US mid-day: Stocks fall as Russian troops enter Ukraine
By Joseph Toppe
16:12, 22 February 2022
Wall Street investors are cautious on Tuesday as tensions on the Ukrainian border mount and Russian troops readied for an attack.
Halfway through the session, the Dow Jones Industrial Average (US30) was down approximately 309 points, or 0.91%, the S&P 500 was down around 0.59%, while the Nasdaq Composite (US100) was roughly 0.67% lower, despite gains from key tech shares.
Russian troops enter Ukraine
On Tuesday, Russian forces entered Ukraine after amassing roughly 190,000 troops along the country’s border.
In a statement issued by the White House yesterday, Press Secretary Jen Psaki said the Biden Administration anticipated the Russian move and are “ready to respond immediately.”
“President Biden will soon issue an Executive Order that will prohibit new investment, trade, and financing by US persons to, from, or in the so-called DNR and LNR regions of Ukraine,” she said. “The Departments of State and Treasury will have additional details shortly.”
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Winners & losers: Roku soars
In the technology sector, shares of Microsoft are up approximately 0.25%, Apple is down around 1.45%, while Alphabet is nearly 0.88% in the green and Intel is roughly 0.6% in red territory.
Shares of Texas Instruments are almost 0.68% higher, Advanced Micro Devices (AMD) is roughly 2.62% in positive trading, as Nvidia fell around 0.51% and Roku went up approximately 11.84%.
Auto shares are off on Tuesday with Tesla down nearly 2.09% and General Motors down approximately 2.61%.
In other auto stocks, Ford is almost 2.75% lower, Toyota is approximately 1.19% in the red and BMW is off near 4.25%.
Oil: Crudes rise
Oil futures are higher on Tuesday as West Texas Intermediate crude went up almost 5% to $96 a barrel and settling near $95.50, while Brent crude added 3.5%, near $99.
In the energy sector, shares of Diamondback Energy are near 0.43% lower, Chevron is up approximately 0.76%, while ConocoPhillips is down around 0.32%, and Hess is roughly 0.55% in the green.
Gold: Drops
Gold futures are off on Tuesday, slipping 0.14% to $1,897.20.
Treasury: Yield up slightly
On Tuesday, the yield on the benchmark 10-year U.S. Treasury note rose 1.940%, from 1.930% Friday.
Forex: USD holds
The US dollar equals $0.88 of the euro, $0.74 of the British pound sterling and $1.27 of the Canadian dollar.
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