The Dow fell nearly 600 points on Tuesday
Stocks started off a new month by logging dramatic losses as investors continue to monitor the conflict between Ukraine and Russia. Satellite cameras spotted Russian military vehicles on their way to the Ukrainian capital of Kyiv earlier, and the country warned the city's residents to flee as commanders ramped up their attacks on urban areas.
The Dow settled 598 points lower, rising slightly from this afternoon's 700-point loss. The S&P 500 and Nasdaq also shed over 1% each on Tuesday. Energy prices are still surging at an alarming rate, while skyrocketing wheat prices also added to inflation anxieties. Meanwhile, bank stocks took a hit as bond yields softened and traders worried that the current crisis could have a negative impact on credit markets.
Continue reading for more on today's market, including:
- Kroger stock lands on analyst's "Tactical Outperform" list before earnings.
- What's pressuring the shares of Salesforce.com stock right now.
- Plus, a look at BLMN's fundamentals; a steady stock for bulls; and AZO's earnings beat.
The Dow Jones Average (DJI - 33,294.95) fell 597.7 points, or 1.8% for the day. Chevron (CVX) once again led the gainers with a nearly 4% jump, while American Express (AXP) paced the laggards with an 8.5% drop.
The S&P 500 Index (SPX - 4,306.26) shed 67.7 points, or 1.6% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,532.46) lost 218.9 points, or 1.6% for today's session.
Lastly, the Cboe Market Volatility Index (VIX - 33.32) added 3.2 points, or 10.5% for the day, marking its highest settlement since January 2021.
5 Things To Know Today
- General Motors (GM) announced that it has sold its stake in electric vehicle name Lordstown Motors (RIDE) after an undisclosed lockup period, which includes 7.5 million shares of common stock with an equity value of $75 million. (CNBC)
- In an interview with MarketWatch, Peterson Institute for International Economics president Adam Posen said that while the sanctions the West has imposed on Russia may not lead to another 2008 "Lehman" meltdown, the risks are more like the national debt crisis seen in the 1980s. (Reuters)
- Is now the time for short-term investors to take a bite into Bloomin' Brands stock?
- This stock could be a haven as the market remains volatile.
- Why now could be a good time to weigh in on AutoZone stock's next move with options.
Oil Prices Hit 7-Year High
Oil prices settled even higher to kick off the month, notching their highest level since July 2014 as the Ukraine-Russia crisis continues to threaten global supplies and drive up prices. The International Energy Agency agreed to the release of more than 60 million barrels from its emergency oil reserves in an effort to put some of these concerns to rest, though the effort did little to quell red-hot prices. April-dated crude rose $7.69 , or 8%, to settle at $103.41 per barrel for the day.
Gold prices, meanwhile, saw their highest settlement in 13 months as investors continue to seek out the safe haven amid increasingly intense geopolitical turmoil and market volatility. April-dated gold added $43.10, or 2.3%, to finish at $1,943.80 per ounce.