Wake Up Wall Street (SPY) (QQQ): Oil makes new highs as equities remain in reverse
Here is what you need to know on Monday, March 7:
Oil prices spiked again on Sunday night as the US mulls over a ban on Russian oil imports and seeks other European countries to join it. This has sent the Russian rouble to a fresh low against the dollar. The euro also remains weak with it dipping below parity against the Swiss franc. Oil stocks will naturally be in focus this morning, and we notice a slight variation on last year's short squeeze theme from retail traders this morning. They have decided to target penny oil stocks with some eye-catching gains seen in the premarket. In the big leagues though, mainline oil stocks are also up strongly but not to the tune of 100% like some of their penny stock relations. Inflation remains one of the key watchwords, and later this week we get the final US CPI print before the Fed likely gives us a 25bps hike in its next meeting.
Oil is at $118, having been at $130 earlier this morning. Bitcoin is at $38,850, and Gold is at $1,966. The dollar continues its run and is at 98.81 in the Dollar Index now.
European markets are lower but have bounced as Germany said it is rejecting more Russian sanctions for now: Eurostoxx -0.4%, FTSE +0.1% and Dax -1%.
US futures are lower: Nasdaq, Dow and S&P are all down 0.6%.
Wall Street News (SPY) (QQQ)
US pushing European partners for a ban on Russian oil imports. Oil surged.
Germany says it rejects any further sanctions on Russia for now. Oil fell.
Bed Bath and Beyond (BBBY) shares soar 100% premarket on Ryan Chewy investment news.
Squarespace (SQSP) down 25% on weak guidance.
WeWork (WE) up 10% as not issuing additional shares.
Visa (V) exits Russia, stocks drops 1%.
Occidental Petroleum (OXY) up 9% on Berkshire Hathaway filing showing increased stake.
Signify Health (SGFY) down 5% on price reduction from Piper.
Upgrades and Downgrades
Source: Benzinga Pro
Economic releases
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
