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21 Mar 2022

Dow Futures Plummet by 150 Points amid Ukraine-Russia Talks and Fed Speeches

Dow Futures Plummet by 150 Points amid Ukraine-Russia Talks and Fed Speeches

The Index Today

Dow futures edged lower on Monday after sustaining major gains the previous week as a number of officials at the U.S. Federal Reserve prepare to speak this week following the first interest rate hike, amid ongoing peace talks between Ukraine and Russia.

Dow futures contract fell by 150 points (0.4%) at 7am ET (1100 GMT), while the S&P 500 futures and Nasdaq 100 futures dropped by 10 points (0.2%) and 60 points (0.4%) respectively. This comes after Wall Street’s three major indexes soared last week with S&P 500 rising by 6.2%, Dow inching up by 5.5% and Nasdaq surging by 8.2%.

This comes after the Fed instituted the first of several interest rate hikes for the year on Wednesday following its monetary policy meeting. Fed President Jerome Powell is expected to speak before the National Association for Business Economics about the economic outlook on Monday. Other Fed members are also due to speak throughout this week — less than a week after the Fed’s first interest rate hike came into effect.

Meanwhile, diplomatic negotiations between Ukraine and Russia have slowed as per a spokesperson for Russia, after Ukraine refused to surrender Mariupol, thus preventing a meeting between the presidents of both countries.

©Photo: Paul Taggart | Bloomberg | Getty Images