U.S. stock indexes fell Friday and headed for a second consecutive losing week as the Russia-Ukraine conflict loomed.
The Dow Jones Industrials thundered lower 226.56 points to 34,085.47, following the index’s worst day since the end of November.
The S&P 500 dropped 24.7 points to 4,355.56.
The NASDAQ stumbled 127.48 points to 13,589.24.
Friday was particularly volatile with trillions of dollars in options and futures on stocks, indexes and ETFs set to expire. Option expiration days, which generally occur on the third Friday of the month, can cause the market to swing in a wide range as these positions are closed out.
Stocks have struggled this week as investors continue to be on edge about the ongoing tensions between Russia and Ukraine. The Ukrainian government and Russian state-controlled media on Friday exchanged fresh accusations of cease-fire violations at the border.
Ukraine on Thursday accused pro-Russian separatists of attacking a village near the border. In the U.S., meanwhile, Secretary of State Antony Blinken spoke to the United Nations and warned that the situation is at a “moment of peril.”
President Joe Biden is reportedly expected to move more U.S. troops closer to Ukraine, The Ukrainian government and Russian state-controlled media on Friday exchanged fresh accusations of cease-fire violations at the border.
Oil prices dipped Friday morning and energy stocks retreated. APA and Schlumberger each lost around 3%.
Intel was the biggest laggard on the Dow, down about 4%. Bank of America reiterated an underperform rating on the stock.
Roku shares dropped about 24% after the video-streaming company reported a revenue miss and issued weaker-than-expected guidance.
Prices for 10-year Treasurys gained, weighing yields to 1.93%, from Thursday’s 1.97%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.02 to $90.74 U.S. a barrel.
Gold prices slid $4.70 to $1,897.30 U.S. an ounce.