US stocks closed at the lows of the session as investors monitor the situation between Russia and Ukraine and amid new US sanctions against the Nord Stream 2 pipeline and reports that Ukraine was the target of a massive cyberattack.
|I:DJI||DOW JONES AVERAGE||33223.83||+92.07||+0.28%|
|I:COMP||NASDAQ COMPOSITE INDEX||13473.585028||+436.10||+3.35%|
The Dow Jones Industrial Average fell 464 points, or 1.4% just shy of correction territory, while the S&P 500 fell 1.8% deeper, and the Nasdaq Composite lost 2.6% as large-cap tech tumbled.
Earlier, Ukrainian citizens were ordered to leave Russia following US and UK sanctions lobbed on Russia Tuesday.
BIDEN ADMINISTRATION DETAILS FURTHER US SANCTIONS AGAINST RUSSIA
Oil prices stabilized, as did natural gas, despite concerns about possible disruption to Russian supplies. US crude lofted around $92 per barrel, while Brent, the global benchmark, sat at the $97 level.
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|USO||UNITED STATES OIL FUND LP||66.34||+0.10||+0.15%|
|UNG||UNITED STATES NATURAL GAS FUND LP UNIT (POST REV SPLIT)||16.29||+0.17||+1.05%|
In earnings, shares of home improvement retailer Lowe’s rose after lifting its 2022 fiscal outlook. Rival Home Depot may also be active after Tuesday’s drop prompted by a warning about supply-chain issues in its quarterly earnings call.
|LOW||LOWE’S COS. INC.||213.41||-1.68||-0.78%|
|HD||THE HOME DEPOT INC.||313.24||+4.79||+1.55%|
In other retail results, TJX, parent to Marshalls, Home Goods and TJMaxx, reported sales and profits that fell short of Wall Street estimates, mired by supply-chain issues.
|TJX||THE TJX COS. INC.||64.69||+2.19||+3.50%|
Virgin Galactic shares moved higher after narrowing quarterly losses to $81 million compared to a loss of $104 million.
|SPCE||VIRGIN GALACTIC HOLDINGS INC.||9.00||+0.91||+11.25%|
After the bell watch for results from Hertz and eBay.
In deal news, automotive parts maker Tenneco is being taken private by funds managed by affiliates of private equity firm Apollo in an all-cash deal valued at about $7.1 billion. Shares jumped.
The transaction includes the assumption of Tenneco’s debt. Apollo will pay $20 per Tenneco Inc. share, double from Tenneco’s closing price Tuesday of $9.98.
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In cryptocurrencies, Bitcoin traded around $38,000.
FOX Business’ Ken Martin and The Associated Press contributed to this report.