The S&P 500's worst day in nearly 17 months has resulted in flat futures.

BY THE NUMBERS

U.S. stock futures remained relatively stable on Tuesday, one day after a significant market decline due to concerns about oil supply and rising crude prices. The S&P 500 fell deeper into a correction, dropping nearly 3% in its worst single-day performance since October 2020. Meanwhile, the Dow Jones Industrial Average lost almost 2.4%, falling into a correction, down more than 10% from its January record highs. Investors continued to sell bonds on inflation fears, which had contributed to the previous day's market slide.

The U.S. oil benchmark, WTI, rose more than 4% to around $124 per barrel Tuesday, after settling Monday at its highest level since September 2008. WTI topped $130 on Sunday, a high back to July 2008. (CNBC) The U.S. was set to ban Russian oil, liquefied natural gas and coal without European participation as soon as Tuesday, NBC News reports. Europe relies heavily on Russian energy production. Russia is a key oil and gas producer and exporter, and the country’s war on Ukraine is disrupting the global market. (CNBC) Americans are paying the most at the pump on record amid a surge in energy prices (CNBC)

On Tuesday, Exxon announced plans to halt involvement in all Russian hydrocarbons, following in the footsteps of other firms such as BP and CNBC.

IN THE NEWS TODAY

The London Metal Exchange stopped trading nickel on Tuesday as prices surged to an unprecedented high of over $100,000 per metric ton, resulting from a frenzy to cover shorts following Western sanctions that threatened to disrupt supply from Russia. (Reuters)

According to CNBC, Chinese President Xi Jinping urged "maximum restraint" in Ukraine during a virtual meeting with French and German leaders, marking his strongest stance against Russia yet, despite China being a key economic and strategic ally of Russia.

The evacuation of civilians from Ukrainian cities along safe corridors began on Tuesday. According to U.N. officials, the number of refugees fleeing from Russia's invasion has reached 2 million. Previous attempts to lead civilians to safety have failed due to renewed attacks. (AP)

A group of 24 scientists, doctors, and public health experts stated in a new 136-page report that the U.S. must make significant progress before the pandemic ends and life returns to a semblance of normalcy, as Covid-19 deaths remain far higher than those from seasonal respiratory viruses such as the flu. (Source: CNBC)

This week, President Biden is predicted to issue an executive order, directing the Justice Department, Treasury, and other agencies to examine the legal and economic consequences of establishing a U.S. central bank digital currency, according to Reuters.

The America250 Foundation, a nonprofit organization responsible for planning the government's celebration of the American Revolution's 250th anniversary, has struck a deal with Meta Platforms (FB), granting Facebook's parent company an exclusive role in producing and promoting the event, according to The Wall Street Journal.

STOCKS TO WATCH

Apple is hosting its first launch event of the year on Tuesday, with predictions of new iPhone, iPad, and possibly Mac announcements. Unlike the company's fall events, which unveil new iPhone models in preparation for the holiday shopping season, these spring device launches are less significant to Apple.

Google announced plans to acquire cybersecurity firm Mandiant for approximately $5.4 billion on Tuesday, in an effort to enhance the security of its cloud customers. Mandiant's shares dropped by 3.5% in the premarket.

The sports retailer reported better-than-expected quarterly earnings and revenue, resulting in DKS gaining more than 4% in premarket trading. Additionally, the company's same-store sales grew 5.9%, which was faster than the rate in the fourth quarter of 2019 before the pandemic.

Breeze Airways, founded by David Neeleman, announced on Tuesday that it plans to expand its network to 77 routes this spring and summer, almost doubling its current offerings. This is the fifth airline launched by Neeleman, and Breeze began flying last May.

Dish's stock price increased by more than 2% in premarket trading after Dell upgraded its recommendation from neutral to buy. The investment firm stated in a note that Dish's spectrum holdings are undervalued.