US stock futures spent hours jumping between gains and losses during the night.
The main futures indices suggest a gain of 0.7% at the opening bell.
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Oil prices rose by more than $ 5 a barrel as Russian forces stepped up attacks on Ukrainian cities.
Oil prices have risen despite an agreement by the United States and other major governments in the International Energy Agency to release 60 million barrels of strategic reserves to stabilize supplies.
US crude jumped $ 5.60 to $ 109.05 a barrel in e-commerce on the New York Mercantile Exchange. It rose $ 7.69 on Tuesday to $ 103.41.
Brent crude, based on the price of international oil, rose from $ 5.86 to $ 110.77 a barrel in London. During the previous session, it rose by $ 7 to $ 104.97.
EXXONMOBIL TO STOP OIL PRODUCTION IN RUSSIA, STOP NEW INVESTMENTS THERE IN WAR WITH UKRAINE
Speaking about the state of the Union, President Biden said he would try to mitigate the impact of higher oil prices on Americans.
“I will use every tool we have to protect American business and consumers,” Biden said.
The war between Russia and Ukraine heightens concerns about global economic growth in the face of plans by the Federal Reserve and other central banks to fight rising inflation by raising interest rates.
Investors are expecting more evidence of possible interest rate hikes when Fed Chairman Jerome Powell speaks to Congress on Wednesday.
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Traders will receive the first of this week’s labor reports. The payroll company ADP published its national employment report for February. Economists are looking for a profit of 388,000 jobs in the private sector, a reversal of the surprising loss of 301,000 jobs in January.
The government will publish the monthly report on jobs for February on Friday.
In Europe, the London FTSE added 0.6%, the German DAX rose 0.2% and the French CAC rose 0.2%.
In Asia, the Nikkei 225 in Tokyo lost 1.7%, Hang Seng in Hong Kong sank by 1.8% and China’s Shanghai Composite Index fell 0.1%.
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Investors transferred the money to the safe haven of government bonds, raising their market price and reducing the yield or the difference between the current price and the maturity.
Yields on 10-year bonds fell by an unusually high margin to 1.74%.
Bitcoin is trading over $ 43,000.
|Me: DJI||MIDDLE DOE JONUS||33294.95||-597.65||-1.76%|
|I: COMP||NASDAQ COMPOSITE INDEX||13532.459154||-218.94||-1.59%|
On the Wall Street S&P 500 fell 1.5% to 4,306.26. The Dow Jones Industrial Average lost 1.8% to 33,294.95. The Nasdaq index fell 1.6% to 13,532.46.
JPMorgan Chase fell 3.8% and Bank of America fell 3.9%.
More than 70% of shares in the S&P 500 closed lower. Technology, industry and communications companies were among the biggest obstacles to the benchmark index.
Energy reserves have increased. Occidental Petroleum jumped 7%.
The companies cut ties with Russia. Apple said Tuesday it has stopped selling its iPhone and other popular products there. BP and Shell are withdrawing from investments in the Russian oil industry.
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Aircraft maker Boeing has said it has suspended major operations in Moscow and temporarily closed its Kyiv office. A statement said it was also suspending the supply of parts, maintenance and technical support services to Russian airlines.
The Associated Press contributed to this report.