Today's viewing recommendations: Concerns over Ukraine's nuclear power plant cause stock futures to decline.
BY THE NUMBERS
Russia's attack on Ukraine's nuclear power plant caused a 1% drop in Dow, S&P, and Nasdaq futures, which were already on track for weekly declines. All three stock benchmarks fell on Thursday, with Nasdaq leading the way down with a nearly 1.6% decline. (CNBC)
The U.S. economy added 678,000 nonfarm jobs in February, surpassing economists' predictions. The unemployment rate fell to 3.8%, while wages rose only 5.1% year over year, below expectations. The Federal Reserve is set to meet March 15 and 16, and is expected to raise interest rates multiple times this year, starting this month. Fed Chairman Jerome Powell confirmed this before a House panel Wednesday. (Reuters)
IN THE NEWS TODAY
Ukrainian firefighters successfully put out a fire at the Zaporizhzhia nuclear power plant on Friday, which was seized by Russian forces overnight. No radiation was released, as confirmed by both the United Nations and Ukrainian officials. The attack on the decommissioned Chornobyl plant in Ukraine, which occurred in the early days of the invasion now more than a week old, has raised concerns about the safety of nuclear power plants in the region. In response to the attack, the European Union is considering imposing energy sanctions on Russia.
On Friday, U.S. oil prices rose, but not as high as the previous day's near 14-year high of over $116 per barrel. Despite this, WTI remained up 17.5% for the week due to concerns about supply due to Russian aggression. Meanwhile, investors sought the perceived safety of bonds ahead of the jobs report, with the benchmark falling to around 1.78%. The 10-year yield on Wednesday saw its biggest one-session jump since March 2020. (CNBC)
U.K.-based oligarchs are selling off their assets and freezing them due to Russian sanctions. Roman Abramovich, a Russian oligarch, has initiated a sale of his most valuable U.K. assets, including Chelsea soccer club. This move comes as Russian President Vladimir Putin's inner circle seeks to distance themselves from their wealth. Meanwhile, Airbnb has suspended its operations in Russia, and Google has suspended all advertising in the country.
Despite rising inflation and logistics challenges, GPS shares climbed 7% in Friday's premarket after the apparel retailer offered an upbeat profit forecast for 2022. However, Gap expects continued struggles in its first quarter, as echoed by comments from other retailers such as L Brands, Ulta Beauty, and Target. (CNBC)
Marvell's strong second-quarter results and guidance make it a worthwhile investment, despite Wall Street's concerns about premium multiples.
Sony and Honda have formed a joint venture to manufacture and sell electric vehicles, with plans to launch their first vehicle in 2025.
STOCKS TO WATCH
Rivian's CEO acknowledged in a letter to stakeholders on Thursday that the price increases on vehicles that had already been ordered by customers "broke the trust."
After CEO Elon Musk challenged the United Auto Workers union to organize his company's assembly plant in Fremont, California, TSLA fell 1.2% in premarket trading.
After reporting strong sales growth in its first quarterly report since going public in November, the salad chain's stock price soared around 20% in premarket trading. However, the company also posted widening losses.
Broadcom's adjusted earnings of $8.39 per share and revenue guidance for the second quarter exceeded expectations, causing AVGO to rise more than 3% premarket.
Raymond James downgraded Best Buy from outperform to market perform, causing BBY to dip 2% in early morning trading. The firm stated, "We are temporarily suspending our stock recommendation."
WATERCOOLER
The Los Angeles megamansion known as "The One," which was listed for $295 million and had been on the market for 10 years, was sold at a bankruptcy auction for $141 million. Despite the lower price, it remains the third-most expensive home ever sold in Los Angeles. (Source: CNBC)
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