Stock futures trade lower following tech rally

Charles Payne has a warning for investors

FOX Business host shares his stock market advice on ‘Making Money.’

U.S. equity futures traded modestly lower on Wednesday morning, the day after a Wall Street rally led by technology companies, although investors remain concerned about the war in Ukraine and inflation.

The major futures indexes suggest a decline of 0.2% when the opening bell rings.


Investors were also closely watching what might happen with President Biden joining a NATO meeting and EU Summit Thursday in Europe, where sanctions and the Russian oil embargo will likely top the agenda.

U.S. West Texas Intermediate (WTI) crude futures rose $1.02, or 0.9%, to $110.27 a barrel, after losing 36 cents in the previous session.

Brent futures climbed $1.22, or 1%, to $116.70 a barrel, after falling 14 cents.

FILE PHOTO: Pump Jacks are seen at sunrise near Bakersfield, California. (REUTERS/Lucy Nicholson/File Photo / Reuters Photos)

The yield on the 10-year Treasury climbed Wednesday to 2.39% from 2.30% late Monday. The yield, which influences interest rates on mortgages and other consumer loans, was at 2.14% late Friday.

Traders will study fresh housing data. The Census Bureau is expected to say that sales of new single-family homes rose 1.1% to a seasonally adjusted annual rate of 810,000 in February. That’s up from 801,000 in January, when sales fell more than expected as rising mortgage rates and higher prices kept some first-time homebuyers out of the market.

FILE – A home sits for sale in Geneva, Illinois. (REUTERS/Jeff Haynes  / Reuters Photos)

In Europe, London's FTSE added 0.4%, Germany's DAX gained 0.2% and France's CAC was up 0.2%.

In Asia, Japan’s benchmark Nikkei 225 surged 3.0%, Hong Kong’s Hang Seng jumped 1.2% and China's Shanghai Composite rose 0.3%.

Chinese network equipment maker ZTE Corp's shares soared nearly 27% after the company said a U.S. judge had allowed a probation period to end after the company was nearly destroyed in a clash with Washington over its dealings with Iran and North Korea.

Bitcoin traded around $42,000.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES34807.46+254.47+0.74%
SP500S&P 5004511.61+50.43+1.13%
I:COMPNASDAQ COMPOSITE INDEX14108.817117+270.36+1.95%

On Tuesday, the S&P 500 rose 1.1% to 4,511.61, with more than 70% of stocks in the benchmark index notching gains. The Dow Jones Industrial Average gained 0.7% to 34,807.46. The tech-heavy Nasdaq rose 2% to 14,108.82.

GameStop shares rose another 16% in after-hours trading, following a session that saw shares surge more than 30%. The videogame retailer’s chairman, Ryan Cohen, disclosed that his firm bought 100,000 shares of the company’s stock on Tuesday.


Investors will soon start readying for the next round of corporate earnings reports as the current quarter nears its close at the end of March, and that could provide a clearer picture of how industries continue handling rising costs.

The Associated Press contributed to this report.

Source: Read Full Article