Stock futures rose Wednesday morning as oil prices surged amid the intensifying conflict between Russia and Ukraine.
Futures for the Dow Jones Industrials gained 91 points, or 0.3%, to 33,357.
Futures for the S&P 500 picked up 8.25 points or 0.2%, to 4,312.
Futures for the NASDAQ Composite index gained 15 points, or 0.1%, to 14,020.50.
The moves came as oil prices trekked upward, building on a massive move in the previous session. Futures for both U.S. crude and international benchmark Brent crude futures rose about 7% each. West Texas Intermediate most recently traded at $111.75 and Brent was at $113.45.
The move appeared to boost oil stocks, with Exxon and Chevron each rising about 2% in premarket trading. However, the rising energy costs have also increased concerns about inflation and a potentially slowing economic recovery.
The move appeared to boost oil stocks, with Exxon and Chevron each rising about 2% in premarket trading. However, the rising energy costs have also increased concerns about inflation and a potentially slowing economic recovery.
Earnings boosted several other stocks in extended trading. Nordstrom spiked by nearly 35% on strong earnings while SoFi surged around 18%. On the downside, First Solar shares tumbled nearly 15% after the company misses estimates on revenue and issued disappointing guidance
Markets also were digesting the State of the Union speech from President Joe Biden, who offered little in the way of new policy details while urging support for Ukraine and reiterating many of the goals for his domestic agenda.
Earnings season continues with several tech companies set to report on Wednesday. Okta, Pure Storage and C3 AI will report after the market closes. ChargePoint is also scheduled to report after the bell.
Oil prices charged up $8.22 to $111.63.
Gold prices eased nine dollars to $1,934.00.