Dow tumbles over 700 points, oil prices soar as Russia attacks Ukraine

US stocks fell on Thursday morning as Russia launched a broad and long-apprehensive attack on Ukraine, bypassing the threat of further Western sanctions.

Russian tanks and soldiers rolled across the border early Thursday, Ukraine's government said, following Russian President Vladimir Putin's announcement of a "special military operation" following a month-long military build-up on the country's borders with a "full-scale war" on Moscow. charged with starting.

How is stock-index futures trading

• The Dow Jones Industrial Average was down 775 points, or 2.3%, at 32,357. A close below 33,119.69 would put the blue-chip gauge in correction zone, marking a 10% decline from its record close.
• The S&P 500 was down 95 points, or 2.3%, at 4,130, deepening its decline in correction territory.
• The Nasdaq Composite was down 296 points, or 2.3%, at 12,741. An end below 12,845.95 would leave the tech-heavy index in a bear market, losing at least 20% from its November record finish.

On Wednesday, the Dow industrialist fell 464.85 points, or 1.4%, to end at 33,131.76, ending a stone's throw from correction zone. The S&P 500 fell 1.8%, deepening its stumbling block in correction territory, while the Nasdaq Composite Index lost 2.6%.

What's going on?

Wall Street's fall follows sharp losses for equities in Asia and Europe, where Stocks Europe 600

Down about 4%. Security-seeking investors piled into traditional shelters, slashing yields of government bonds, including Treasuries, boosting the dollar, and rallying gold to its highest level in more than a year.

"Russian-wide military operations in Ukraine have rocked the markets," Mark Chandler, chief market strategist at Bannockburn Global Forex, said in a note. "While it's hard to consider it a surprise, equities have been crushed and bonds have taken a huge hit."

In a televised address, Putin claimed the campaign came in response to threats coming from Ukraine. He said Russia does not intend to occupy Ukraine and said the responsibility for the bloodshed rests with the Ukrainian "regime". Russia's president also warned other countries that any attempt to intervene would have "never seen results."

US President Joe Biden promised a new round of sanctions. Leaders of the Group of Seven were due to meet on Thursday morning to discuss further punitive measures against Moscow. The Wall Street Journal reported that NATO Secretary General Jens Stoltenberg called the Russian attack a "brutal act of war" and that the North Atlantic Treaty Organization had activated defense plans in the region.

The rise in oil and other commodities was seen fueling fears of a stagflation recession – a combination of persistent inflation and slowing economic growth. Analysts said this could potentially complicate the way for the Federal Reserve as it prepares to start raising interest rates early next month.

Meanwhile, investors prepare to unveil new sanctions for the US and its allies, while watching for signs of growth.

“Should investors be worried? As tragic as the human cost during this event is, the financial cost is limited,” HYCM chief analyst Giles Coglan said in emailed comments.

“A look at some of the most serious events in the world in recent history reminds us of this – the 2017 bombing of Syria, the US withdrawal from Afghanistan and the North Korean missile crisis, for example, gives us the market reaction to these events. May show. Be surprisingly light,” he said. “Most of the dips are being bought at the end, so medium-term buyers can often find good value in these bleak times.”

What are other properties doing?

• The 10-year benchmark Treasury note yields BX: TMUBMUSD10Y at 1.89%, down from 1.976% at 3 pm. Eastern Time Rate on Wednesday as investors sought safer assets. Yield and loan prices move inversely to each other.
• The dollar, often seen as a safe haven during times of geopolitical turmoil, was up 1.2% as estimated by the ICE US dollar index DXY.
• Oil prices were trading above $100 a barrel for the first time since 2014, with benchmark US crude CLJ22 and Brent crude BRNJ22, the global benchmark. Brent crude was up 6.6% at $100.30 a barrel, while WTI was up 7%. $98.54.
• Gold GC00 rose 2% to $1,949.30 an ounce.