After a dramatic reversal of Wall Street’s fortunes, stock futures dropped early Friday as investors assessed the risk from Russia’s invasion in Ukraine.

The Dow Jones Industrial Average futures fell 157 points. S&P 500 futures fell 0.64% and Nasdaq 100 futures traded 0.87% lower.

Initial fears of a panicked market were not unfounded Moscow’sThe invasion of neighboring Ukraine began on Thursday morning local time. It used land, air, and naval forces. The S&P 500 was down as much as 2.6% during the session but closed up 1.5% higher despite the outbreak of violence.

Blue-chip Dow closed the day around 90 points higher, after dropping 859 points from its session low. Tech-heavy Nasdaq composite rallied 3.3% after falling nearly 3.5% at its lowest level.

Ryan Detrick of LPL Financial, Chief Market Strategy said “Russia’s invasion of Ukraine has only added to an already stressful year with investors selling first then asking questions afterwards.” But it’s important to understand that most major geopolitical developments in history were short-term market problems, particularly if an economy was stable.

With the recovery in equity markets, oil prices have settled down from their peak levels. Global oil benchmark Brent crude gained 2.3% to settle at $99.08 per barrel,The $100 mark was reached for the first and only time since 2014. WTI settled at $92.81 per barrel, 71 cents (or 0.77%) higher than the benchmark oil price in America. 

President Joe Biden rolled out a new wave of sanctions against Russia Thursday afternoon in a broad effort to isolate Moscow from the global economy. Biden stated that the White House also approved additional troops being stationed at Germany to support NATO’s defenses.

Major averages remain on course for their third straight negative week despite Thursday’s unexpected intraday turn. This is despite increased geopolitical tensions. This week’s Dow drop is 2.5%, which marks its worst weekly performance since January 21st. The S&P 500 and the Nasdaq have fallen 1.5% and 0.6% this week, respectively.

The three averages remain in correction territory or are down more than 10% from respective records highs. On Thursday, the Nasdaq session began in bear market territory. This is more than 20% below its November record high.

Cliff Hodge of Cornerstone Wealth, CIO said that “even though there might be additional volatility in short-term, these disruption events historically present opportunities, so long as recession does not follow.” The Fed may be under pressure to keep its course if there is sticky inflation, as higher energy prices could support it.

The shares of Beyond MeatExtended trading saw a drop of more than 10% after another meat producer reported a wider-than-expected loss and shrinking revenue for its fourth quarter.