The blue-chip and tech-heavy indexes logged their fourth-straight loss
Stocks moved sharply lower on Tuesday, after President Joe Biden announced he will be imposing sanctions on Russia's banks, sovereign debt, and some wealthy individuals and their families. The U.K. imposed similar measures, after Russian President Vladimir Putin said he would recognize two separatist regions of eastern Ukraine as independent over the Presidents' Day holiday. In turn, the Dow shed 482 points, and alongside the Nasdaq, logged a fourth-straight daily loss. The S&P 500 settled deep in the red as well.
Though Russia-Ukraine headlines dominated the news cycle, investors also unpacked modest jumps in the IHS Markit manufacturing purchasing managers' index (PMI) and services PMI. In addition, they digested a batch of big-name earnings, and monitored surging oil prices.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 33,596.61) fell 482.6 points, or 1.4% for the day. McDonald's (MCD) led the gainers with a 0.8% pop, while Home Depot (HD) paced the laggards with an 8.9% drop.
The S&P 500 Index (SPX - 4,304.76) shed 44.1 points, or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,381.52) dropped 166.6 points, or 1.2% for today's session.
Lastly, the Cboe Market Volatility Index (VIX - 28.81) lost 1.1 points, or 3.8% for the day.
5 Things To Know Today
- Salesforce.com's (CRM) Slack experienced a five-hour outage on Tuesday, with users unable to log in, send messages and files, or receive notifications. (CNBC)
- The U.S. Food and Drug Administration (FDA) is reportedly reviewing a second booster dose for both the Pfizer (PFE) and Moderna (MRNA) Covid-19 vaccines.(MarketWatch)
- Why Draftkings stock brushed off a slew of post-earnings bear notes.
- Options bulls blasted Macy's stock after top- and bottom-line beats.
- Is now the time to bet on Waste Management stock's next leg higher?
Gold Logs Highest Close Since June
Oil prices moved higher on Tuesday, as investors grew concerned Russia's move into separatist regions of eastern Ukraine could impact global crude supplies. In response, March-dated crude rose $1.28, or 1.4%, to settle at $92.35 per barrel for the day.
Gold prices were also higher, notching their highest close since June, while holding ground above the psychologically significant $1,900 level. Interest in the safe-haven commodity has been strong amid the increase in geopolitical tensions. April-dated gold added $7.60, or 0.4%, to finish at $1,907.40 per ounce.