Here are the most important news, trends and analysis that investors need to start their trading day:
1. Futures jumped on hopes for progress in Russian-Ukrainian talks
Traders on the NYSE, March 8, 2022
Source: New York Stock Exchange.
On Friday, Dow futures rose about 300 points, or nearly 1%. S&P and Nasdaq futures jumped about 1% and 1.2%, respectively, on hopes of progress in ceasefire talks between Russia and Ukraine. However, this growth has somewhat faded compared to the previous premarket period. Yields on 10-year Treasuries hovered around 2%. Oil prices in the US fell to around $106 a barrel.
Shortly before 6:30 a.m. ET, Reuters sent out a brief bulletin citing Russian President Vladimir Putin, saying there were “certain positive developments” in the talks. As of Thursday’s lower close, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq were heading into another losing week. West Texas Intermediate oil, the benchmark of American oil, broke a two-week winning streak.
2. Russia expands its military offensive in Ukraine, troops are approaching Kiev
Firefighters spray water on a destroyed shoe factory after an airstrike in Dnipro on March 11, 2022.
Emre Cailak | AFP | Getty Images
As investors scrutinize the veracity of Putin’s claims, Russia on Friday expanded its military offensive in Ukraine, launching strikes near airports in the country’s west for the first time. New satellite imagery shows a large Russian convoy approaching Kiev has been redeployed to towns and forests outside the city, which could signal a renewed offensive against the Ukrainian capital. There is also growing outrage following a deadly airstrike on a maternity hospital in the key Ukrainian port city of Mariupol.
3. The United States and its allies may deprive Russia of the most favored nation status
U.S. President Joe Biden holds a virtual meeting with business leaders and state governors to discuss supply chain issues, particularly those relating to semiconductor chips, on the White House campus in Washington, March 9, 2022.
Jonathan Ernst | Reuters
As the invasion enters its third week, the US and its allies have prepared to step up their efforts to isolate and sanction Russia. On Friday, President Joe Biden, along with the European Union and the G7, will move to end Russia’s most favored nation status, according to media reports. Removing Russia as a privileged nation opens the door for the United States and its allies to impose tariffs on a wide range of Russian goods. Biden on Tuesday imposed a ban on Russian energy imports.
4. Friday marks 2 years since Covid was declared a pandemic.
Lab technicians test wastewater samples from across the United States for the presence of coronavirus disease (COVID-19) at the Biobot Analytics lab in Cambridge, Massachusetts, Feb. 22, 2022.
Allison Dinner | Reuters
Friday marks two years since Covid was declared a pandemic on March 11, 2020. Since the novel coronavirus was discovered in China in 2019, there have been more than 450 million infections and more than 6 million deaths worldwide, with more than 15% of each in the US, according to Johns Hopkins University. Although the raging wave of omicron cases has subsided and more than 250 million people in the US have received at least one dose of the Covid vaccine, health officials are warning Americans not to be complacent, according to the CDC.
5. Ford and PG&E Partner for F-150 Home and Grid Power.
The Ford F-150 Lightning all-electric truck during an augmented reality presentation at the Motor Bella Auto Show in Pontiac, Michigan on Tuesday, September 21, 2021.
Emily Elkonin | Bloomberg | Getty Images
Ford will partner with Pacific Gas and Electric Co. in California to evaluate the bi-directional charging capabilities of the electric F-150 Lightning to power homes and return energy to the grid. Ford CEO Jim Farley and PG&E CEO Patty Poppe announced the plans Thursday night at the CERAWeek energy conference in Texas. The announcement comes two days after Poppe announced a pilot program with General Motors to make its electric vehicles capable of powering a home in the event of a power outage or grid failure.
– CNBC reporters Maggie Fitzgerald, Samantha Subin, Hannah Miao, Vicki McKeever, Holly Ellatt and Michael Weiland contributed to this report. The Associated Press and Reuters did the same.
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