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The U.S. Treasury Department authorized Venezuelas state-owned oil company (PDVSA) to conduct certain activities in Venezuela.Conflict Situation: 1. According to RIA Novosti: Russian troops have taken control of the Zalitznichny region of Zaporizhia, Ukraine. 2. Russia stated that one of the two external power lines supplying the Zaporizhia nuclear power plant has been cut off. 3. Ukrainian energy company DTEK stated that the Russian attack damaged its energy facilities in the Odessa region. Peace Negotiations: 1. Kremlin: The specific date for the next round of negotiations on the Ukraine issue has not yet been set. 2. Kremlin spokesman Peskov: There is a possibility that Russia and France can quickly establish a high-level dialogue. 3. EU High Representative for Foreign Affairs and Security Policy Kalas said on Tuesday that a list of concessions demanded from Russia will be drafted as part of resolving the conflict in Ukraine. Other Situations: 1. US Treasury Secretary Bessenter: Optimistic about the situation in Russia and Ukraine. 2. Zelensky signed a presidential decree allowing contract-based military service for personnel over 60 years of age. 3. US Trade Representative Greer: India has begun to gradually reduce its energy purchases from Russia. 4. Kremlin: Russian President Putin and the South African President discussed the Ukraine issue.The API crude oil inventory data for the week ending February 6 will be released in ten minutes.February 11th - According to the Wall Street Journal, Trump administration officials have discussed whether to seize more oil tankers carrying Iranian oil to further pressure Tehran. However, due to concerns about a near-certain Iranian retaliation and its impact on the global oil market, US officials stated that no action has been taken yet. If the US takes action to prevent other sanctioned vessels from loading oil in Iran, it will squeeze Tehrans main source of revenue. This move would expand the White Houses aggressive strategy implemented in the Caribbean last December. However, some officials say that this option, as one of several ways the White House is pressuring Tehran to reach an agreement limiting its nuclear program, faces numerous obstacles, with seizures even being seen as an act of war. In response to the escalating US strikes, Iran is likely to retaliate by seizing oil tankers belonging to US allies in the region, or even laying mines in the Strait of Hormuz. Either move could cause a sharp rise in oil prices and risk a political storm for the White House.The Dow Jones Industrial Average rose 52.27 points, or 0.10%, to close at 50,188.14 on Tuesday, February 10; the S&P 500 fell 23.02 points, or 0.33%, to close at 6,941.80; and the Nasdaq Composite fell 136.20 points, or 0.59%, to close at 23,102.47.

The Dow Futures drop following a strong week

Charlie Brooks

Jul 11, 2022 10:59

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After major benchmark indexes completed the week higher, U.S. stock futures dropped during Sunday evening trade as investors anticipated company earnings reports and important inflation data.


By 7:00pm ET (11:00pm GMT), the Dow Jones Futures were down 0.2 percent , the S&P 500 Futures were down 0.3 percent , and the Nasdaq 100 Futures were down 0.4 percent .


Ahead this week, market participants will concentrate on new CPI data, with the inflation rate predicted to hit 8.8 percent, the highest level since December 1981. Investors will examine, among other data releases, retail sales, manufacturing production, Michigan consumer mood, NFIB Small Business Optimism, consumer inflation expectations, producer pricing, export and import prices, and the New York Empire State Manufacturing Index.


PepsiCo Inc (NASDAQ:PEP) and Delta Air Lines Inc (NYSE:DAL) are scheduled to report earnings on Tuesday and Wednesday, respectively, while JPMorgan Chase & Co (NYSE:JPM), Morgan Stanley (NYSE:MS), Wells Fargo & Company (NYSE:WFC), and Citigroup Inc (NYSE:C) are scheduled to report earnings later in the week.


During trading on Friday, the Dow Jones Industrial Average sank 46.4 points, or 0.2 percent, to 31,338.2, the S&P 500 finished 0.3 points, or 0.1 percent, down at 3,894.4, and the NASDAQ Composite climbed for the sixth consecutive day, adding 14 points, or 0.1 percent, to 11,635.3. The Dow rose 1.4 percent for the week, while the S&P 500 climbed 2.7 percent and the NASDAQ gained 6.1 percent .


On the bond markets, 10-Year United States rates jumped to 3.08 percent.