Stock futures reverse early losses after Biden, Putin agree ‘in principle’ to summit

U.S stock-index futures bounced back from early-session losses Sunday after an announcement that President Joe Biden and Russia’s Vladimir Putin have agreed in principle to a summit to ease tensions over Ukraine.

Dow Jones Industrial Average futures
YM00,
+0.55%,
S&P 500 futures
ES00,
+0.61%
and Nasdaq-100 futures
NQ00,
+0.52%
fell sharply to start Sunday’s trading session, but recovered and entered positive territory following news of the potential summit. Dow futures, once down nearly 100 points Sunday, were last up about 140 points.

Oil prices
CLH22,
-0.24%

BRNJ22,
-0.47%
initially jumped near $93 a barrel before reversing course following the announcement, but West Texas intermediate crude was last down to around $90.50 a barrel. A potential war between Russia and Ukraine could send oil prices over $100 a barrel, analysts have warned.

Late Sunday, French President Emmanuel Macron’s office said that Biden and Putin have agreed “in principle” to a summit in the coming weeks, after a series of conversations with the French leader, but only if Russia does not invade Ukraine

The U.S. confirmed the announcement. “President Biden accepted in principle a meeting with President Putin … again, if an invasion hasn’t happened. We are always ready for diplomacy,” White House press secretary Jen Psaski said Sunday night.

That sharply defused tensions that had ratcheted higher earlier Sunday after Russia reneged on a pledge to withdraw tens of thousands of troops from neighboring Belarus at the conclusion of military exercises. U.S. officials said Sunday that Russia has decided to invade Ukraine, based on intelligence that field commanders have been given final to prepare for an attack.

Read: What a Russian invasion of Ukraine would mean for the stock market, oil and other assets

The U.S. and its Western allies have vowed to impose tough sanctions against Russia if it invades, and Russia could…

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