By Dhirendra Tripathi

Investing.com: U.S. stock prices plunged on Thursday due to rising tensions regarding Ukraine’s situation. Diplomatic efforts to stop a war erupting continued.

At the lowest point in the session, the index dropped more than 600 points and is still down 560 after less than an hour.

Russia expulsed the second highest ranking U.S. diplomat in Moscow. President Joe Biden claimed that Russia could invade Ukraine as soon as possible. 

Russian-backed rebels and Ukrainian force earlier traded fire along a frontline that divides the two countries, Reuters reported. Officials said it was a possible pretext to Moscow’s invasion. 

The outlook for war or peace in Ukraine has been volatile this week, with markets reacting to Russia’s claim that it is withdrawing troops from the area. Officials from the United States and Western countries have stated that they are seeing evidence to support this.

For U.S. investors it is likely that the Federal Reserve will raise interest rates by 50 percent when they meet in March. The goal of this move is to stop inflation from running hotter than predicted and for longer periods. 

The tech titans have felt the effects, with the Nasdaq dropping 2.7% on Thursday. 

Three things could impact the markets in tomorrow’s future:

1. Nvidia Earnings

Even though it released its Wednesday evening report, shares of the largest U.S. chip manufacturer by market capital fell Thursday. NVIDIA Corporation (NASDAQ) posted flat margins for the latest quarter. This raises concerns about its vulnerability to cryptocurrency mining.

Participants were unimpressed by high expectations from the chipmaker. The quarter’s revenue from cryptocurrency mining processors was $24million, less than one-fourth of the sales volume in the prior period.

2. Earnings from Deere

Agricultural equipment maker Deere & Company (NYSE:) will release its first-quarter numbers Friday. Analysts tracked by Investing.com predict that the company will post revenue of $8.28 Billion and a profit per share ratio of 2.24.

3. DraftKings earnings

DraftKings Inc. (NASDAQ) reported an 80 cent loss per share and a revenue of $445.87 million. Analysts are keen to learn about the outlook of DraftKings Inc (NASDAQ:) as more states allow mobile betting.

This report was contributed by Reuters