Geopolitical Tailwinds Lift Stock Futures

Oil prices are pulling back once more today

Deputy Editor
Mar 29, 2022 at 9:14 AM
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The market is confidently higher before the bell this morning. Futures on the Dow Jones Industrial Average (DJIA) are up 279 points, after the blue-chip index and S&P 500 Index (SPX) yesterday nabbed their third-straight wins, while Nasdaq-100 Index (NDX) futures rise triple digits as well.

Sentiment is boosted on news that talks between Russia and Ukraine are progressing, and the former was scaling back its incursion into Kyiv. Oil prices are moving lower in response, with May-dated crude futures last seen down 5.9% at $99.72 per barrel.

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

  • Senior V.P. of Research Todd Salamone on when long-term investors should be saying 'uncle.'  
  • Keep an eye on this Chewy stock trendline.
  • Plus, Nielsen surges after buyout; a red-hot meme stock; and PINS downgraded. 

futures March29

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.4 million call contracts traded on Monday, and 675,880 put contracts. The single-session equity put/call ratio fell to 0.45, and the 21-day moving average stayed at 0.57.
  2. Nielsen Holdings PLC (NYSE:NLSN) is up 21.8% premarket, after the data collector agreed to be bought by a private-equity consortium for $28 per share in a deal worth $16 billion. Coming into today, NLSN was up 8.3% year-to-date. 
  3. Investors are eyeing former meme stock GameStop Corp (NYSE:GME) amid a 10-day win streak -- yesterday adding 24.8%. In the past week alone, GME has added over 100%, though the stock is down 3.5% ahead of the open today. 
  4. Morgan Stanley downgraded Pinterest Inc (NYSE:PINS) to "equal weight" from "overweight," citing uncertainty as well as challenging user trends. PINS is down 1.8% in electronic trading.  
  5. Today will bring the Case-Shiller national home price index, the FHFA national house price index, and the consumer confidence index on the docket. Job openings and quits will also be due out. 
OV Buzz Chart March 29

Asian, European Markets Move Higher

Asian markets were mostly higher on Tuesday, with oil prices cooling amid lockdowns in Shanghai due to a Covid-19 outbreak. Investors were also monitoring a weakening Japanese yen, which now stands at six-year lows. Nonetheless, Japan’s Nikkei and Hong Kong’s Hang Seng each added 1.1%, with the latter enjoying a surge in casino and tech stocks, despite real estate names taking a hit. Elsewhere, South Korea’s Kospi added 0.4%, while China’s Shanghai Composite settled 0.3% lower.

European markets are also pushing higher, with peace talks between Russia and Ukraine set to continue in Turkey, as Ukraine’s humanitarian corridors remain closed due to fears of a Russian attack. Investors are still eyeing key U.S. economic indicators as well, including today’s Job Openings and Labor Turnover Survey (JOLTS). At last check, France’s CAC 40 is 2.8% higher, the German DAX is up 2.5%, and London’s FTSE 100 is eyeing a 1.3% pop.

 

 

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