Stock futures rise as Wall Street tries to recover from Wednesday's losses

Stock futures rise as Wall Street tries to recover from Wednesday's losses

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, March 21, 2022.

Brendan McDermid | Reuters

Stock futures rose early Thursday morning as investors tried to recover from declines in the previous session.

Dow Jones Industrial Average futures climbed 150 points, or 0.4%. S&P 500 and Nasdaq 100 futures climbed 0.6% each.

Streaming service Spotify rose 3.7% in extended trading, while KB Home dropped 3.8%.

The moves come as NATO leaders meet in Brussels to try to find ways to put more pressure on Russia, as Ukraine appears to be retaking ground in the war. Oil prices also declined slightly, with U.S. crude trading 0.5% lower at $114.35 per barrel.

The major averages took a breather Wednesday, as higher oil and commodities prices and the likelihood of greater interest rate hikes have investors uncertain about the economic outlook for later this year.

The Dow Jones Industrial Average dropped about 450 points, or 1.3%. The S&P 500 declined 1.2%. The Nasdaq Composite dipped 1.3%.

“The idea of having a soft landing was always going to be really challenging, and when you think about the additional wrinkle of a complication of Russia invasion of the past month, and the surge in commodity prices, it makes it super difficult for Fed to calibrate,” Michael Schumacher, head of macro strategy at Wells Fargo Securities, said on CNBC’s “Fast Money” on Wednesday.

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On the data front Thursday, weekly jobs claims data and durable goods orders will be released at 8:30 a.m.

Darden Restaurants will report earnings before the bell on Thursday.

Correction: This article was updated to accurately reflect that shares of KB Home fell in after-hours trading.