The stock market is responding to the worsening situation in Ukraine. The Dow and the S&P have had the worst day of 2022 as worries over the Russian invasion of Ukraine continue.
What you Need to Know
- This was the worst day for both the DOW and the S&P 500 all year
- Energy stocks and utilities were amongst the few doing well as oil and gas prices surge.
- The dow is down 797 points as of Monday
- The S&P 500 is down 3%
- The NASDAQ Comoposite is down 3.6%
Stocks Fell Sharply Earlier this Morning as the Stock Market Deals with Investor Anxieties
According to CNN, Stocks fell sharply earlier this morning as anxieties continue over the Russian Invasion of Ukraine. The invasion has resulted in a humanitarian crisis that’s displaced over 1 million people, and it continues to escalate.
Currently doing well in the market are energy stocks and utilities. This follows a spike in the price of crude oil and gas following the invasion.
Gas reached a record $4.14 per gallon today. And some worry that that number will continue to rise.
Also doing well are “defense stocks” such as Bed Bath & Beyond and Gamestop.
Bed Bath & Beyond, in particular, surged after Chewy co-founder Ryan Cohen disclosed that he purchased a large stake in the company.
As the Stock Market Struggles, Tech Takes a Huge Hit
The markets closed on Monday with the Dow down 797 points (2.4%), and the S&P 500 down 3%. The Nasdaq Composite took a 3.6% dive. In short, the stock market is struggling a bit.
Tech is taking a massive hit. Some tech stocks are down a concerning 75% from their record highs according to CNBC. Last week, Snowflake CEO Frank Slootman told the news organization that “The mood of the market right is real foul right now for good reasons.”
Meanwhile, the Crisis Following the Russian Invasion in Ukraine Continues to Worsen
The Russian Invasion of Ukraine continues to displace citizens and has resulted in multiple civilian casualties. The Ukrainian Ambassador to the UN noted that Russia has a continued disregard for the “norms of international humanitarian law.”
The ambassador to the UN, Sergiy Kyslytsya also said Russian troops are blocking pathways of escape for Ukrainian citizens.
Just earlier this evening, Secretary of State Antony Blinken spoke with Ukrainian Foreign Minister Dmytro Kuleba offering “continued support to the people and government of Ukraine and to condemn Russia’s attacks on Ukrainian cities and mounting civilian deaths.”
This is according to a State Department Readout obtained by CNN. It also says that “The Secretary reiterated the United States’ steadfast solidarity with the brave people of Ukraine, as they continue to resist Russia’s premeditated and unprovoked attacks.”
