NEW YORK (AP) — Stocks are opening higher on Wall Street Wednesday, a day after the benchmark S&P 500 index slumped into a “correction,” or 10% below its record high. The S&P is up 0.8% at the open, the Nasdaq is up 0.9% and the Dow Jones Industrial Average is up 0.7%. Investors continued to take cues from developments in Ukraine, where Russia has started evacuating its embassy in Kyiv, as fears mount that Russian President Vladimir Putin might be about to order an invasion. Oil prices eased and the yield on the 10-year U.S. Treasury rose. Department store owner TJX Cos. slumped to a more than 12-month low on weak fourth-quarter results.
(asterisk)THIS IS A BREAKING NEWS UPDATE(asterisk) AP’s earlier story appears below.
Global stock markets and Wall Street futures rebounded Wednesday from jitters over Western sanctions on Russia in response to President Vladimir Putin’s authorization to send soldiers into eastern Ukraine.
In New York, futures for the benchmark S&P 500 index rose 0.8% and the same for the Dow Jones Industrial Average was up 0.7%.
London and Frankfurt opened higher. Shanghai, Hong Kong and Seoul advanced. Japanese markets were closed for a holiday.
Oil prices dipped slightly following increases stoked by unease about possible disruption to Russian supplies.
Global stocks sank Tuesday after Washington, Britain and the 27-nation European Union imposed sanctions on Russian banks, officials and business leaders.
“Current U.S. sanctions on Russia are less-than-feared by the market,” Anderson Alves of ActivTrades said in a report. Alves noted Western governments have more “acute options” including reducing Russia’s access to the SWIFT system for global bank transactions.
In early trading, the FTSE 100 in London rose 0.5% and Frankfurt’s DAX gained 0.8%. The CAC in Paris added 1.2%.
On Tuesday, the S&P 500 lost 1%. That put it 10.3% below its Jan. 3 all-time high and into a correction, or a decline of at least 10% but less than 20%. The Dow lost 1.4% and the Nasdaq composite sank 1.2%.
In Asia, the Shanghai Composite Index rose 0.9% to 3,489.15 and the Hang Seng in Hong Kong gained 0.6% to 23,660.28.
The Kospi in Seoul advanced 0.5% to 2,719.53 and Sydney’s S&P-ASX 200 added 0.6% to 7,205.70.
India’s Sensex opened up 0.2% at 57,425.96. Singapore and Indonesia gained while Bangkok declined.
Global stocks already had given up some of their gains due to uncertainty about the impact of plans by the Federal Reserve and other central banks to withdraw ultra-low interest rates and other economic stimulus.
Markets were rattled after Putin recognized the independence of rebel-held areas in Ukraine and sent in troops in defiance of U.S. and European pressure.
Shares of Stellantis gained 6% in off-hours trading after the automaker reported profits of 13.4 billion euros ($15.2 billion) in its first year after forming from the merger of Fiat Chrysler Automobiles and PSA Group. The software maker Cadence Design Systems jumped more than 10% after it topped Wall Street’s sales and profit expectation and raised sales guidance well above analysts’ consensus for the first quarter of 2022.
Wheat prices rose on concern about supplies from Russia and Ukraine being disrupted. Prices of nickel and aluminum, for which Russia is a major supplier, also rose.
European gas prices jumped after Germany withdrew a key document needed for certification of the Nord Stream 2 gas pipeline from Russia.
In energy markets, benchmark U.S. crude fell 86 cents to $91.49 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.28 on Tuesday to $92.35. Brent crude, the price basis for international oils, slipped 28 cents to $93.57 per barrel in London.
The dollar edged up to 115.08 yen from Tuesday’s 115.07 yen. The euro rose to $1.1341 from $1.1334.