Stock futures rebound after volatile session

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U.S. equity futures traded higher Wednesday morning in a bounce-back after a volatile trading session that saw stocks fall.

The major futures indexes suggest a rise of more than 1.6% for stocks when the Wall Street session begins.

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U.S. crude rose more than 2% during overnight hours before paring gains.

Oil futures rose on Wednesday after President Biden announced ban on imports of Russian crude. (Photo by Mario Tama/Getty Images / Getty Images)

U.S. West Texas Intermediate (WTI) crude futures were down $1.73 at $121.80 a barrel, after surging 3.6% on Tuesday.

Brent futures were fell $1.54 at $126.46 a barrel, after jumping 3.9% the previous day.

OIL PRICES RISE AFTER US BANS IMPORTS OF RUSSIAN CRUDE

Wednesday morning, The DOE’s Energy Information Administration will release its inventory report for last week. Crude stockpiles are expected to fall by more than 650,000 barrels after a large and surprise draw of 2.6 million barrels the prior week.

Traders will be looking at the latest Job Openings and Labor Turnover Survey Wednesday morning. The Labor Department is expected to say that there were 10.925 million job openings available at the end of January. That’s unchanged from December.

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The elevated level of openings comes as employers struggle to fill positions amid supply shortages and a recovering economy. 

In Europe, London's FTSE gained 2.1%, Germany's DAX jumped 5.3% and France's CAC added 5.2%.

In Asia, the Nikkei 225 in Tokyo slipped 0.3%, the Hang Seng in Hong Kong fell 0.7% and China's Shanghai Composite Index tumbled 1.1%.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES32632.64-184.74-0.56%
SP500S&P 5004170.7-30.39-0.72%
I:COMPNASDAQ COMPOSITE INDEX12795.551317-35.41-0.28%

Wall Street's benchmark S&P 500 index sank 0.7% to 4,170.70 on Tuesday amid enduring unease over the impact of Russian President Vladimir Putin's attack on Ukraine. It is now 13.1% below its latest record high.

The Dow Jones Industrial Average lost 0.6% to 32,632.64. The Nasdaq composite retreated 0.3% to 12,795.55. 

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Bitcoin traded around $41,000.

The Associated Press contributed to this report.

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