Dow Jones Futures Rise On U.S.-Russia Meeting After Market Rally

Dow Jones futures rose modestly early Friday morning, along with S&P 500 futures and Nasdaq futures, on news of a high-level U.S.-Russia meeting. The stock market rally sold off Thursday, with the S&P 500 tumbling back below its 200-day line as Russia-Ukraine tensions once again were front and center.

X

Roku (ROKU) reported mixed earnings after the close. Roku stock plunged overnight.

Deere (DE) earnings and sales topped early Friday, with DE stock holding around a buy point. Apple (AAPL) and UNP stock are also showing some strength. But Nvidia (NVDA) sold off following earnings. Tesla (TSLA) reversed downward amid some negative headlines.

Russia Invasion Threat ‘Very High’

Secretary of State Anthony Blinken will meet with Russian Foreign Minister Sergey Lavrov late next week, a State Department spokesman said Thursday night, “provided there is no further Russian invasion of Ukraine.” That raised some hopes for a peaceful resolution to the ongoing Ukraine crisis.

On Thursday, President Joe Biden warned that the threat is “very high” that Russia will likely invade Ukraine “in the next several days.”

U.S. officials have said Russia is massing additional forces near the Ukraine border, refuting Kremlin claims that it’s withdrawing some troops.

Russia accused Ukraine of genocide on Thursday, offering a possible pretext to invasion. Moscow also expelled the No. 2 official at the U.S. embassy from the country.

Dow Jones Futures Today

Dow Jones futures rose 0.2% vs. fair value on news of the Blinken-Lavrov meeting. S&P 500 futures climbed 0.4% and Nasdaq 100 futures gained 0.55%.

Dow Jones futures are off overnight highs. They point to a slim bounce, only recouping a fraction of Thursday’s sharp losses.

Gold prices nudged lower after a big gain Thursday.

U.S. crude oil prices fell 2%. That reflects slightly less fear over Russia-Ukraine but also the growing prospect of a new Iran nuclear deal that would unleash Iranian oil on global markets.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Key Earnings

Roku earnings topped views Thursday night, along with user levels. But revenue came in light and the streaming media platform guided low on Q1 revenue. Roku stock fell 25% early Friday. Shares already sold off 10% Thursday to 144.71. Roku stock is set to break below its late January lows to its worst level since at least mid-2020. Shares peaked at 490.76 in July 2021.

Deere earnings fell sharply vs. a year earlier but topped views comfortably. Revenue rose slightly, also beating. DE stock rose 1% in premarket trade to about 385. On Thursday, Deere stock fell 2.6% to 380.53 on Thursday, back below the 388.20 handle buy point. DE stock also seems to be forming a new handle for the broader consolidation going back nine months. The relative strength line for DE stock has been trending higher for several weeks and is at a nine-month highs.

Stocks…