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.
|Me: DJI||DOW JONES AVERAGES||34079.18||-232.85||-0.68%|
|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.
|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.
RUSSIA-UKRAINE CRISIS CALLS ON MARKETS TO PREPARE FOR SHARP DROPS
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.
|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.
Elsewhere, shares of Digital World Acquisition, the company behind Donald Trump’s social media app Truth, rallied on rapid downloads.
|DWAC||DIGITAL WORLD ACQUISITION CORP.||84.32||-1.17||-1.37%|
WHY ARE SO MANY WORKERS CONSIDERING QUITTING THEIR JOB? IT’S ALL A QUESTION OF VALUES, SAYS A STUDY
In cryptocurrencies, Bitcoin slipped below $40,000 following the decline in stocks.
GET FOX BUSINESS ON THE ROAD BY CLICKING HERE
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.