U.S. stock futures fell sharply Thursday as Russia attacked Ukraine, causing global energy prices to jump and sending investors fleeing for the safety of fixed income assets.
Futures for the Dow Jones Industrial Index were pounded 844 points, or 2.6%, to 32,222.
Futures for the S&P 500 index fell 115 points, or 2.7%, to 4,106.75.
Futures for the NASDAQ Composite Index plummeted 466 points, or 3.5%, to 13,041.50.
Moscow launched the military action in Ukraine overnight Thursday. There were reports of explosions and missile strikes on several key Ukrainian cities including its capital, Kyiv. Russian President Vladimir Putin called the invasion “the demilitarization” of Ukraine and said Russia’s plans do not include the occupation of Ukrainian territories.
Energy companies surged amid the rising prices. Devon Energy was up 5% and Chevron rose 4.2% in premarket trading.
Bank stocks were among the big early losers, with Bank of America down 4% and Bank of New York Mellon slumping 6.3% in pre-market trading. Economically sensitive companies also took a hit, with Deere and Delta Air off 5% and cruise line operator Carnival sliding 6.2%.
In earnings, several big companies are scheduled to report Thursday. Alibaba ticked 5% lower in early trading after it reported its slowest-ever growth in quarterly revenue since going public in 2014, with sales falling below analyst forecasts as competition intensified
On the economic data front, investors are looking ahead to GDP and jobless claims before the opening bell and new home sales figures later in the morning Thursday.
In Japan, the Nikkei 225 returned to trading Thursday with a loss of 1.8%, while the Hang Seng lost 3.2%.
Oil prices rocketed $7.23 to $99.33 U.S. a barrel.
Gold prices jumped $55.60 to $1,966 U.S. an ounce.