futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) pull back as well, as little progress seems to be occurring in talks between Russia and Ukraine. Meanwhile, initial weekly jobless claims for last week rose by 11,000 to a higher-than-expected 227,000, while the consumer price index (CPI) showed inflation jumping 7.9% in February -- a 40-year high. Oil prices are on the rise this morning too, after taking a sharp tumble yesterday.
Continue reading for more on today's market, including:
- Checking in with this mining ETF as gold prices rise.
- Machinery name announced a commitment to reducing greenhouse gas emissions.
- Plus, Amazon announces stock split; CRWD surges after earnings; and JD drops on weaker growth.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.2 million call contracts traded on Wednesday, and 687,010 put contracts. The single-session equity put/call ratio rose to 0.54, and the 21-day moving average stayed at 0.57.
- Amazon.com Inc (NASDAQ:AMZN) is up 5.2% before the bell, after the company announced a 20-for-1 stock split and a $10 billion share buyback program. Heading into today, the equity is down 16.5% year-to-date, after tapping a roughly 19-month low on March 8.
- The shares of CrowdStrike Holdings Inc (NASDAQ:CRWD) are up 11.9% pre-market, after the cybersecurity name announced a fourth-quarter results beat and a strong yearly forecast. To follow, BTIG upgraded the stock to "buy" from "neutral," while no fewer than six other analysts chimed in with price-target adjustments.
- China-based e-commerce stock JD.com Inc (NASDAQ:JD) is down 7.4% in electronic trading. The company reported better-than-expected fourth-quarter earnings and revenue, however, it also posted its worst revenue growth in six quarters, as general expenses rose 89%.
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Today will bring the fourth quarter's real household wealth data and the Federal budget deficit.
European Markets Eye ECB Decision
Asian markets were higher on Thursday, thanks in part to a sharp drop in oil prices. Leading the gainers was Japan’s Nikkei, which added 3.9%, followed by the South Korean Kospi’s 2.2% pop. Hong Kong’s Hang Seng added 1.3%, after the electric vehicle (EV) maker cooled following its secondary listing, while China’s Shanghai Composite rose 1.2%.
European markets are lower, after the European Central Bank (ECB) announced it will keep interest rates unchanged, though it will start cutting down on asset purchases sooner than expected. Investors are also keeping a close eye on the Russia-Ukraine crisis, with the U.K. promising to gradually eliminate Russian imports. At last check, the German DAX is 3.6% lower, France’s CAC 40 is down 3.4%, and London’s FTSE 100 is eyeing a 1.6% drop.