Today's watchlist: Dow futures recover from steep losses as oil prices ease

BY THE NUMBERS

On Monday, U.S. stock futures cut more than half earlier declines, with Dow futures down more than 500 points at premarket lows. Meanwhile, U.S. oil came off Sunday's highs, sending crude prices briefly over $130 per barrel. Russia claimed it would stop attacking four Ukrainian cities, including Kyiv, to allow civilian evacuations. However, Ukraine said Moscow is seeking to manipulate the cease-fire. In other news, the S&P 500, Nasdaq, and Dow all declined Friday and for the week. The S&P 500 and Nasdaq were both in corrections, with the Nasdaq less than 3 percentage points away from a bear market. Additionally, investors sold bonds Monday, sending the 10-year yield up to around 1.79%.

A third round of talks between Russia and Ukraine to end fighting is set for Monday, with a higher-level meeting between Russian Foreign Minister Sergey Lavrov and Ukrainian Foreign Minister Dmytro Kuleba scheduled for Thursday in Antalya, Turkey, according to Turkey's foreign minister. Meanwhile, Russian forces continued to pummel some Ukrainian cities with rockets even after its cease-fire in evacuation corridors. In a move that would further pressure Russia, Secretary of State Antony Blinken said Sunday on CNN that the U.S. and its allies are considering banning Russian oil and natural gas imports.

On Monday, U.S. oil prices retreated from their nearly 14-year highs on Sunday night, but remained at an elevated level. Crude prices are being driven up by traders' concerns about supply disruptions resulting from Russia's invasion of Ukraine, which has been ongoing for two weeks. The average price of a gallon of gasoline in the U.S. reached $4 on Sunday, the highest since July 2008, not adjusted for inflation, according to AAA. (CNBC)

On Monday, gold approached $2,000 per ounce but has not yet surpassed that level.

IN THE NEWS TODAY

Monday's premarket saw shares of (BBBY) more than double after Chairman Ryan Cohen announced a nearly 10% stake in the retailer through his investment company RC Ventures. In a letter to Bed Bath & Beyond, Cohen expressed his belief that the company should consider strategic alternatives, including separating Buybuy Baby and a full sale of the company. Meanwhile, Kohl's announced plans for smaller shops and revealed that it wants Sephora to hit $2 billion in sales as it faces activist pressure. (CNBC)

On Monday, UBER updated its first-quarter 2022 financial outlook, citing a quicker-than-anticipated recovery from the omicron coronavirus impact. The company's stock price increased by approximately 3% in pre-market trading. Additionally, shares of competitor LYFT were up more than 3% in pre-market trading. (CNBC)

Warren Buffett expressed disappointment in the equity markets in his annual letter to shareholders, stating that he could not find anything that excited him. However, a recent SEC filing from Friday night revealed that Berkshire Hathaway is very excited about the oil giant, Occidental Petroleum. Berkshire owns 91.2 million common shares of Occidental, worth $5.1 billion as of Friday's close. Meanwhile, investor Carl Icahn has sold the last of his 10% stake in Occidental, and the stock has continued to perform well, gaining 7% in Monday's premarket.

The "major overhang" on Tesla's stock has been removed after German authorities announced that the U.S. electric-auto maker could start production at a new factory in Berlin, according to Wedbush analyst Dan Ives, a well-known Tesla bull. The stock rose roughly 1% in Monday's premarket. (CNBC)

STOCKS TO WATCH

Energy prices surged, causing oil stocks to rise broadly. Chevron and Exxon Mobil each rose more than 1%, while Phillips 66 climbed 3.4%. Additionally, shares of ConocoPhillips and BP nearly 2%, while Royal Dutch Shell jumped 4%.

Crop prices rose, causing a 4% increase in premarket trading, as supply concerns intensified due to Russia's invasion of Ukraine.

Both Visa and Mastercard experienced a decline in premarket trading after announcing the suspension of operations in Russia. Visa's stock dropped by 2.2%, while Mastercard lost 1.7%.

The company confirmed to CNBC that it is pulling its service in Russia following the country's invasion of Ukraine. The stock dropped around 1% in Monday's premarket.

Whiting and Oasis shareholders agreed to merge, resulting in a new company with an estimated enterprise value of $6 billion. The new company will be 53% owned by Whiting shareholders and 47% by Oasis shareholders.

Citi underperformed its peers in premarket trading after Jefferies downgraded the firm, and the company said it was unlikely to meet the financial targets outlined at an investor conference last week.

WATERCOOLER

This weekend, "The Batman" debuted in theaters and recorded the second-highest domestic opening of the pandemic era, with $128.5 million in ticket sales, surpassing the studio's predictions of $110 million. (Source: CNBC)