Intensifying geopolitical tensions weighed on stocks and bond yields Thursday, chipping away at major indexes’ gains for the week.
The S&P 500 fell 1.4%, while the Dow Jones Industrial Average slipped 1.3%. The tech-focused Nasdaq Composite Index dropped 1.6%.
On the other hand, The Ukraine-Russia crisis is at a pivotal moment.
Ukraine accused pro-Russian separatists of attacking a village near the border. In the U.S., meanwhile, Secretary of State Antony Blinken was headed to the United Nations to make an urgent appeal against an invasion.
For months, the U.S. and its Western allies have watched a steady buildup of Kremlin forces along Ukraine’s border with Russia and Belarus. The increased military presence mimics Russia’s playbook ahead of its 2014 illegal annexation of Crimea, a peninsula on the Black Sea, which sparked international uproar and triggered sanctions against Moscow.
President Joe Biden has warned Russian leader Vladimir Putin of extraordinary and crippling economic sanctions if the Kremlin proceeds with an attack on Ukraine, Russia’s ex-Soviet neighbor.
Elsewhere, The stock market fell Thursday at midday as investors kept a watchful eye on Russia’s military buildup and as jobless claims came in higher than expected.
Walmart (WMT) and Cisco Systems (CSCO) rose after both reported earnings. Nvidia (NVDA) slid more than 7% in spite of beating earnings forecasts.
The Nasdaq composite was down 1.5%. The S&P 500 lost 1.2%, and is below its 200-day moving average.
The Dow Jones Industrial Average fell 1.2%. The small-cap Russell 2000 index fell 1.6%.
Volume rose on the NYSE and fell on the Nasdaq compared with the same time on Wednesday.
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