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S&P 500 Falls Into Correction as Russia-Ukraine Tensions Escalate -Breaking

by Mike Robinson

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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 fell into correction territory Tuesday, as fading hopes for a diplomatic solution to the Russian-Ukraine crisis triggered a risk-off sentiment across markets.

It fell 1.7%. The Nasdaq has now entered correction territory, having fallen about 10% from its previous peak. Nasdaq fell 2%, dropping 1.9% (654 points).

Russian President Vladimir Putin stated that Russia has recognized expanded boundaries of Luhansk, Donetsk. This is after initial indications that Moscow only would recognise the separatist-held regions in Eastern Ukraine.

The White House said that Putin’s order for troops to move into the Donbas in Eastern Ukraine was the beginning of an invasion, stoking investor fears that stronger U.S. sanctions on Moscow could soon follow and exacerbate the security crisis.

Biden previously stated that the diplomatic route to Moscow would be open until Putin attacks Ukraine. He will update Russia-Ukraine on Tuesday.

Oil prices dropped from session highs and energy stocks suffered losses of more than 3% in intraday trading.

Pioneer Natural Resources (NYSE:), APA(NASDAQ:), and Devon Energy The hardest-hit stocks in the sector of energy were (NYSE:), with the latter falling more than 6 percent.

The market was also affected by consumer discretionary stocks. Home Depot Even though the fourth quarter ended with better than expected results, it was down by more than 9 percent

Home Depot (NYSE) posted fourth quarter earnings of $3.21 on $35.72 million in revenue. The results were supported by comparable sales figures of 8.1%.  

The red was for big tech such as Apple (NASDAQ), Amazon (NASDAQ), Microsoft (NASDAQ), Alphabet, Meta Platforms and Microsoft (NASDAQ).  

Kraft Heinz (NASDAQ) was able to buck the trend and rose by 4% following the company’s long-term growth guidance. The food and beverage giant also reiterated their guidance for 2022. 

The special purpose acquisitions company is another interesting development. Digital World Acquisition (NASDAQ:), which is taking former President Donald Trump’s social media app Truth Social, surged on data showing the social media app had strong debut on Sunday as it racked up over 170,000 downloads on Apple’s App Store.

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