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Dow futures fall over 800 points after Russia attacks Ukraine

U.S. stock futures fell sharply early Thursday as Russia attacked Ukraine, sending indices tumbling 2% as the assault sparked more unease on Wall Street.

Dow Jones futures fell 837 points, or 2.5%, while futures linked to the S&P 500 also fell 2.5% and point more towards correction territory. Nasdaq 100 futures fell 3%, hovering around bear market levels for the tech-focused index.

Oil prices rose as the fighting began, with West Texas Intermediate futures trading up 7.2% to just under $100 a barrel. The global benchmark Brent index jumped 7.7% to $104.56 a barrel, breaking above the $100 level for the first time since 2014. Treasury yields fell as the benchmark 10-year note fell at 1.86% as investors seek safe-haven bonds.

Bank stocks were among the big losers early on, with Bank of America down 4% and Bank of New York Mellon down 6.3% in premarket trading. Economically sensitive businesses were also hit, with Deere and Delta Air down 5% and cruise line Carnival down 6.2%.

Energy companies surged amid rising prices. Devon Energy rose 5% and Chevron rose 4.2%.

Metals were also a big gainer, with gold futures rising 3.2% to $1,970 an ounce. Bitcoin was getting hammered, most recently down 6.5% to $35,207.50

The moves came as Moscow launched military action in Ukraine. NBC News reported that explosions were heard in Kyiv.

President Joe Biden condemned the attack, saying in a statement that “the world holds Russia accountable.”

“Russia bears sole responsibility for the death and destruction this attack will cause, and the United States and its allies and partners will respond in a united and decisive manner,” Biden said.

The news came after another bearish trading session on Wall Street as traders grappled with the ongoing conflict between Russia and Ukraine.

In Wednesday’s session, the Dow fell about 464 points, or 1.3%. The S&P 500 fell 1.8%, deepening into the correction and ending the day about 12% lower than its record close on Jan. 3. The tech-heavy Nasdaq Composite lost 2.6%.

Stocks have struggled recently as the prospect of tighter monetary policy from the Federal Reserve has also shaken investor sentiment.

“Market volatility is normal, but the truth is that the decline we’ve seen so far is much less than you would have expected,” said Brad McMillan, chief investment officer of Commonwealth Financial Network. . “This is due to strong fundamentals, which should continue.”

In the results, several major companies are expected to report on Thursday. Anheuser-Busch, Alibaba, Discovery and Moderna will report before the opening bell. Coinbase, Block, Dell, Etsy and Beyond Meat are up after the close.

On the economic data front, investors are anticipating GDP and unemployment insurance claims ahead of the opening bell and new home sales numbers later Thursday morning.

– CNBC’s Christine Wang contributed to this report.

Dow futures fall over 800 points after Russia attacks Ukraine

Source link Dow futures fall over 800 points after Russia attacks Ukraine

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