5 things to know before the stock market opens Wednesday, March 2

Here are the most important news, trends and analysis that investors need to start their trading day:

U.S. stock futures rose Wednesday as energy names, including Dow component Chevron, followed surging oil prices higher as the intensifying Russia-Ukraine conflict raised concerns about crude supply. Bond yields, a day after slumping, moved higher Wednesday to around 1.76% on the 10-year Treasury.

• Wrestling with the war’s potential impact on the economy against even more inflation from higher oil, Federal Reserve Chairman Jerome Powell is set to deliver his semiannual assessment of the economy before a House panel Wednesday and a Senate panel Thursday.
• Dow stock Salesforce jumped nearly 4% and Nordstrom surged more than 30% in premarket trading, the morning after each company issued better-than-expected quarterly earnings and revenue and upbeat guidance.
• Tuesday’s major sell-off saw the Dow Jones Industrial Average, the S&P 500 and the Nasdaq drop more than 1.5% each.

U.S. oil skyrocketed Wednesday despite member states of the International Energy Agency announcing plans the day before to release 60 million barrels of oil reserves, half of that total from the U.S., in an effort to curb price increases.

• West Texas Intermediate crude, the American benchmark, topped $111 per barrel, its highest since August 2013.
• Global benchmark Brent crude reached $113 per barrel, its highest since June 2014.
• The price moves come as OPEC and its oil-producing allies, which includes Russia, met Wednesday and decided not to add to April’s output.
• Exxon Mobil said Tuesday it would exit Russia oil and gas operations and halt new investment there. Exxon shares rose 1.5% in the premarket.

With Russia advancing toward Kyiv and oil prices soaring, the market has pulled back expectations for the number Fed interest rate hikes this year to around four or five, starting later this month. Lawmakers will grill Powell this week over how he’s going to balance Russia and ever rising inflation.

U.S. companies added 475,000 jobs in February, better than estimates of 400,000, ADP reported Wednesday. January’s count was dramatically revised from a loss of 301,000 to a gain of 509,000. During the Covid pandemic, ADP’s numbers have not been the best indictor of the government’s monthly employment report, set for release Friday.