Wall Street Likely To Open Lower

Lower index futures point to a weak opening for U.S. stocks on Friday.

Data on personal income and personal spending for the month of January will be out at 8:30 AM ET.

Data on durable goods orders for the month of January, Core PCE Price index for January are also due at 8:30 AM ET.

At 10 AM ET., data on pending home sales for the month of January, and the final reading of the Michigan Consumer Sentiment index are due for release.

The Dow futures are down 0.30 percent, the S&P futures are lower by 0.25 percent and the Nasdaq futures are lower by 0.16 percent.

Although the United States, the European Union and some other countries imposed sanctions on Russia, condemning its move to invade Ukraine, the sanctions have been soften than feared by the markets, and this resulted in a rebound in several markets across the globe on Friday.

Reports that Russia has pressed its invasion of Ukraine to the outskirts of the capital today after a series of airstrikes on neighboring cities and military bases are likely to weigh on sentiment.

Ukrainian forces are reportedly waging a desperate battle to repel a full-scale Russian invasion of capital Kyiv.

The Ukrainian Defense Ministry said Russian reconnaissance troops have entered Obolon, a residential area just north of the parliament and the city centre.

U.S. Secretary of State Antony Blinken said Kyiv “could well be under seige” in what U.S. reportedly believes is a brazen attempt by Russian President Vladimir Putin to install his own regime.

On Thursday, U.S. stocks staged a stunning turnaround over the course of the trading session and ended on a strong note. The tech-heavy Nasdaq showed a particularly strong rebound after hitting its lowest intraday level in almost a year. Stocks tumbled at the start as the fears of a Russian invasion of Ukraine became a reality, with Russian Vladimir Putin declaring war on the neighboring country late Wednesday night.

The Nasdaq spiked 436.10 points or 3.3 percent to 13,473.59 after tumbling by as much as 3.4 percent in early trading. The Dow also rose 92.07 points or 0.3 percent to 33,223.83 after plunging by nearly 860 points, while the S&P 500 jumped 63.20 points or 1.5 percent at 4,288.70.

Stock markets in Asia rallied on Friday, powered by the substantial rebound on Wall Street on Thursday as the West imposed retaliatory sanctions on Russia.

The major European markets are up sharply today. The pan European Stoxx 600 is surging up 2.1 percent, the U.K.’s FTSE 100 is climbing 2.5 percent, Germany’s DAX is rising 1.73 percent and France’s CAC 40 is up nearly 2 percent, while Switzerland’s SMI is up 1.95 percent.

In commodities, West Texas Intermediate Crude oil futures are up $0.57 or 0.61 percent at $93.38 a barrel. Gold futures are down $21.00 or 1.1 percent at $1,905.30 an ounce.

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