Renewed tensions at Ukraine's border weighed on Wall Street
The Dow shed 622 points on Thursday to log its worst day since November, as Wall Street turned to the renewed threat of Russia invading Ukraine. The latter accused pro-Moscow separatists of opening fire in one of its bordering villages, while U.S. President Joe Biden said an invasion could happen within “the next several days.” The S&P 500 and tech-heavy Nasdaq were not spared, either, with both settling deep into the red. The CBOE Volatility Index (VIX), however, logged its best day in roughly one week.
Traders also had a mixed bag of big-name earnings reports and economic indicators to unpack today. Worse-than-expected jobless claims for the week and housing starts data for January weighed on sentiment, while housing permits saw a surprise pop last month.
Continue reading for more on today's market, including:
- Why Yeti stock brushed off a quarterly win today.
- Bulls piled on this chip stock despite crypto concerns.
- Plus, read this before buying the dip on FL; blue-chip stock posts beat-and-raise; and what drove DoorDash stock higher.
The Dow Jones Average (DJI - 34,312.03) fell 622.2 points, or 1.8% for the day. Walmart (WMT) led the gainers with a 4% pop, while Salesforce.com (CRM) paced the laggards with a 5.5% drop.
The S&P 500 Index (SPX - 4,380.26) shed 94.8 points, or 2.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,716.72) dropped 407.4 points, or 2.9% for today's session.
Lastly, the Cboe Volatility Index (VIX - 28.11) added 3.8 points, or 15.7% for the day.
5 Things To Know Today
- St. Louis Federal Reserve President James Bullard warned inflation could get "out of control" if the central bank doesn't act, noting that interest rate hike are needed.(CNBC)
- White House officials said the U.S. is heading towards a point when the Covid-19 pandemic is not a crisis, but that face masks are still necessary. (MarketWatch)
- What you need to know before buying Foot Locker stock's dip.
- This blue-chip name popped following today's beat-and-raise.
- DoorDash stock pushes higher after quarterly revenue win.
Gold Nabs Multi-Month High Amid Geopolitical Tensions
Oil prices were sharply lower on Thursday, as investors weighed the prospects of more oil being released into the market as Iran nuclear talks seemingly progress. They were also keeping an eye on developments between Russia and Ukraine. March-dated crude shed $1.90, or 2%, to settle at $91.76 per barrel.
Gold prices surged, on the other hand, breaking past the $1,900 level to finish at their highest level since June. Tensions at Ukraine's border are still fueling investor interest in the safe-haven commodity. April-dated gold rose $30.50, or 1.6%, to finish at $1,902 per ounce.