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Business

U.S. stock futures fall amid Ukraine invasion jitters, despite late rally on Wall Street

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U.S. stock-index futures fell in volatile trading Thursday night, following a late rally that sent stocks closing higher during the regular trading session despite market jitters caused by the Russian invasion of Ukraine.

Dow Jones Industrial Average futures
YM00,
-0.47%
were down about 130 points at midnight Eastern, while S&P 500 futures
ES00,
-0.60%
and Nasdaq-100 futures
NQ00,
-0.83%
also declined.

For more: Complete MarketWatch coverage of the Russian invasion of Ukraine

Crude prices continued to rise after rising above $100 a barrel during intraday trading for the first time since 2014. West Texas Intermediate crude for April delivery
CLV22,
+1.39%
was last at about $95 a barrel, while April Brent crude
BRNJ22,
+1.82%,
the global benchmark, was at $101 a barrel.

Gold prices
GC00,
-0.47%
slipped, last trading at about $1,913 an ounce, while cryptocurrencies such as bitcoin
BTCUSD,
+0.94%
and ethereum
ETHUSD,
-0.02%
were fairly stable.

Earlier in the day, the Dow
DJIA,
+0.28%
snapped a five-session losing streak, closing up 92.07 points, or 0.3%, at 33,223.83, after falling as far as 2.6% in morning trading. The S&P 500
SPX,
+1.50%
 climbed 63.2 points, or 1.5%, finishing at 4,288.70, but in correction territory, while the Nasdaq Composite
COMP,
+3.34%
 rose 436.1 points, or 3.3%, ending at 13,473.59, but bouncing off a session low at 12,587.88.

Read: Nasdaq Composite turns a 3.5% loss into 3.3% gain as stock market stages epic turnaround after Russia invaded Ukraine. Here are 3 reasons for the rebound.

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Business

Bitcoin blows past $45,000 and reaches as high as $48,000, driven by Tesla’s investment

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The price of bitcoin reached as high as $48,000 on Tuesday, building on gains following news that electric-car maker Tesla has invested $1.5 billion in the cryptocurrency and may accept it as future payment for products.

After reaching a record of near $44,000 on Monday, bitcoin prices
BTCUSD,
+2.48%
hit $45,000, $46,000 and $47,000 later that evening, according to CoinDesk. Prices reached a high of $48,226 early Tuesday and have since pulled back to $46,450, according to CoinDesk.

Sparking the fresh surge for bitcoin was a Tesla
TSLA,
+1.31%
regulatory filing with the Securities and Exchange Commission on Monday. It revealed Tesla acquired $1.5 billion in bitcoins in January and plans to accept it “as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.” 

Read: Musk’s Tesla says it invested $1.5 billion in bitcoin, sending the cryptocurrency to record levels near $44,000

That’s as Musk has been recently voicing support for cryptocurrencies on his Twitter account.

For the bitcoin faithful, it was a monumental move by a big company to invest in the digital currency and allow payments. But on the other side, some analysts questioned Tesla’s move, given the volatility of the cryptocurrency, as well as share prices of the electric car maker.

Even if bitcoin’s price multiplied by five over the past year, it could still come crashing down, Ipek Ozkardeskaya, senior analyst at Swissquote, told clients in a note. “The high volatility in Bitcoin’s value will therefore inevitably inject a certain volatility in Tesla’s revenue, and decrease the predictability of the company’s performance.”

Bitcoin’s year-to-date gain is up more than 60% in 2021. That’s against a 4% rise for the S&P 500
SPX,
+0.74%
and an 8.5% gain for the Nasdaq Composite Index
COMP,
+0.95%,
while gold
GC00,
+0.47%
is down around 3% and crude oil prices
CL.1,
+0.17%
are up 20%.

Read: Should I buy dogecoin? Why prices of the cryptocurrency are surging — but risky

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