Market Hustle: Stock Futures Climb on Easing Ukraine Tensions
NEW YORK (TheStreet) -- U.S. stock futures were pointing to a market rebound as investors focused on subsiding tensions in Ukraine.
- Dow Jones Industrial Average futures were jumping 161 points, or 154.97 points above fair value, to 16,309. S&P 500 futures were gaining 18.25 points, or 17.32 points above fair value, to 1,861.25. Nasdaq futures were advancing 37.7 points, or 38.68 points above fair value, to 3,706.5.
- Elevated concerns about Ukraine-Russia tensions were relieved after a reported 5 a.m. Tuesday (10 p.m. EST Monday) Russian military deadline for Ukrainian forces in Crimea to surrender passed without any consequences.
- Russian President Vladimir Putin has ordered troops that were engaged in military exercises in western Russia back to base by Friday and said at a press conference Tuesday that any show of force would be a measure of "last resort" that is currently highly unlikely to take place. He added, though, that, if called for, Russia would protect Russians in Ukraine by all means necessary.
- International markets were broadly higher, with the FTSE 100 in London up 1.38%, the DAX in Germany up by 1.97%, the Hong Kong Hang Seng settling up 0.7%, and the Nikkei 225 in Japan closing up 0.47%.
- U.S. markets closed sharply lower Monday as risk aversion spread across global markets amid the potential conflict in Ukraine.
- AutoZone (AZO) was advancing more than 3% after posting fiscal second-quarter earnings per share of $5.63 on revenue of $2 billion; analysts were looking for earnings of $5.55 a share on revenue of $1.97 billion. The company said extreme weather conditions drove growth acceleration in certain failure related hard part categories during the quarter.
- Tesla (TSLA) was popping more than 2% after announcing at the Geneva Motor Show that it will open more than 30 new service centers and stores across Europe to address a growing customer base and that it will keep expanding its Supercharger network in the continent.
- Abercrombie & Fitch (ANF) was poised for stronger action after the stock was boosted to "outperform" from "neutral" at Credit Suisse.
- RadioShack (RSH) was plummeting nearly 21% after the company's fourth-quarter results missed expectations by a wide margin as same-store sales plunged 19%. The electronics retailer said that it plans to shutter as many as 1,100 of its underperforming stores in the U.S.
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