5 things to know before the stock market opens Thursday, March 31

Here are the most important news, trends and analysis that investors need to start their trading day:

U.S. stock futures were little changed Thursday as bond yields and oil prices dropped. Major international oil producers in OPEC+ were meeting under pressure to increase output to blunt high crude and gasoline prices amid reports the U.S. was considering releasing supply from its strategic oil reserves. On Wednesday, the Dow Jones Industrial Average and the S&P 500 broke four-session winning streaks and the Nasdaq dropped for the first time in three days. With one day left in March, all three stock benchmarks were solidly higher for the month. However, as the wild first quarter comes to an end, Wall Street was tracking for a rough first three months of 2022.

West Texas Intermediate crude, the U.S. oil benchmark, fell 6% to around $101 per barrel Thursday as traders await word from OPEC+ on its production plans. President Joe Biden is set to give remarks Thursday, with media reports saying he’ll detail plans to release 1 million barrels of oil per day for several months from America’s Strategic Petroleum Reserve.

Treasury yields fell Thursday, but key spreads — the 5-year and 30-year as well as the 2-year and 10-year — remained tight. The 5-year Treasury yield inverted earlier this week and went above the 30-year yield, a market distortion that’s often happened before economic recessions. The benchmark 10-year Treasury yield dropped to 2.3%, backing away from near three-year highs.

Ukrainian President Volodymyr Zelenskyy said his nation’s stiff defense against Russia’s invasion was at a “turning point,” and he again appealed to the U.S. for more help. Cease-fire talks, which took place face to face this week and sparked hope, are set to resume by video Friday. Russia has been playing down indications of progress and it appears to have gone back on its pledge to scale back some operations.

Newly declassified U.S. intelligence indicates Russian President Vladimir Putin feels he was misled by military leaders who did not tell him key details about the botched invasion of Ukraine because they feared angering him, top Biden administration officials said Wednesday. This communications failure has “resulted in persistent tension between Putin and his military leadership,” White House communications director Kate Bedingfield told reporters.

The Biden administration is expected to end by May 23 the asylum limits at the U.S.-Mexico border that were put in place to prevent the spread of Covid, according to The Associated Press, citing people familiar with the matter. The decision, which isn’t final yet, would halt use of public health powers to absolve the U.S. of obligations under American law and international treaty to provide haven to people fleeing persecution.

Biden warned the U.S. will not have enough Covid vaccine doses this fall to ensure free and easy access for all Americans if Congress fails to pass the $22.5 billion in additional funding the administration has requested. Biden also said Wednesday the U.S. has enough supply to ensure people eligible for fourth shots have access to them after the Centers for Disease Control and Prevention this week recommended another round of boosters.

— CNBC reporters Melissa Repko, Elliot Smith, Sam Meredith, Christina Wilkie and Spencer Kimball as well as The Associated Press and Reuters contributed to this report.

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