Stock market today-3/24: Stocks gain as Biden meets NATO leaders

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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 nearly a quarter of Ukraine’s 44 million citizens and caused the deaths 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 summit in Brussels, 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 decline in domestic crude inventories, WTI crude futures for May delivery rising 5 cents on the session to $114.98 a barrel.

In Europe, a better-than-expected reading of economic activity in March was clouded by soaring input prices and a lackluster near-term outlook, adding to downward pressures on the Stoxx 600 across the board. regional, which fell 0.1% at midday. in Frankfurt.

In Russia, the Moscow Stock Exchange resumed trading on a limited number of stocks on Thursday after a month-long shutdown following the 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.

In the United States, 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 policy meeting. the central bank in May, with the CME Group’s FedWatch tool price at 68.5% 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 February unemployment insurance claims and durable goods data at 8:30 a.m. ET. the East, while the US dollar index was up 0.16% against a basket. of its global peers at 98.78.

On Wall Street, futures tied to the Dow Jones Industrial Average point to an opening bell gain of 170 points while those tied to the S&P 500, which is down 6.5% for the year, are priced for an upward move of 27 points. The tech-focused Nasdaq Composite is called 107 points higher.

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U.S. airline stocks rose Thursday after industry leaders urged President Joe Biden to lift the pandemic-era mask mandate on planes and at airports, arguing the rules “were not more aligned” with the current post-Covid environment.

The plea follows statements by most U.S. carriers that bookings and traffic have improved significantly since the start of the year amid the easing of pandemic-era restrictions on business and the trips.

United Airlines (LAU) – Get the report from United Airlines Holdings, Inc. shares rose 0.5% in premarket trading to $41.53 apiece, while Delta Airlines (DAL) – Get the report from Delta Air Lines, Inc. rose 0.7% to $36.47 each.

South West Airlines (LUV) – Get the report from Southwest Airlines Co. shares were little changed at $42.85 apiece while American Airlines (AAL) – Get the report from American Airlines Group, Inc. rose 0.7% to $16.32 each.

Boeing (BA) – Get Boeing company report shares rose 0.7% in premarket trading after investigations in China continued their search for a second ‘black box’ of 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. China’s Civil Aviation Administration (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.

Nikola Corp. (NKLA) – Get report from Nikola Corporation shares jumped 16.3% after the electric truck maker said production of its flagship Tre BEV vehicles began production earlier this week in Arizona.

Knowledge base home (KBH) – Get Knowledge Base Home Report shares fell 3.55% after the California-based homebuilder posted weaker-than-expected first-quarter earnings amid a noticeable slowdown in new home sales and the largest mortgage rate hike in more than two years.

Hertz Worldwide (HTZ) – Get the Hertz Global Holdings Inc report shares edged up 0.55% after the car rental group announced it had added products made by Tesla (TSLA) – Get the Tesla Inc report Model Y sedans to its fleet this week.

Tesla shares, which are on a seven-day winning streak, rose 1.1% to $1,010.00 apiece.

Overnight in Asia, as the yen traded at its weakest level against the US dollar since 2015, the Nikkei 225 rose 0.25% to a nine-week high of 28,110.39 points, while the benchmark MSCI ex-Japan fell 0.52% in a follow-up move to last night’s sell-off on Wall Street.

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