US stocks fall, oil soars as Putin orders troops to Ukrainian regions

US stocks turned mixed on Tuesday morning as investors weighed retail earnings against of Russian President Vladimir Putin sending troops to the separatist regions of eastern Ukraine.

Teleprinter Security Last Change Change %
Me: DJI DOW JONES AVERAGES 34079.18 -232.85 -0.68%
SP500 S&P500 4348.87 -31.39 -0.72%
I: COMP NASDAQ COMPOSITE INDEX 13548.065742 -168.65 -1.23%

Dow futures were slightly higher, while the S&P 500 and Nasdaq Composite pointed to a weaker open.

Western powers fear Russia is using skirmishes in Ukraine’s eastern regions as a pretext to attack democracy, which has defied Moscow’s attempts to bring it back into its orbit.

West Texas Intermediate crude soared to over $93 a barrel, while Brent, the global benchmark, hit $97 as Germany announced plans to halt the Nord Stream 2 pipeline certification process from Russia due to Moscow’s actions in Ukraine, Chancellor Olaf Scholz announced.

Teleprinter Security Last Change Change %
USO US OIL FUND LP 64.74 +0.57 +0.89%
BNO UNITED STS BRENT OIL FD LP UNIT 25.32 +0.19 +0.76%

“Indeed, a full-scale invasion of Ukraine by Russia will leave many central banks in the lurch,” Oanda’s Jeffrey Halley said in a report. “The immediate impact would be an exacerbation of endemic inflationary pressures globally as oil hits over $130.00 a barrel,” he said.

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In the United States, the reporting season continues with Home Depot revenue of $35.72 beating estimates, while comparable store sales increased by 8.1%, while sales in the United States were alone increased by 7.6%. Rival Lowe reports Wednesday.

Teleprinter Security Last Change Change %
High Definition THE HOME DEPOT INC. 346.87 -1.07 -0.31%
moo LOWE’S COS. INC. 222.69 -1.10 -0.49%

Macy’s shares also rose after same-store sales jumped 28%, beating forecasts helped by a strong holiday shopping season.

Teleprinter Security Last Change Change %
M MACY’S INC. 25.70 +0.50 +1.98%

Elsewhere, shares of Digital World Acquisition, the company behind Donald Trump’s social media app Truth, rallied on rapid downloads.

Teleprinter Security Last Change Change %
DWAC DIGITAL WORLD ACQUISITION CORP. 84.32 -1.17 -1.37%

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In cryptocurrencies, Bitcoin slipped below $40,000 following the decline in stocks.

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Treasury yields have fallen as investors shift money to the safety of US bonds. The 10-year Treasury yield, which affects rates on mortgages and other consumer loans, fell to 1.86% early Tuesday from 1.93% on Monday.

The Associated Press contributed to this report.

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