5 things to know before the stock market opens on Thursday, March 10
Here are the most important news, trends and analysis that investors need to start their trading day:
1. Oil is recovering after the failure of Russian-Ukrainian negotiations, which leads to a decrease in futures quotes
Traders on the NYSE, March 8, 2022
Source: New York Stock Exchange.
2. The pressure on stocks comes after the best day for the S&P 500 in about 21 months.
Wall Street, which opens lower on Thursday, snapped a four-loss streak on Wednesday. The S&P 500 jumped 2.5%, posting the best day since June 2020, but remained in a correction. The Nasdaq was up nearly 3.6% and the Dow Jones Industrial Average was up 2%. These successes brought the Dow out of a correction and the Nasdaq out of a bear market. Oil prices fell sharply on Wednesday afternoon, giving additional momentum to stocks. West Texas Intermediate oil, the US benchmark, fell more than 12%.
3. Bond yields rise after hotter inflation data
- The latest data on wholesale inflation and retail sales are released on Tuesday and Wednesday, the two days the Federal Reserve holds its March policy meeting. Central banks are expected to start raising near-zero Covid-era interest rates next week, the first in a series of rate hikes seen this year to fight inflation.
4. Russia blew up a maternity hospital in Ukraine, killing 3 people
A car burns after the destruction of the Mariupol Children’s Hospital, as Russia’s invasion of Ukraine continues, in Mariupol, Ukraine March 9, 2022 in this still image from a promotional video obtained by Reuters.
Ukraine Military | via Reuters
The failure of Thursday’s ceasefire talks came a day after Russian troops bombed a maternity hospital in the Ukrainian city of Mariupol, killing three people, including one child. Russian Foreign Minister Sergei Lavrov on Thursday said without evidence that the hospital had already been taken over by Ukrainian “ultra-radicals”. Ukrainian Foreign Minister Dmytro Kuleba said that Russian officials “live in their own reality.”
- On Thursday, US Vice President Kamala Harris will meet with Polish leaders in Warsaw. disagreements simmer on how to equip Ukraine with combat aircraft to fight the Russian invasion. Ukrainian President Volodymyr Zelensky has been pleading with NATO to introduce a no-fly zone or provide it with fighter jets.
5. Amazon’s 20-to-1 stock split fuels speculation about inclusion in the Dow 30
Getty images; Chris Ratcliff | Bloomberg | Getty Images
Shares of technology companies with mega-cap Amazon and parent company Google Alphabet is resetting its mega stock prices with a huge split, fueling speculation about whether they could one day be part of the 30 components that make up the Dow Jones average. Alphabet came first in February, with a 20-to-1 split. Then, late Wednesday night, there was a 20-to-1 stock split in Amazon. Apple was added to the Dow in March 2015, nine months after completion of the 7 to 1 split. Apple completed another 4 to 1 split in 2020.
— The Associated Press and Reuters contributed to this report. Login Now for CNBC investment club Follow every move in Jim Cramer’s stock. Follow the wider market action like a pro on CNNBC Pro.
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