Here are five things you need to know for Thursday, March 24:
1. – Stock futures rise as Biden meets NATO leaders in Brussels
U.S. stock futures rose on Thursday, as oil prices stabilized and Treasury bond yields fell slightly, as President Joe Biden prepares to meet NATO and US leaders. the EU in Brussels as part of an international effort to end Russia’s war on Ukraine.
Firmly in its first month, the so-called “special operation” launched by Vladimir Putin has displaced almost a quarter of Ukraine’s 44 million citizens and caused the death of more than 1,000 civilians, according to United Nations observers, but has not yet claimed Russian control of a single Ukrainian city.
Biden’s Brussels summit, which will include meetings with EU, G7 and NATO leaders, is expected to produce both a new round of US sanctions against Russian lawmakers, the first tranche of financial support and military to Ukrainian President Volodymyr Zelenskiy and a likely coordinated response from EU leaders to lift the region out of its reliance on Russian energy exports.
Oil prices extend gains in response, as well as reacting to yesterday’s release of Energy Department data showing a bigger-than-expected drop in domestic crude inventories, WTI crude futures for May delivery rising 73 cents on the session to $115.66 a barrel.
Another round of hawkish comments from Federal Reserve chairs, including the San Francisco Fed’s Mary Daly, solidified bets on a 50 basis point rate hike at the central bank’s May policy meeting. , with CME Group’s FedWatch tool pricing in a 70.5% probability, up from just 32.9% two weeks ago.
Still, yields on the benchmark 10-year note were little changed from last night’s close of 2.37% ahead of unemployment insurance claims and February durable goods data at 8:30 a.m. ET. the East, while the US dollar index was up 0.2% against a basket. of its global peers at 98,824.
On Wall Street, futures tied to the Dow Jones Industrial Average point to an opening bell gain of 130 points while those tied to the S&P 500, which is down 6.5% for the year, are priced for an upward move of 22 points. The tech-focused Nasdaq Composite is called 90 points higher
2. — Russian stocks gain in trading as Moscow Stock Exchange resumes trading
The Moscow Stock Exchange resumed trading in a limited number of stocks on Thursday after a month-long shutdown following Russia’s invasion of Ukraine in late February.
The benchmark MOEX was last seen up 6.5% in the session at 2,630.81 points, after rising 12% in early trading as investors bet an injection of $11 billion from the Russian National Fund would support the prices of 33 of the 50 stocks. authorized to trade during the opening session.
Strict limits on transactions, including a ban on short selling and a ban on foreign investors exiting their positions in Russian stocks, have also been put in place to ensure a confidence-inspiring session on the most visible exchange. from the country.
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3. — Chinese investigators probe cockpit recorder in Eastern Airlines crash
Investigations in China continued their search for a second “black box” from the China Eastern Airlines 737-800 that crashed in the southern region of the country earlier this week, killing all 132 passengers and crew.
Yesterday’s discovery of the cockpit recorder will provide clues to the cause of the MU 5735 flight disaster, which occurred about an hour after takeoff from Guangzhou city. The China Civil Aviation Administration of China (CAAC) took possession of the recorder in Beijing on Thursday and invited investigators from the US National Transportation Safety Board to China to help with the investigation.
Boeing (BA) – Get Boeing company reportwhich manufactures the 737-800 aircraft and hopes its workhorse 737 MAX will be cleared for commercial use in China in the coming weeks, said it would help the CAAC-led investigation.
Boeing shares rose 0.5% in premarket trading to show an opening price of $187.05 each.
4. — Hertz Global adds Tesla Model Y to its rental fleet
Hertz Worldwide (HTZ) – Get the Hertz Global Holdings Inc report shares rose slightly in premarket trading after the car rental group said it had added products made by Tesla (TSLA) – Get the Tesla Inc report Model Y sedans to its fleet this week,
Hertz added the Model Y SUV to its existing Model 3 sedan offering after announcing last year that it would buy around 100,000 Tesla-made cars for about $4.4 billion as it ramped up operations businesses after exiting chapter 11. bankruptcy protection .
Tesla, however, noted at the time that it had not reached an agreement with Hertz and had only agreed to view the Estero, Florida-based group’s cars on the same terms as regular customers. . Still, news of the purchase sent Tesla shares past the $1 trillion mark for the first time ever on Oct. 25.
Hertz Global shares rose 0.5% in premarket trading to show an opening price of $22.56 each. Tesla shares, which are on a seven-day winning streak, rose 1.1% to $1,010.00 apiece.
5. — Nikola Shares a Leap After Tre BEV Truck Production Update
Nikola Corp. (NKLA) – Get report from Nikola Corporation Shares rose in premarket trading after the electric truck maker said production of its flagship Tre BEV vehicles began production earlier this week in Arizona.
Nikola, which said it plans to deliver up to 500 of its Tre BEV trucks by the end of the year, said in a filing with the Securities and Exchange Commission late Wednesday that North American production had started on March 21 and planned to start manufacturing trucks for the European market from its German manufacturing base in June next year.
Nikola will host an Investor Day presentation beginning at 4:05 p.m. PT from his Phoenix, Arizona-based headquarters.
Shares of Nikola rose 9.85% in premarket trading to show an opening price of $10.01 each.