(Reuters) – U.S. Stock Index Futures plunged more than 1% Monday as investors evaluated the consequences of a new round of sanctions imposed in the West on Russia for its invasion of Ukraine.

After the Western allies prevented Russian banks from accessing the SWIFT financial network and limited Moscow’s capability to use its $630 billion foreign reserve, world stocks fell, oil prices rose, and Russia’s ruble tanked to new records, Russia’s currency plunged to an all-time low. [GLOB/MKTS]

Russian President Vladimir Putin declared a state of emergency for nuclear-armed forces, which only worsened the situation.

L3Harris Technologies (NYSE 🙂 Defense stocks Raytheon Technologies (NYSE :), Lockheed Martin Corp (NYSE – General Dynamics Corp – NYSE – ) Northrop Grumman The NYSE: (NYSE:) rose between 4.5% – 6.6% during premarket trading after Germany’s announcement of an increase in its military spending.

Weapons makers outperformed the last week, with a 3.4% gain for the S&P 500 Aerospace & Defense sub-index, compared with a 0.8% rise in the benchmark index.

The energy stockpiles were not mixed. Citigroup (NYSE: Microsoft Corp (NASDAQ): The shares of big banks and megacap growth companies suffered losses of 2.6% and 1.4%.

06:06 AM. ET was down 373 points or 1.1% and 56 points or 1.28% were down respectively. 180.75 points or 1.27% were lost.

Wall Street’s fear index is the CBOE volatility indicator, which was traded at 32.95 last week, marking its highest trading level since February 24.