S&P 500 futures showed positive movement in the early trading hours of Wednesday as investors looked for a silver lining in the strong U.S. labor market amid rising commodity prices and inflation. Wall Street experts believe that the U.S.’s labor market should prevent the economy from moving into a recession.
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Dow futures moved 1.15% northward, while the S&P 500 futures climbed 1.29% and Nasdaq 100 futures gained 1.50%.
The major indexes closed the regular trading session in the red yesterday. The Dow Jones Industrial Average (DJIA) fell 0.56% further into its correction zone, while the S&P 500 (SPX) also moved deeper into correction by shedding 0.72%. The Nasdaq 100 (NDX) inched down 0.39%, continuing its run through bear market territory.
U.S. President Joe Biden announced a fresh sanction on Russia, this time banning Russian fossil fuel imports. The announcement came amid the escalating Russian war on Ukraine that continued to push oil and other commodity prices higher.
Moreover, as a further punitive blow to Russia, The European Union announced on Tuesday that it will reduce its gas imports the aggressor nation by about 67% by the end of 2022. This is to reduce a significant economic vulnerability, as the EU had imported a significant 45% of its total gas from Russia in 2021.
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