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Overall, stocks have rebounded in recent weeks after a rocky start to the year amid concerns about the ongoing war in Ukraine and the US Federal Reserve’s tightening monetary policy to fight decades-high inflation. — AFP pic
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NEW YORK, April 5 — US stock index futures came under pressure on Tuesday as the prospect of fresh sanctions on Russia kept investors on edge, while megacap growth stocks looked set to retreat after strong gains a day earlier.
The European Commission is to propose to EU nations sweeping new sanctions, including a ban on imports of coal, rubber, chemicals and other products from Russia worth up to €9 billion (RM41.5 billion) a year, an EU source told Reuters.
The West prepared new sanctions on Moscow after dead civilians were found lining the streets of a Ukrainian town seized from Russian invaders.
Oil majors Exxon Mobil Corp and Chevron Corp rose about 0.3 per cent in premarket trading after crude prices extended their rally on fears of tighter global supply.
Megacap tech and growth stocks edged lower after helping the Nasdaq jump 1.9 per cent in the previous session.
Twitter Inc gained 1.4 per cent on Tuesday after a 27 per cent surge in the previous session when Tesla Inc CEO Elon Musk unveiled a big stake in the micro-blogging site.
Overall, stocks have rebounded in recent weeks after a rocky start to the year amid concerns about the ongoing war in Ukraine and the US Federal Reserve’s tightening monetary policy to fight decades-high inflation.
The benchmark S&P 500 is down 3.9 per cent so far in 2022 after falling as much as 12.5 per cent.
At 07.00am ET, Dow e-minis 1YMcv1 were down 85 points, or 0.24 per cent, S&P 500 e-minis were down 10 points, or 0.22 per cent, and Nasdaq 100 e-minis were down 32 points, or 0.21 per cent.
Meanwhile, data from the Institute for Supply Management at 10.00am ET is expected to show that the non-manufacturing activity index rose to 58.4 in March, after a reading of 56.5 in the previous month.
Carnival Corp rose 3.7 per cent after the cruise operator reported its highest booking week in its history, boosting peers Norwegian Cruise Line Holdings Ltd and Royal Caribbean Cruises Ltd 2.4 per cent and 2.2 per cent, respectively. — Reuters