Devik Jain, Susan Mathew

(Reuters] – U.S. stocks index futures plunged more than 1% on Tuesday. However, markets recovered some of their losses after fears over escalating tensions between Ukraine and the United States gripped markets.

After President Vladimir Putin acknowledged two regions of eastern Ukraine as independent, the United States and their European allies will announce new sanctions against Russia Tuesday. They also ordered troops into those areas. This intensified Western concerns about a possible war with Europe.

Names such as Amazon.com Inc. (NASDAQ) and Apple Inc. (NASDAQ:), are megacap growth companies. Microsoft Corp Premarket trading saw losses of 1.6% to 1.5% for Meta Platforms Inc, Tesla (NASDAQ) Inc, and Tesla (NASDAQ) Inc.

U.S. Treasury yields plunged as more investors turned to bonds for safety. Bank of America Corp (NYSE) shares tumbled. Citigroup Inc (NYSE: Goldman Sachs Group Inc (NYSE: ) lost 0.4% in each case. [US/]

For Presidents Day, Monday markets were closed

At 06:08 AM. ET were down 60 points or 0.18%. They were also down 7.5 points or 0.17% and down 86.25 point, or 0.62%.

The market is very headline driven right now. And that’s going to constantly impact how market sentiment is intraday,” said Craig Erlam, senior market analyst, UK & EMEA, OANDA.

“The market has priced in Russia’s latest action. Erlam stated that when we begin to see conflicts, it is because troops start crossing the border.

On Friday, the three major indexes were all in red for their second week straight as markets were shaken by worries about Russia’s invasion of Ukraine and the Federal Reserve’s tightening plan.

CBOE Volatility Index, also called Wall Street’s Fear Gauge, last rose 29.66 at the end of February, far higher than its long-term mean of 20.

The broader weakness in oil stocks was resisted by the stock market, which tracked a nearly 5% increase in crude prices. This could be because Russia’s potential conflict might tighten supply. [O/R]

Exxon Mobil Corp (NYSE 🙂 rose 2.3% Chevron Corp (NYSE 🙂 gained 1.9%. Other companies include Occidental Petroleum Corp, (NYSE:). Marathon Oil Diamondback (NASDAQ:), Corp, and Corp were the most traded stocks in premarket trading. They were up by between 3.9% to 5.2%.