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Stocks surge in lockstep with oil's rally

Key Points


The promise of more monetary easing around the world and an extension of Thursday's crude rally were factors helping propel global markets this morning, with U.S. stock futures pointing to a sharply higher open on Wall Street. (CNBC)

Despite Thursday's rally, which saw the Dow up as much as 271 points before closing up 115, the blue chip average remained in correction territory along with the and Nasdaq. But strong gains Friday could put stocks in the plus column for the week. (CNBC)

Financial markets may have kicked off the year on the wrong foot, but Lazard's Gary Parr told CNBC in Davos he's still optimistic investors will see some gains in 2016.

Depressed U.S. oil prices surged about 6 percent higher this morning to over $31 per barrel, on the back of a 4 percent gain in Thursday's session. Meanwhile, the 10-year Treasury yield was back above 2 percent this morning. (Reuters)

Asian markets surged today, with the Nikkei advancing nearly 6 percent, which was enough to pull Japanese stocks out of a bear market. The boost came after Wall Street gains, an uptick in oil, and comments from the ECB about possible further easing. (CNBC)

Despite efforts of some Fed officials to remain above the fray of recent market volatility and China concerns, the policy statement after next week's meeting seems likely to temper the central bank drumbeat for four rate hikes this year. (CNBC)

Dow component General Electric (GE) leads this morning's list of corporate earnings reports. The conglomerate beat on profits but fell short on revenue. GE is in the midst of restructuring to emphasize its digital and industrial capabilities. (CNBC)

Schlumberger (SLB) warned about its full-year results, saying customers are abruptly cancelling projects. The world's largest oilfield services company plans to cut 10,000 jobs and a $10 billion stock buyback program. (FT)

Starbucks (SBUX) reported quarterly earnings that topped expectations, but revenue missed estimates, while a key metric in China and Europe also disappointed Wall Street. (CNBC)

American Express (AXP) reported earnings and revenue that easily beat estimates. But the credit card giant also in over the next two years. (AP)

JPMorgan Chase (JPM) CEO Jamie Dimon was paid $27 million last year, up 35 percent from 2014. Last week, the bank reported better-than-expected earnings and revenue. (USA Today)

Boeing (BA) will take a $569 million fourth-quarter, after-tax charge as the aircraft maker cut production of its 747-8 jumbo jet in half, citing sluggish demand. (CNBC)

Wal-Mart (WMT) unlawfully retaliated against workers who participated in strikes in 2013 and must offer to reinstate 16 dismissed employees, according to a ruling by a National Labor Relations Board judge. (Reuters)

Automobile recalls hit another record last year as stronger government enforcement and widening recalls of exploding air bags pushed the total above 51 million vehicles. (AP)

More than two feet of snow could hit Washington, D.C., starting today. Flights were already being canceled. As the powerful storm moves north, New York City could see 12 inches this weekend.


China's enormous, complex economic transition will keep emerging markets under pressure for the next five years, warned Goldman Sachs, which expects Chinese stocks to rise 5.6 percent this year.

Investors pulled $5.2 billion from in the latest week, according to Lipper, marking three straight weeks of outflows. Meanwhile, junk bond funds posted $2 billion in outflows.

With recent plummeting crude prices bouncing this morning, the weekly report on the U.S. rig count from oil services giant Baker Hughes, out at 1 p.m. ET, takes on added significance as traders look for supply cues.

The week concludes with two economic reports, both at 10 a.m. ET, the Conference Board's December index of leading economic indicators and December existing home sales from the National Association of Realtors.


Philips Electronics (PHG) saw a $3.3 billion sale of its lighting business fail due to national security objections by the U.S. Philips did not disclose exactly what those objections were.

Yahoo (YHOO) plans to decide on its next strategic steps after releasing earnings on Feb. 2, according to Reuters, as the firm continues to resist investor calls to explore a sale of its core Internet assets.

Johnson & Johnson (JNJ) has halted trials of a depression drug that falls in the same class as one made by Portuguese drug company Bial, which saw adverse effects in testing.

Intuitive Surgical (ISRG) beat on earnings and matched on revenue. The maker of surgical instruments saw higher profit margins and increased use of its da Vinci robotic surgical systems.


The Hermes Apple Watch collection goes on sale online today. Since an October release, the luxury timepieces had been only available in a handful of stores. (USA Today)

JPMorgan is encouraging its investment bankers to take weekends off, unless they're working on a deal. It's part of a "pencils down" effort to encourage better work-life balance. (The Guardian)