BY THE NUMBERS
U.S. stock futures fell sharply Thursday. U.S. oil prices rebounded 4% in morning trading as the latest round of Russia-Ukraine talks failed with no progress on a cease-fire and no progress on safe passages for evacuating civilians. With oil and in turn gasoline prices higher, investors are digesting another hot inflation report. (CNBC)
Wall Street, set to open lower Thursday, broke a four-session losing streak Wednesday, with the S&P 500 jumping 2.5% for its best day since June 2020 but it remained in a correction. The Nasdaq surged nearly 3.6%, and the Dow Jones Industrial Average popped 2%. (CNBC)
Those gains pulled the Dow out of a correction and the Nasdaq out of a bear market. Oil prices took a sharp leg lower Wednesday afternoon, giving stocks an extra boost. West Texas Intermediate crude, the American benchmark, tumbled more than 12%. (CNBC)
The 10-year Treasury yield on Thursday rose to around 1.98% after February's consumer price index rose 7.9% over the past 12 months, a fresh 40-year high and slightly higher than estimates. Excluding food and energy, both of which moved sharply higher during the month, core inflation still rose 6.4%, in line with expectations but the highest since August 1982. (CNBC)
* Bitcoin drops below $40,000, almost wiping out gains from Biden’s crypto order (CNBC)
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The latest reads on wholesale inflation and retail sales are out Tuesday and Wednesday — the two days when the Federal Reserve holds its March policy meeting. Central bankers are widely expected to start hiking Covid-era near-zero interest rates next week, the first in a series of rate increases seen this year to fight inflation. (CNBC)
Amazon (AMZN) was a standout in a down premarket, jumping 5% following its after-the-bell announcement of a 20-for-1 stock split and a $10 billion buyback. The split, which follows a similar move by Google-parent Alphabet (GOOGL) last month, fueling speculation about whether they could one day become part of the 30 components that make up the Dow. (CNBC)
* Why Cramer's Investing Club is selling shares of Amazon on its 20-for-1 stock split (CNBC)
IN THE NEWS TODAY
Thursday's failure of cease-fire talks came one day after Russian forces bombed a maternity hospital in the Ukrainian city of Mariupol, killing three people, including one child. Russian Foreign Minister Sergey Lavrov on Thursday said without evidence that the hospital had already been captured by Ukrainian "ultra radicals." Ukraine Foreign Minister Dmytro Kuleba said Russian officials "live in their own reality." (CNBC)
U.S. Vice President Kamala Harris will meet with Polish leaders in Warsaw on Thursday as disagreements simmer over how to arm Ukraine with warplanes to fight Russia's invasion. Ukrainian President Volodymyr Zelenskyy has been pleading for NATO to impose a no-fly zone or provide it with fighter jets. (Reuters)
Russian oligarch Roman Abramovich, the outgoing owner of Chelsea's soccer club and a longtime ally of Russian President Vladimir Putin, has been sanctioned by U.K. authorities. The British government said Thursday that Abramovich was among seven Russian businessmen added its sanctions list. (CNBC)
* Fearing West's wrath, Russia's rich look to stash wealth in Dubai (Reuters)
A federal judge has ordered Walmart (WMT) to immediately rehire a woman with Down syndrome and give her more than $50,000 in back pay after she prevailed in a disability discrimination lawsuit related to her firing from a Wisconsin store. (CNBC)
* Workers at three New York Starbucks cafes vote to unionize (Reuters)
* Chipotle Mexican Grill to release pollo asado as latest limited-time menu item (CNBC)
United Airlines (UAL) will allow workers who haven't been vaccinated against Covid for religious or medical reasons to return at the end of this month, The Wall Street Journal reports. United has said it fired more than 200 employees who refused vaccination, and they won't be brought back, the Journal adds.
* Uber, Lyft drivers clash with riders over face masks as states lift mandates (WSJ)
Embattled Peloton (PTON) on Friday will start testing a new pricing system: Customers will pay a single monthly fee that covers both the namesake stationary bike and a monthly subscription to workout videos. If a customer cancels, Peloton would take back the bike with no charge. (WSJ)
STOCKS TO WATCH
The FAA has finalized safety directives aimed at fixing Pratt & Whitney engine issues on certain Boeing (BA) 777 jets. Boeing must now lay out the steps airlines will need to take to meet the FAA's requirements. Boeing fell 1.5% in the premarket.
CrowdStrike (CRWD) surged 12.5% in premarket trading after reporting better-than-expected quarterly profit and revenue. The cybersecurity company also issued an upbeat 2022 forecast. CrowdStrike said it would strongly pursue market share as cybersecurity demand accelerates.
Asana (ASAN) tumbled 24% in the premarket after the collaboration software company forecast a wider-than-expected loss for the current quarter. Asana reported a narrower-than-expected loss for its most recent quarter, as well as revenue that exceeded analyst forecasts.
Marqeta (MQ) rallied 7.4% in premarket action after reporting better-than-expected quarterly revenue and a breakeven quarter in the face of an expected bottom-line loss. The fintech company also issued an upbeat current-quarter revenue forecast.
JD.com (JD) reported better-than-expected profit and revenue for its latest quarter as more shoppers used its e-commerce platform. But the China-based company also reported its slowest revenue growth since early 2020. Its stock slid 6.5% in the premarket.
Wheels Up Experience (UP) reported a quarterly loss of 31 cents per share, 6 cents wider than the consensus estimate. Revenue, however, was well above estimates at $345 million, representing an increase of 64% over a year earlier, while active membership grew by 31%. Wheels Up shares gained 4% in the premarket.
Anthem (ANTM) plans to change its name to Elevance Health, according to the Wall Street Journal. The move, which will require shareholder approval, is designed to reflect the broadening of its corporate portfolio.
Major League Baseball late Wednesday said the league has canceled more games, pushing Opening Day back to April 14 as negotiations between the owners and players union remain at a standstill. The MLB Players Association said the league's decision to cancel additional games was "completely unnecessary." (CNBC)