U.S. stock futures climbed on Tuesday as technology shares rebounded and oil prices jumped after the European Union proposed a ban on Russian oil imports. The S&P 500 futures rose 0.8%, the Dow Jones Industrial Average futures gained 0.7%, and the Nasdaq 100 futures advanced 1%. The gains in futures followed a positive session for stocks in Asia, where the MSCI Asia-Pacific index excluding Japan rose 0.8%. Technology shares led the gains in Asia, with the Hang Seng Tech Index jumping 2.5%. Tech stocks in the U.S. also looked set to open higher, with futures for the Nasdaq 100 tracking a gain of 1%. The rebound in tech shares came after a selloff in recent weeks on concerns about rising interest rates and slowing economic growth. Investors are now betting that the tech sector may be nearing a bottom after a steep sell-off..
Meanwhile, oil prices surged after the European Union proposed a ban on Russian oil imports. The ban, which still needs to be approved by all 27 EU member states, would be the most significant step yet taken by the West to punish Russia for its invasion of Ukraine. Brent crude futures rose 4.5% to $112.75 a barrel, the highest level since March 8. WTI crude futures climbed 4.2% to $109.44 a barrel. The rise in oil prices is likely to further fuel inflation, which is already at a 40-year high in the U.S..
The EU’s proposed oil ban is a major development that could have a significant impact on the global economy. The ban would cut off a major source of oil for Europe, which currently imports about 25% of its oil from Russia. The ban would also likely lead to higher oil prices, which would put additional pressure on consumers and businesses..
The impact of the EU’s proposed oil ban is still uncertain, but it is clear that it would be a major step in the West’s effort to punish Russia for its invasion of Ukraine. The ban would also have a significant impact on the global economy, and it is likely to lead to higher oil prices and inflation..
