Here’s the latest news on what stocks are doing.
Pressed on whether the US will target Russia’s fuel exports, White House Press Secretary Jen Psaki told CNN Wednesday the US “wants to maximize the impact on President Putin” and those around him, but made clear that the White House priority is to minimize the impact at home. “It’s still on the table, it’s not off the table,” Psaki said of efforts to ban Russian oil exports. But, Psaki added, “What he (Biden) does not want to do is topple the global oil markets or the global marketplace, or impact the American people more with higher energy and gas prices. And obviously, the announcement that was made yesterday to tap the Strategic Petroleum Reserve here and do that in the united way, in a coordinated way with the global community, is an effort to address that and mitigate the impact, but that’s something we heavily weigh.” US oil prices surged 6.1% to nearly $110 a barrel Wednesday. US stock futures rose Wednesday ahead key testimony from Fed Chair Jerome Powell before the House Financial Services Committee at 10 am ET. Investors will look for signs that the Fed may adjust its monetary policy plans as the global economy and markets struggle to cope with Russia’s invasion of Ukraine. Oil continued to surge after the White House said it is open to sanctions banning Russian oil and OPEC is set to decide whether to pump more oil. Brent briefly hit $113 a barrel, the highest since 2014. CNN Business’ Fear and Greed Index tumbled into «Extreme Fear.» Global crude oil prices surged to more than $110 per barrel and the cost of natural gas skyrocketed to a new record in Europe on Wednesday as Russia’s escalating military campaign in Ukraine stoked fear in markets about a supply shock.
