Here are the most important news, trends and analyzes from which investors should start their trading day:
1. Wall Street looks stable the day after it switched to rally mode
A trader works on the floor of the New York Stock Exchange (NYSE) in New York, USA, February 28, 2022.
Brendan McDermid Reuters
US stock futures rose moderately on Thursday, with a second round of ceasefire talks between Russia and Ukraine scheduled for neighboring Belarus. However, fighting continued on multiple fronts in Ukraine as Russian troops remained outside the capital, Kyiv. Bond yields fell after a big jump on Wednesday, while oil prices showed no signs of cooling on Thursday.
2. Oil reaches nearly 14-year highs; bond yields remain high
3. Day 2 for Powell at the Capitol Hill Fed after more job data
Federal Reserve Chief Jerome Powell testified before the Financial Services Committee of the House of Representatives on Capitol Hill in Washington, DC, March 2, 2022.
Tom Brenner Reuters
The Federal Reserve meeting later this month, when interest rates are expected to begin, will have to weigh the concomitant rise in inflation that comes with soaring oil prices against the threat of economic damage from the aftermath of Russia’s conflict. and Ukraine. Fed Chairman Jerome Powell returns to Capitol Hill on Thursday to present his semi-annual economic assessment to a Senate committee. He told a House committee on Wednesday that he expected interest rates to rise ahead, but noted that the effects on the US economy from the war in Ukraine were “very uncertain”.
- The Labor Ministry on Thursday morning reported less than expected initial unemployment claims of 215,000 for the week ended February 26. The data comes a day before the government’s monthly employment report and a day after ADP’s stronger-than-expected US employment data in February.
4. The UN says more than 1 million have fled Ukraine since the Russian invasion
People are waiting to leave for Lviv by train on the 7th day of the start of large-scale Russian attacks in the country, in the Dnieper, Ukraine on March 2, 2022.
Andrea Caruba Anatolian Agency Getty Images
When Russia’s invasion of Ukraine entered its second week, the UN said on Thursday that more than 1 million people had fled Ukraine, the fastest refugee displacement of the century. Russia has said Kyiv residents will be allowed to evacuate the city in the direction of Vasilkov, southwest of the city.
With a column of tanks and other vehicles that apparently stopped for days outside of Kyiv, explosions shook the Ukrainian capital at night. A video on social media shows a huge fireball rising in the sky. The target of the explosion is still unknown. NBC News worked to check social media posts.
5. After profit, Best Buy jumps 9%, Snowflake tanks almost 20%
Buyers leave the Best Buy store during Black Friday sales in Brooklyn, New York, November 26, 2021.
Brendan McDermid Reuters
Best Buy on Thursday reported fourth-quarter earnings that did not meet expectations and earnings per share that did not meet forecasts. However, stocks rose 9% in upfront markets, even as the consumer electronics retailer also provided weaker-than-expected outlook for fiscal 2022. Best Buy handles challenging comparisons in a year when pandemics and stimulus checks boost sales.
At the Snowflake headquarters in San Mateo on April 30, 2021.
Katie Skulov
Shares of Snowflake sank about 20% in pre-trading on Thursday morning after the cloud software company forecast a slowdown in product revenue growth, which accounts for the majority of total sales. Snowflake’s better-than-expected revenue grew 101% year on year in the fourth fiscal quarter. But this is the slowest sales growth since at least 2019. On Wednesday, Snowflake said it agreed to buy startup Streamlit for $ 800 million.
“The Associated Press and Reuters contributed to this report.” Sign up for the CNBC Investing Club now to follow every move in Jim Cramer’s stock. Follow broader marketing activities as a professional at CNBC Pro.