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NEW YORK (CNNMoney)
U.S. stock futures were relatively flat Wednesday. The tense situation between Russia and Ukraine has left investors and traders feeling uncertain about how to proceed after two days of extreme market volatility.
Investors hit the sell button Monday as they worried that Russia was preparing for a possible war with Ukraine.
Then U.S. stocks rebounded Tuesday as worries about an escalating military conflict ebbed. The S&P 500 rose to an all-time high. The Dow Jones industrial average made its biggest gain of the year, rising 228 points, or 1.4%. The Nasdaq shot up by nearly 1.8%.
Related: Fear & Greed Index
Some market experts think Tuesday's push higher was irrational, with the chief market strategist at JonesTrading, Mike O'Rourke, noting that risks from Russia remain.
"If there was ever a day the equity market exhibited a detachment from reality, it was [Tuesday]," he said.
The high-stakes standoff between Ukraine and Russia continues Wednesday, with both sides insisting they don't want war, but publicly offering little evidence of their willingness to budge.
Meanwhile, the international community is threatening various sanctions in an effort to make Russia back down.
Related: Ukraine won't kill the bull market
Back in the U.S., there are other economic and corporate events investors will be watching Wednesday.
In economic news, ADP will report U.S. employment numbers at 8:15 a.m. ET. The ISM's monthly reading of non-manufacturing jobs will be released at 10 a.m. The latest report on crude inventories will come out at 10:30 a.m. In the afternoon, Federal Reserve's beige book report will be published at 2 p.m.
On the corporate front, PetSmart (PETM, Fortune 500) and homebuilder Hovnanian (HOV) will report earnings before the opening bell.
Shares of gunmaker Smith & Wesson (SWHC) may be poised to rise this morning. The company posted gains in after-hours trading yesterday after reporting sales jumped 7% in the latest quarter, beating expectations.
RadioShack (RSH) shares also rose slightly in extended trading after taking a dive earlier in the day. The electronics retailer said it planned to close about 1,100 stores, or about 20% of its total.
Related: CNNMoney's Tech30
European markets were declining in morning trading, weighed down by the uncertainty over Ukraine's future.
In Asia, Chinese markets moved lower as the country launched its annual parliamentary meetings in Beijing. The Shanghai Composite index declined by 0.9% and the Hang Seng in Hong Kong edged down by 0.3%.
Meanwhile, the Nikkei in Japan climbed by 1.2%. 
First Published: March 5, 2014: 5:19 AM ET
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