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DJIA Futures: -86 (-0.3%)
SPX Futures: -4 (-0.1%)
NASDAQ Futures: -43 (-0.3%)
Good morning friends!
Futures are slipping after the market's best week since 2020.
Let’s get right to it!
Oil prices are up as some the European Union considers a ban on Russian oil imports.
West Texas Intermediate crude futures are up 3.8% at nearly $109 per barrel with Brent crude futures rising 4.2% to over $112 per barrel.
Houthi rebels in Yemen also attacked a Saudi Aramco refinery over the weekend, prompting more concerns about supply.
Nickel prices plunged in trading on the London Metal Exchange today.
The three-month contract hit its new limit-down level of 15% at the open of trade, tumbling to $31,380 per metric ton.
Nickel has been in a freefall since trading resumed last week after being halted on March 8 when prices more than doubled to over $100,000.
Prices have been higher on the LME than on the Shanghai Futures Exchange.
Reuters reported that difference has caused trading volume to be low with few buyers willing to pay the higher price.
Ukrainian President Volodmyr Zelenskyy warned Sunday that the war in his country may lead to World War III.
In an interview with CNN, he said if peace talks fail between Kyiv and Moscow “that would mean that this is a third world war”.
Negotiations are ongoing between the two sides as fighting continues in Ukraine.
Civilians were escorted out of the eastern port city of Mariupol by pro-Russian separatists over the weekend.
Russia has demanded Ukrainian forces surrender in the city.
Data from the UN shows more than 3.3 million people have fled Ukraine since Russia invaded on February 24.
President Biden will visit Brussels Thursday for an in-person NATO summit.
The White House announced he will then visit Poland Friday but he will not travel to Ukraine.
Boeing (BA) shares are down 6.4% ahead of the open after a 737-800 crash in China.
China’s aviation authority confirmed the plane, operated by China Eastern Airlines, crashed with 132 people on board.
Officials say contact was lost with the flight over Wuzhou, in the Guangxi mountains.
The number of casualties and cause of the crash is still unknown.
The FAA and Boeing are expected to assist Chinese regulators in the investigation.
The 737 that crashed was not a MAX, which has not yet returned to flight in China.
Alleghany (Y) is surging 24.9% in premarket trade after Berkshire Hathaway (BRK.A) announced it is buying the insurance company.
Berkshire will buy the company for $11.6 billion, or $848.02 per share.
This is Warren Buffett’s biggest deal since 2016.
Buffett said, “Berkshire will be the perfect permanent home for Alleghany, a company that I have closely observed for 60 years.”
Alleghany’s CEO also praised the deal, calling it a “terrific transaction for Alleghany’s owners, businesses, customers, and employees.”
Alleghany will still operate independently after the acquisition.