Nasdaq futures are slightly lower as Wall Street weighs Russia-Ukraine tensions, potential Fed rate hikes
Stock futures dipped slightly Sunday evening as investors continued to monitor the developing tension between Ukraine and Russia and potential Fed rate hikes.
Futures tied to the Dow Jones Industrial Average inched higher by 23 points, or 0.07%. S&P 500 futures fell 0.02% and Nasdaq 100 futures lost 0.2%.
The moves follow a rocky week for stocks, which were pressured by a hot inflation report and fears of a Russian attack on Ukraine. The Dow and S&P 500 fell 1% and 1.8%, respectively, for the week. The tech-heavy Nasdaq Composite slid more than 2%.
On Friday, the Dow tumbled 503.53 points, or 1.43%. The S&P 500 dropped 1.9% and the Nasdaq Composite shed 2.8%. The declines came as the White House warned that a war in Ukraine could begin «any day now» and urged Americans there to leave «immediately.» Oil prices jumped Friday, along with traditional safe havens like Treasurys.
«The real fear is that China backs Russia and the relationship between China and the U.S. continues to deteriorate,» said Robert Cantwell, chief investment officer at Upholdings. «How it changes the U.S. relationships with the other economic superpowers – that's what's really scary and would affect economic outcome.»
A phone call over the weekend between U.S. President Joe Biden and Russian President Vladimir Putin, in which Biden attempted to dissuade Putin from attacking Ukraine, failed to achieve a breakthrough.
Some airlines have also halted or redirected flights to Ukraine amid the brewing crisis, while the Pentagon ordered the departure of U.S. troops in Ukraine.
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