Pre-Bell｜U.S. Stock Futures Turned Positive and Russian Shares Jumped; Block Soared Over 15%

U.S. Stock futures turned positive on Friday morning following a sharp reversal on Wall Street as investors continued to assess the risks stemming from Russia’s invasion of Ukraine. While Russia’s Moex stock-market gauged, which endured a historic blow Thursday, rose around 11%. Russia’s ruble edged up 0.3% to 84.20 a dollar, having shed almost 8% Thursday.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were up 4 points, or 0.01%, S&P 500 e-minis were up 0.75 points, or 0.02%, and Nasdaq 100 e-minis were up 7.25 points, or 0.05%.

Pre-Market Movers

KAR Auction Services, Inc. rose 47.9% to $20.25 in pre-market trading after the company agreed to sell its ADESA U.S. physical auction business to Carvana for $2.2 billion.

Farfetch Limited rose 31.2% to $19.69 in pre-market trading after the company reported better-than-expected Q4 EPS results.

Etsy, Inc. rose 16% to $148.60 in pre-market trading after the company reported better-than-expected Q4 EPS and sales results.

Block, Inc. shares rose 15.2% to $109.50 in pre-market trading after the company reported better-than-expected Q4 EPS and sales results.

Zscaler, Inc. fell 13.7% to $227.50 in pre-market trading after the company reported Q2 earnings results and issued FY22 guidance.

Opendoor Technologies Inc. fell 10.5% to $9.83 in pre-market trading after the company reported Q4 earnings results.

Beyond Meat, Inc. fell 10% to $44.11 in pre-market trading after the company reported worse-than-expected Q4 sales results and issued FY22 sales guidance below estimates.

Dell Technologies Inc. fell 8.9% to $50.85 in pre-market trading after the company reported worse-than-expected Q4 adjusted EPS results.

Market News

The rouble firmed on Friday, pulling up from all-time lows hit in the previous session when Russia invaded Ukraine, while stock indexes rose sharply after their biggest one-day fall on record.

Russian exchange-traded funds and index-tracking funds are rallying before the bell Friday. VanEck Russia ETF and iShares MSCI Russia ETF are up ahead of trading.

Li Auto posted its Q4 financial result. Deliveries of Li ONE were 35,221 vehicles in the fourth quarter of 2021, representing a 40.2% quarter-over-quarter increase and a 143.5% year-over-year increase.

AMD announces $8 billion stock buyback program. The new repurchase authorization is in addition to a prior $4 billion program announced in May. AMD has bought back about $3 billion in stock through that earlier program.

Nigeria's Seplat Energy said on Friday its offshore unit had entered a sale and purchase agreement to buy the entire share capital of Exxon Mobil's Nigerian offshore shallow water business for $1.28 billion.

Volkswagen AG and its majority shareholder Porsche Automobil Holding SE said they'll continue to explore an initial public offering of the German manufacturer's Porsche sportscar brand.

Online used-car seller Carvana Co. has agreed to buy KAR Auction's vehicle auction business in the United States for $2.2 billion to boost its physical presence and maintain growth as a pandemic-induced boom fades.

Farfetch Ltd posted a smaller-than-anticipated Q4 loss. The online luxury player's guidance for FY22 gross merchandise value and profitability also came in higher than expected.