Sam Boughedda

Investing.com – Stocks finished higher on Thursday lifted by chip stocks as oil prices fell and President Joe Biden met with NATO allies on the situation in Ukraine.

Biden claimed that allies would react to Russia’s use of chemical weapons in Ukraine. The country invaded Ukraine one month ago. He also called on Russia to be removed form the G-20 Group of Companies.

Brussels: The Allies agreed to support their Eastern Europe forces and keep Russia out. They have increased their aid for Ukraine, and are trying to increase the Russian pressure with other economic sanctions.

In the, U.S. new data showed last week’s claims for unemployment reached a low not seen since 1969, as the Federal Reserve starts out on a series of interest rate hikes to calm hotter than expected inflation.

Fed officials are calling for more aggressive rates hikes, rather than the usual quarter-point increase as last week. However, others on the committee cautioned against being overly aggressive. 

Reuters reported that Russian President Vladimir Putin said Moscow would seek payment in rubles for gas sold to “unfriendly” countries, comments that rocked energy markets, but Europeans like Italy’s president, said they would continue to pay in euros.

Three things could impact the markets in tomorrow’s future:

1. Biden in Europe

Biden told reporters at a press conference in Brussels that he was also working to ensure China doesn’t come to Russia’s aid, saying he has talked to President Xi Jinping and emphasized the severe consequences if China were to help. China’s economic interests, Biden said, were more focused on the West than Russia. 

Biden is scheduled to travel Friday to Poland, which is NATO’s member, and where millions of Ukrainian refugees have been accepted.

2. Fed outlook

Charles Evans, Chicago Fed president, said that inflation must be controlled before becoming a self-fulfilling prophecy. He also stated that the Fed must be careful.

According to Reuters, he said that he believed it important to avoid raising interest rates too quickly and take the time and assess whether supply chains have improved and what the effects of war in Ukraine are on the economy.

3. Uber is moving

Uber Technologies Inc (NYSE) will start listing New York City taxis via its app. It is a shift in direction for ride-hailing giant which had been facing opposition for years from taxi organizations. 

Creative Mobile and Curb have arranged for a change of course. Curb will offer additional transportation options. The company also benefits from the ease of driver availability.

—This report was contributed by Reuters