5 things to know before the stock market opens Wednesday, March 2
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These are the top news, trends, and analyses that traders need in order to get started with trading.
1. Märkte
Traders in New York City work at the New York Stock Exchange (NYSE), U.S.A, March 1, 2022.
Brendan McDermid | Reuters
U.S. stock futuresOn Wednesday, energy names including the Dow component rose as a result. ChevronAfter oil prices rose higher due to concerns over crude supply, a surge in the price of oil followed. The bond yields moved up Wednesday, after sagging on Tuesday to around 1.76 percent. 10-year Treasury.
- Federal Reserve Chairman Donald Trump discusses the possible impact of the war on the economy. Jerome PowellHe will deliver his semi-annual economic assessment before the House panel Wednesday, and the Senate panel Thursday.
- Dow stock SalesforceIt grew by nearly 4 percent NordstromThe morning following better-than expected quarterly revenue and earnings announcements and positive guidance, premarket trading saw a surge of more than 30%
- Tuesday’s major sell-offThe Dow Jones Industrial AverageThe S&P 500And the NasdaqDrop more than 1.5% per piece.
2. Oil
U.S. oil skyrocketedWednesday was Wednesday, despite members of the International Energy Agency having announced plans to free 60 million barrels from their oil reserves the previous day. That’s half of what the U.S. has, to reduce price rises.
- West Texas Intermediate crudeAmerican benchmark, $110/barrel, was the highest price since April 2011.
- Global benchmark Brent crudeNearly $112 per barrel was the high point since January 2013,
- As OPEC and its oil producing allies prepare for Wednesday’s meeting to discuss April’s output, the price changes come as Russia is also in the mix.
- Exxon Mobil said Tuesday it would exit Russia oil and gas operationsStop new investments there. Premarket, Exxon stock rose 1.5%
3. Fed
The market is lowering expectations about the Fed raising interest rates this year, with Russia moving toward Kyiv, and oil prices rising. This month, it will be four to five hikes. Powell’s plans for balancing Russia and rising inflation will be the subject of a series of questions from lawmakers this week.
Wall Street will also be looking forward to ADP’s most recent private sector employment data, expected out Wednesday morning. According to economists, the U.S. will add 400,000 positions in February following a decline of 301,000 in January. The following is an excerpt from the Covid pandemicADP’s data have not been the most reliable indicator of Friday’s government-issued monthly employment report.
4. State of the Union
President Joe BidenTuesday was a day of celebration. two difficult tasksHis State of the Union speech aims to rally public support and create a vision for a new domestic policy.
- Biden also announced the US will prohibit Russian planes from entering American airspace. He added that additional sanctions are being considered against Russia’s wealthiest oligarchs.
- Biden stated that the U.S. stands readyTo rapidly develop new vaccines to combat the spread of Covid, as well as Americans who are positive. can get antiviral pills for freeUnder a brand new program, which launches next month.
- President Obama praised electric vehicle efforts General MotorsAnd FordBut not Tesla. In an emailCNBC TeslaThe CEO Elon MuskHe wrote: “Nobody’s watching the State of the Union.” Later, he tweeted that Tesla was investing twice as much in EVs than GM or Ford.
5. Ford
Ford claimed Wednesday will reorganizeoperation to split its electric and internal combustion engines businesses into different units within Ford. This strategy is similar to Ford’s Ford Pro commercial vehicle division under the CEO Jim Farley’s “Ford+” turnaround plan.
The best way to placate Wall Street is to separate the operations while keeping them in-house. This will allow legacy automakers to stop pressuring their suppliers to sell off electric vehicles to investors. Premarket trading saw Ford shares rise 3% upon the announcement.
— Reuters contributed to this report. Sign up now for the CNBC Investing Club to follow Jim Cramer’s every stock move. Like a professional, follow the wider market action. CNBC Pro.
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