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US stock corrections deepen as Ukraine crisis continues amid warnings of an imminent invasion

Financial Markets Wall Street
Posted at 12:38 PM, Feb 23, 2022
and last updated 2022-02-23 15:38:19-05

Stocks fell in afternoon trading on Wall Street Wednesday, extending a day-earlier slump as tensions between Russia and Ukraine continue.

The S&P fell 1% as its correction deepened. The Dow Jones Industrial Average fell 0.7% and the Nasdaq fell 1.4%. Retailers and technology stocks led to losses. Investors continued to take cues from developments in Ukraine, where Russia has started evacuating its embassy in Kyiv, while Ukraine urged its citizens to leave Russia.

Oil prices remained volatile, though energy stocks gained ground. The 10-year U.S. Treasury rose. Technology stocks had losses with Microsoft sliding 1$ and Cisco Sytems sliding 2.5%.

Crude oil prices in the U.S. were volatile, and have been in recent days. Healthcare companies were up, as was the case with Johnson & Johnson which saw a rise of 0.9%.

The potential war between Russia and Ukraine has added to an already wobbly outlook on global markets from investors as companies deal with supply chain issues. Retailers like Lowe's saw a 1.8% rise, and Security software maker Palo Alto Networks rose by 1.3%, as the Associated Press reported.