US stocks fall as Russian attack on Ukraine intensifies and oil hits 7-year highs
- US stocks open March in the red as Russia continues assault against Ukraine.
- The S&P 500 was facing a second straight loss that would extend this year's decline.
US stocks declined Tuesday as the first day of trading in March opened with investors watching the escalation of Russia's war on Ukraine, with the deadly aggression against the former Soviet republic prompting oil prices to hit seven-year highs above $100 a barrel.
Stocks sagged as March kicked off, putting the S&P 500 on course to fall for a second straight session and extend its more than 8% loss so far this year. Wall Street's key indexes on Monday finished February trade in the red.
Equities were under pressure following reports that Russia appears to be stepping up its assault against Ukraine, including shelling in Kharkiv, Ukraine's second-largest city. A large convoy was approaching the capital of Kyiv, NBC News reported.
Oil prices, meanwhile, were climbing, sending Brent oil past $103 a barrel for the first time since 2014 on concerns about supply shortages stemming from the conflict.
Companies are responding to the crisis, with Disney and Sony suspending film releases in Russia.
Among the market's bright spots, Target bounced higher after the retailer's fourth-quarter earnings surpassed Wall Street's estimate, with the company also seeing 9% growth in same-store sales in the face of supply-chain problems.
Here's where US indexes stood at 9:30 a.m. on Tuesday:
- S&P 500: 4,360.95, down 0.3%
- Dow Jones Industrial Average: 33,718.74, down 0.51% (173.86 points)
- Nasdaq Composite: 13,699.95, down 0.34%
Bitcoin jumped to a two-week high on the back of a surge in buying by Russians and Ukrainians who may be seeking refuge in cryptocurrencies as their own fiat currencies sink.
Oil prices soared. West Texas Intermediate crude picked up 4.4% to $99.96 per barrel. Brent crude, the international benchmark, gained 4.6% at $102.43.
Gold prices advanced by 1% to $1,919.80 per ounce. The 10-year yield fell 5 basis points to 1.77%.
Bitcoin leapt 3.3% to $44,606.81.