Assessing the fighting in Ukraine, futures reverse earlier losses.

BY THE NUMBERS

U.S. stock futures rose on Friday, reversing earlier losses, as investors continued to evaluate the risks associated with Russia's invasion of Ukraine. Wall Street was also focused on the release of the Federal Reserve's favorite inflation indicator, which dipped below 2% after the data. Despite being down for the week, the Nasdaq experienced an incredible comeback on Thursday, with the and the also ending higher. The Nasdaq had initially swung from a 3.45% loss to a 3.3% gain, briefly sending the tech-heavy index into bear market territory. However, the market turned around after President Joe Biden announced wider sanctions against Russia not long after 2 p.m. ET.

The core personal consumption expenditures price index, a closely monitored inflation indicator at the Fed, increased by 5.2% year over year in January, exceeding expectations and marking the largest annual increase since 1983. Central bankers are facing a difficult decision as they weigh the potential negative economic consequences of Russia's invasion of Ukraine against the risk of even higher inflation due to rising oil and natural gas prices. (Source: CNBC)

IN THE NEWS TODAY

Russia is continuing its invasion of Ukraine, with the military seizing a strategic airport just outside Kyiv. The assault, which has been anticipated for weeks, marks the largest ground war in Europe since World War II. Biden is meeting with NATO leaders on Friday morning to discuss the situation. Meanwhile, U.S. and European officials are waiting on one key sanction against Russia. Kurtz, CEO of a cloud-focused cybersecurity firm, has been speaking with U.S. bank executives who are concerned about potential Russian cyberattacks. American officials believe Russian agents were behind multiple recent cyberattacks targeting Ukraine.

Biden has pledged to appoint a Black woman to the Supreme Court, with Justice Breyer set to retire in the summer. Currently, there are three liberal justices and six conservatives. (CNN)

The Biden administration will ease federal Covid mask guidelines on Friday, as the omicron variant-driven wave of infection in the U.S. has decreased, according to The Associated Press. The latest seven-day average of new daily Covid cases of 74,750 is down 90% since January's record highs of the pandemic.

The payments company formerly known as Square, now known as Block, experienced a 16% surge in premarket trading after reporting better-than-expected profit and revenue for its latest quarter. Additionally, Block provided an upbeat forecast for the current quarter and the full year, as its Cash App continues to experience growing success. (MarketWatch)

Etsy (ETSY) experienced a 16% increase in premarket on Friday following its quarterly earnings and revenue beat. Despite the middling forward guidance, investors focused on the strong fourth-quarter performance. (Source: CNBC)

Carvana is acquiring the KAR vehicle auction business in the U.S. for $2.2 billion to expand its physical locations. KAR shares surged roughly 65% higher in the premarket. Although Carvana reported strong sales early in the pandemic, its growth has slowed recently. (Reuters)

Foot Locker's stock price dropped 16% in the premarket after it announced weaker-than-expected full-year profit and same-store sales outlook. However, the company reported better-than-expected results for its fiscal fourth quarter, including an unexpected rise in comp sales.

The plant-based meat substitute maker, BYND, experienced a 11% decline in the premarket after reporting a wider-than-expected quarterly loss and revenue that fell short of forecasts. Additionally, the company issued a weaker-than-expected forecast, citing a temporary disruption of U.S. retail growth.

STOCKS TO WATCH

The movie theater operator reported an unexpected quarterly profit and revenue that beat Wall Street forecasts, causing CNK to jump 3.7% in the premarket. Attendance increased as Covid-19 restrictions loosened.

DELL's premarket stock price dropped 9% after announcing that it anticipates an increase in its order backlog this quarter due to supply chain constraints hindering its ability to meet strong demand.

LendingTree's consumer segment showed strong performance during the quarter, resulting in a 2.6% increase in the premarket after reporting a narrower-than-expected loss and revenue that exceeded analyst forecasts.

Coinbase fell 2% in premarket trading, despite COIN reporting quarterly earnings well above estimates and revenue also beating. The crypto exchange, however, said volatility in the digital currency market will result in lower transactions volume this quarter.

Despite beating quarterly estimates on the top and bottom lines, ZS took an 11.5% hit in the premarket. Investors are focusing on the cybersecurity company's weaker-than-expected outlook, although it reported its strongest year-over-year revenue growth in three years.

Despite its adjusted quarterly loss matching estimates and revenue falling below the consensus estimate, FTCH's premarket stock price soared 30%. The luxury fashion seller's profitability on an adjusted basis for 2021 has encouraged investors after a recent decline in the stock's price.