By Devik Jain

(Reuters) – Wall Street’s major indexes fell on Tuesday, with financial stocks taking the brunt of the Russian-Ukraine crises. Shares in energy companies were boosted by a rise in oil prices.

Eight of the 11 major S&P sectors declined in early trading, with financials dropping 2.7% as slumped to five-week lows amid a flight to safe-haven debt. [US/]

Wells Fargo The broader banking index fell 3.8%, and the NYSE: lost 4.5%. However, the Energy sector was outperformed by a 1.1% rise as oil prices rose to $100/barrel. [O/R]

Chevron Corp (NYSE: ) rose 3.2% to a new record after the oil giant increased its share buyback program, and projected operating cash flow through 2026.

The sixth day of the Russian invasion on Ukraine was marked by the attack on Kyiv, its capital. After several nations announced strong sanctions against Moscow for its invasion of Ukraine, the conflict has been met with sharp retaliation from the West. Equity markets plunged on Monday.

“Investors hate uncertainty” and it is very concerning for the financial markets. ClearBridge Investments investment strategist Jeff Schulze said that the markets have a greater risk premium for equities.

Given the U.S. economy’s acceleration, uncertainty won’t last long. I wouldn’t be surprised if the market finds its feet sometime within the next two weeks.

According to data, U.S. manufacturing activity grew more than predicted in February due to COVID-19 resistance. But, the pace of hiring was slower, which helped keep supply chains jammed and input prices high.

10.19 AM ET ET, the dropped 303.82 Points, or 90%, to 33,588.78.78. The was also down 19.78 Points, or 0.45%, to 4,354.16, while the was lower by 10.39 points (or 0.08%) at 13,741.01.

Target Corp (NYSE): was an exception, its shares rose 11.1% following the forecast of 2022 profit and sales by big box retailers.

All defense stocks Lockheed Martin The stock of Corp (NYSE:) rose following a strong rally during the last session. The shares of giant-cap growth companies like Apple Inc (NASDAQ) traded mixed.

After reaching its highest point since February 24, 2002, the CBOE Volatility Index, which is also called Wall Street’s Fear Gauge, traded at 31.41 in last trading session.

Zoom Video Communications (NASDAQ) Inc lost 2.6% due to its downbeat profit and revenue forecasts for the full year. It was a result of tough competition, lower sign-ups and increased costs associated with its core Meetings platform.

Lucid Group Inc plunged 12.4% following a revision to its production forecasts for 2022 by the luxury electric vehicle maker due to “extraordinary supply chains and logistic challenges”.

The ratios of decliners to advancers were 1.02-to-1 at the NYSE as well as 1.10:1 on the Nasdaq.

The S&P index recorded 26 new 52-week highs and 8 new lows, while the Nasdaq recorded 29 new highs and 54 new lows.