Indices, outside of Asia, were in the red yesterday. The Dow fell 600 points with both the S&P and the Nasdaq falling over 1.5% as Investors seemed cautious on the eve of the first State of the Union address by President Biden and the Fed Chair testifying before Congress. Further, geopolitical tensions seem to continue to mar markets and keep markets volatile. European markets were sharply lower as well. US Futures which were in the green are flat in early trade today. The other focus is oil which rose 10% yesterday and risen nearly 5% today as well and is closing in on the USD 110 mark. Peter Cardillo, Chief Market Economist, Spartan Capital Securities analyses this.