The S&P 500 fell for a fourth straight session Wednesday, sliding deeper into correction territory, as Russia-Ukraine tensions escalate.
The Dow Jones Industrials took a pasting, losing 464.85 points, or 1.4%, to 33,131.76, and closed below its lowest level so far this year.
The Dow notched its fifth straight session of losses.
The S&P 500 stumbled 79.26 points, or 1.8%, to 4,225.50.
The NASDAQ Composite Index withered 344.03 points, or 2.6%, to 13,037.49. The tech-heavy index is nearing bear market territory as it sits more than 18% from its November closing record.
Stocks moved broadly lower with reopening plays like airlines and cruise lines in the red, as well as some technology names. Delta Air Lines lost 4.1%, and Tesla was off by 7%. E-commerce giant Amazon fell 3.5% and Apple dropped 2.5%.
Retailers were a sea of red with Macy’s falling 5.2% and TJX Companies dropping 4.2%. Best Buy lost 2.1% and Nordstrom fell 3.4%.
Meanwhile, home retailing giant Lowe’s closed higher after beating earnings forecasts and announcing sales rose 5%.
Investors have been juggling brewing tensions between Russia and Ukraine. The Ukraine Ministry of Digital Transformation said Wednesday there was another mass DDoS [denial of service] attack on Wednesday that prevented certain entities from accessing government websites.
Ukraine also warned its citizens against traveling to Russia and to leave the neighboring country, if they are there. Meanwhile, the U.K. warned that it was ready to impose more sanctions on Russia
As of Friday 78% of S&P 500 companies that have reported have topped earnings estimates, while 78% have exceeded revenue expectations.
Investors are also facing concerns about record inflation and the Federal Reserve’s monetary policy pivot which could result is rate hikes as soon as next month.
On Tuesday afternoon, President Joe Biden announced a first tranche of sanctions against Russia. The measures target Russian banks, the country’s sovereign debt and three individuals.
Wall Street is betting that there’s a 100% chance of a rate hike at the Federal Reserve’s March meeting. With inflation running hot, calls for a 50-basis point hike at the March meeting had been accelerating.
Prices for the 10-year Treasury lost ground, raising yields to 1.99% from Tuesday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices acquired 43 cents to $92.34 U.S. a barrel.
Gold prices took on $3.50 to $1,912.50.