Stock-index futures were on the rise Tuesday night as Biden delivered an optimistic State of the Union address, saying America is 'stronger today than we were a year ago.'
Stock-index futures turned lower in choppy trading early Wednesday, following a crucial State of the Union address by President Joe Biden, with investors rattled by surging oil prices as war raged between Russia and Ukraine.
Oil prices continued to climb despite Tuesday’s decision by International Energy Agency member countries to release 60 million barrels of oil from their emergency reserves, to help with any supply shortfall caused by Russia’s invasion of Ukraine, now entering its seventh day. “So far, the cartel confirmed that they remain committed to the OPEC+ deal with Russia, and they are not expected to change their production boost plans despite the Ukrainian war,” said Ipek Ozkardeskaya, senior analyst at Swissquote, in a note to clients.
Biden offered a plan to drive down inflation by boosting domestic manufacturing and highlighted treatments and vaccines against the coronavirus, despite fears of new variants.
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