U.S. stock futures rallied Wednesday more on hope than reality, as Russia continued to shell Ukraine ahead of a key diplomatic meeting.
What’s happening
- Futures on the Dow Jones Industrial Average YM00, +1.54% rose 456 points, or 1.4%, to 33058
- Futures on the S&P 500 ES00, +1.76% gained 1.6%, or 67 points, to 4236
- Futures on the Nasdaq 100 NQ00, +2.11% gained 2%, or 259 points, to 13526
On Tuesday, the Dow Jones Industrial Average DJIA, -0.56% fell 185 points, or 0.56%, to 32633, the S&P 500 SPX, -0.72% declined 30 points, or 0.72%, to 4171, and the Nasdaq Composite COMP, -0.28% dropped 35 points, or 0.28%, to 12796.
The S&P 500 has dropped nearly 5% over the last four sessions.
What’s driving markets
Ahead of a Thursday meeting between Russia’s and Ukraine’s foreign ministers in Turkey, analysts looked at an apparent thawing of positions. Ukraine President Volodymyr Zelensky said he is no longer pressing for NATO membership, one of Russia’s stated reasons for its invasion.
“While this isn’t [Russian President Vladimir] Putin’s only demand, it is a major one and offers him at least some ‘victory’ that he can claim to save face if he wants to pull out,” said Marshall Gittler, head of investment research at BDSwiss Holding.
The German DAX DAX, +5.08% and French CAC 40 PX1, +4.92% each surged more than 5%.
Oil futures CL.1, -1.77% slipped a day after President Joe Biden announced a ban on Russian oil and gas imports, as major brands including McDonald’s MCD, -0.69% and Coca-Cola KO, -3.96% said they would exit Russia.
The economics calendar includes a release on job openings, before Thursday’s eagerly awaited consumer price index data and a European Central Bank decision.
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