Dow Futures Rise After Dismal 5 Weeks

Commodity prices are taking a breather this morning

Deputy Editor
Mar 14, 2022 at 9:26 AM
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Dow Jones Industrial Average (DJIA) futures are up a healthy 230 points ahead of the open. The blue-chip index hopes to create some distance from its five-straight weekly losses -- the first time in nearly three years such a streak has happened. Elsewhere, S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are modestly in the black.

Oil prices are cooling off from their recent hot streak, with West Texas Intermediate Crude (WTI) down 4% at $104.82 at last check. Bond yields are falling as well, ahead of the U.S. Federal Reserve's much-anticipated two-day meeting kicking off tomorrow, where an interest rate hike is expected to be announced. Updates from the ongoing Russia-Ukraine crisis are being monitored as well, after news over the weekend that Russia has asked for China's military and economic assistance. 

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

Futures March14

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.3 million call contracts traded on Friday, and 905,113 put contracts. The single-session equity put/call ratio rose to 0.66, and the 21-day moving average stayed at 0.57.
  2. BMO Capital Markets downgraded Tyson Foods Inc (NYSE:TSN) to "market perform" from "outperform," with a price-target cut to $99 from $115. The firm cited the stock's valuation after its recent outperformance, and the possibility of lower beef margins. TSN is down 1% premarket, and up 18% year-over-year. 
  3. Chevron Corp (NYSE:CVX) is down 2.6% in electronic trading, after Morgan Stanley downgraded the stock to "equal weight" from "overweight." Oil stocks have seen a boost lately amid geopolitical tensions, and CVX has outperformed most of its peers -- bringing it to a less attractive valuation. Year-to-date, the equity is up 45.6%. 
  4. The shares of defense stock Lockheed Martin Corporation (NYSE:LMT) are up 1.6% before the bell, after news that Germany plans to buy up to 35 F-35 fighter jets. The stock is still off its record high levels from a week ago, but is up 29.2% year-over-year. 
  5. There is no economic data scheduled for today. 

OV Buzz Chart March 14


China Sees New Lockdowns After Covid-19 Breakout

Asian markets ended mostly lower on Monday, as China faces its worst Covid-19 outbreak since March 2020, with cases more than tripling as cities such as Shenzhen reinstitute lockdown measures. Investors were also monitoring falling oil prices. Pacing the laggards was Hong Kong’s Hang Seng, which shed 5%, after tech stocks including Tencent Music Entertainment (TME) and Alibaba (BABA) suffered steep drops. Meanwhile, China’s Shanghai Composite was 2.6% lower, while South Korea’s Kospi fell 0.6%. Elsewhere, Japan’s Nikkei added 0.6%.

European markets are pushing higher, as investors monitor a new round of ceasefire negotiations between Russia and Ukraine. The talks follow Russia’s ramped up attacks on Ukrainian cities over the weekend, including bombardments that killed civilians. Also on the radar is the U.S. Federal Reserve’s meeting later this week, which is expected to bring interest rate hikes. At last check, the German DAX is 1.8% higher, France’s CAC 40 is up 0.9%, and London’s FTSE 100 is looking to add 0.1%.




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