By Sam Boughedda
Investing.com – Stocks staged a remarkable comeback on Thursday, plunging at the open after Russia invaded Ukraine and then turning around to end strongly higher after President Joe Biden announced new sanctions.
Russian forces invaded Ukraine in a massed assault by land, sea and air, the biggest attack by one state against another in Europe since the outbreak of the Second World War, Reuters reported.
Oil spiked to over $100 a barrel but sank back to the low $90 a barrel range. Weekly jobless claims, meanwhile, fell by more than expected and economic growth rose more quickly than forecast.
Earnings season has mostly wound down, but there are some economic reports due out Friday, including a gauge of inflation the Federal Reserve uses in its deliberations on interest rates.
The outbreak of war in Ukraine could prompt the Fed to take a less aggressive stance toward raising rates, which it is expected to begin doing when it meets in March.
Here are three things that could affect markets tomorrow:
1. Oil prices
U.S. oil stockpiles rose more than expected in the latest week, the Energy Information Administration said on Thursday. Crude inventories jumped 4.515 million barrels last week.
The last time Brent traded at or above $100 a barrel, was on Sept. 9, 2014. In Thursday’s session, the global benchmark for oil rose to as high as $102.23 after Vladimir Putin directed the full force of Russia’s invasive power at his neighbor.
2. Personal spending
The U.S. is set to report personal spending for January, the month after the holiday season. Analysts tracked by Investing.com are forecasting personal spending to grow 1.6% from the prior month, beating December’s reading of negative 0.6%.
3. Personal income
The personal income also comes out on Friday, both at 8:30 AM ET. Personal Income is predicted to be down 0.3%, below the previously reported 0.3%.