The Dow will open 120 points lower after the markets bounced back historically.

The Dow will open 120 points lower after the markets bounced back historically.

The Dow is set to open 130 points lower after markets bounced historically as gas prices surged three cents on the day as the Russian invasion rocked global oil markets

  • Major US stock indexes are set for a weaker opening on Friday.
  • Markets surged on Thursday after Biden refused to impose sanctions on Russian oil
  • Oil prices fell from their highs, but the price of gas still rebounded
  • Gasoline averaged $3,572 on Friday, up 3 cents for the day and 25 cents for the month.

US stocks were set for a weaker open on Friday, a day after a sharp late rally as developments around the raging war in Ukraine kept investors on their toes.

By 7:43 a.m., Dow futures were down 133 points, or 0.40%, S&P 500 futures were down 0.37%, and Nasdaq futures were down 0.26%.

Although oil prices fell from their highs as concerns about a ban on Russian oil imports eased, the national average gasoline price jumped 3 cents to $3.572 on Friday, according to the AAA Gas Price Index.

On Thursday, the Dow Jones posted one of its biggest returns ever, swinging almost 7 percent from bottom to peak in its biggest intraday reversal since March 2020.

Russia’s unprovoked invasion of Ukraine has rocked global markets deeply, but investors are relieved that President Joe Biden’s retaliatory sanctions do not target Russian oil and gas, which accounts for 7 percent of US foreign oil imports.

The national average price of gasoline jumped 3 cents to $3.572 on Friday, according to the AAA Gas Price Index.

The national average price of gasoline jumped 3 cents to $3.572 on Friday, according to the AAA Gas Price Index.

On Thursday, the Dow Jones posted one of its biggest comebacks ever, swinging nearly 7 percent from low to high in the biggest intraday reversal since March 2020.

On Thursday, the Dow Jones posted one of its biggest comebacks ever, swinging nearly 7 percent from low to high in the biggest intraday reversal since March 2020.

The United States, the European Union and some other countries responded to Moscow’s invasion of Ukraine on Thursday with a series of sanctions that prevented Russia from doing business in major currencies.

The coordinated response, which was softer than many investors feared, helped dampen risk aversion in the previous session, with Wall Street closing sharply higher, helped by the Nasdaq’s 3% gain after a weak open.

“It is too early to assume that sanctions will force Russia to back down or that any other country will not intervene,” said Charalambos Pissouros, head of research at JFD Group.

“Thus, we prefer to view yesterday’s recovery in risky assets as a corrective rebound, and we see a good chance for another move lower.”

Shares of Morgan Stanley and Microsoft Corp fell about 1% each in premarket trading, driving losses for big banks and mega-cap growth companies.

A Chevron gas station displays gas prices per gallon in Los Angeles on Wednesday.

A Chevron gas station displays gas prices per gallon in Los Angeles on Wednesday.

Oil majors Exxon Mobil and Chevron Corp tumbled about 0.7%, following oil prices.

Defense companies Lockheed Martin Corp, Northrop Grumman Corp and L3Harris Technologies Inc rose more than 1 percent.

Cybersecurity stocks Fortinet and Palantir, which rose in double digits on Thursday amid fears of a Russian cyberattack, fell less than 1% in premarket trading.

All major indexes were down for the third week in a row as escalating geopolitical tensions dealt a double whammy to investors already worried about the Federal Reserve’s aggressive tightening plans.

Data on core PCE price index, durable goods and consumer sentiment for January will be released later in the day.

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