Market Snapshot: U.S. stock futures bounce higher as NATO leaders gather in Brussels

U.S. stock index futures bounced higher Thursday, as markets focus on a meeting of Western leaders set to impose further penalties on Russia for its invasion of Ukraine. Read More...

U.S. stock index futures bounced higher Thursday, as markets focused on a meeting of Western leaders set to impose further penalties on Russia for its invasion of Ukraine while discussing possible responses should chemical or nuclear weapons be used.

Futures on the Dow Jones Industrial Average YM00, +0.40% rose 131 points, or 0.4%, to 34381
Futures on the S&P 500 ES00, +0.53% rose 0.5%, or 22 points, to 4469
Futures on the Nasdaq 100 NQ00, +0.62% gained 0.6%, or 81 points, to 14528

On Wednesday, the Dow Jones Industrial Average DJIA, -1.29% fell 449 points, or 1.29%, to 34359, the S&P 500 SPX, -1.23% declined 55 points, or 1.23%, to 4456, breaking below its 200-day average, and the Nasdaq Composite COMP, -1.32% dropped 186 points, or 1.32%, to 13923.

What’s driving markets

President Joe Biden arrived in Brussels to discuss further sanctions on Russia for its invasion on Ukraine.

“If they do rachet up the pressure on Russia, Russia will probably respond by ratcheting up the pressure on them, e.g. by cutting off oil or grain exports entirely. This will further depress the European economy and increase prices,” said Marshall Gittler, head of investment research at BDSwiss Holding.

There’s a wave of U.S. economic data, including weekly jobless claims, February durable-goods orders, and purchasing managers index releases for the manufacturing and service sectors for March. Federal Reserve Gov. Christopher Waller, typically a hawkish voice, is due to speak, as well as Minneapolis Fed President Neel Kashkari and Atlanta Fed President Raphael Bostic.

In Europe, the MOEX Russia Index rose more than 4% after Moscow Exchange resumed trading after a nearly month with a shortened four-hour session in 33 out of 50 stocks listed on the benchmark. However, foreign shareholders are unable to sell shares, a restriction Russia imposed to counter Western sanctions against its financial system and the weakening ruble.

Meanwhile, crude oil prices CL.1, were slightly higher Thursday after a 5% rise Wednesday when Russia limited capacity on a pipeline after storm damage. While the U.S. and the U.K. are boycotting Russian oil, other nations are still buying Russian commodities, notably Europe for its natural-gas needs.