Stock volatility greets March, Russia-Ukraine latest, oil prices climb: LIVE UPDATES
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Statement from Ford:
"As part of the global community, Ford is deeply concerned about the invasion of Ukraine and the resultant threats to peace and stability. The situation has compelled us to reassess our operations in Russia. In recent years, Ford has significantly wound down its Russian operations, which now focus exclusively on commercial van manufacturing and Russian sales through a minority interest in the Sollers Ford joint venture. Given the situation, we have today informed our JV partners that we are suspending our operations in Russia, effective immediately, until further notice.
While we don’t have significant operations in Ukraine, we do have a strong contingent of Ukrainian nationals working at Ford around the world and we will continue to support them through this time.
Ford Fund is also making a $100,000 donation to the Global Giving Ukraine Relief Fund for humanitarian aid to assist Ukrainian citizens and families who have been displaced during this crisis."
Energy stocks bucked the selling on Wall Street as U.S. oil hit $106 per barrel, the highest since 2014 amid the Russia-Ukraine conflict.
The rest of the S&P's large sectors fell led by financials.
"We are deeply concerned about the Russian invasion of Ukraine and stand with all of the people who are suffering as a result of the violence. We are supporting humanitarian efforts, providing aid for the unfolding refugee crisis, and doing all we can to support our teams in the region.
We have taken a number of actions in response to the invasion. We have paused all product sales in Russia. Last week, we stopped all exports into our sales channel in the country. Apple Pay and other services have been limited. RT News and Sputnik News are no longer available for download from the App Store outside Russia. And we have disabled both traffic and live incidents in Apple Maps in Ukraine as a safety and precautionary measure for Ukrainian citizens.
We will continue to evaluate the situation and are in communication with relevant governments on the actions we are taking. We join all those around the world who are calling for peace."
President Biden is set to authorize the release of 30 million barrels of oil from strategic reserves as concerns grow that Russia's invasion of Ukraine will continue to impact energy prices.
"Russia's actions in Ukraine have resulted in energy supply shortages of significant scope and duration and have already caused a substantial increase in oil prices worldwide that threatens to slow United States economic growth at this critical point in our economic recovery," reads a White House memorandum.
The White House Announces Guest List for the First Lady’s Box for the 2022 State of the Union Address...
Patrick “Pat” Gelsinger, Chief Executive Officer, Intel. On January 21, 2022, Gelsinger announced one of the largest investments in a semiconductor manufacturing facility in recent U.S. history. Construction on a $20 billion Intel facility near Columbus, Ohio, will begin this year built by union labor, creating over 7,000 construction jobs and another 3,000 jobs running the high-tech facility.
and Frances Haugen, Facebook whistleblower and fmr. lead product manager.
Selling has picked up for U.S. stocks, while oil climbs.
Despite the IEA's coordinated release of oil stockpiles, crude keeps climbing.
The International Energy Agency which is a group that represents consuming nations have agreed to release 60 million barrels from the global strategic petroleum reserves the bulk of the release will be by the United states where they will add 30 million barrels to the global supply.
Gen. Jack Keane talks Russia-Ukraine latest, oil strategy...
Oil prices in the U.S. surged past $100 per barrel Tuesday morning...
Target's same-store sales jumped nearly 9% with most of those sales taking place in stores.
"Our strong fourth-quarter performance capped off a year of record growth in 2021, reinforcing the durability of our business model and our confidence in long-term profitable growth," said Brian Cornell, chairman and CEO of Target.
Boosts Outlook for 2022
low- to mid-single digit revenue growth
an operating margin rate of 8%+ or higher
low-single digit growth in operating margin dollars
high-single digit growth in adj. per share
Cryptocurrency was surging early Tuesday morning with both Bitcoin and Ethereum reporting percentage hikes in double digits and Dogecoin up more than 7.25%.
At 4:30 a.m., Bitcoin was trading at around $43,390, up a whopping 13.23%, while Ethereum was worth slightly above $2,900 (up 10.53%) and Dogecoin at 13.25 cents, respectively, according to Coindesk.
U.S. stocks were whipsawing again early Tuesday morning as markets spent most of the night in negative territory or at close to the break-even point.
Tuesday will be a busy day for retail earnings with Target, Kohl’s, AutoZone and Chico’s FAS reporting ahead of the opening bell. After the close, Ross Stores, Nordstrom and Urban Outfitters are expected to announce earnings.
In addition, watch for results from Dow member Salesforce.com in the afternoon.
On Wall Street, the S&P 500 fell as much as 1.6% Monday and then recouped much of that to finish 0.2% lower at 4,373.94. The Dow Jones Industrial Average fell 0.5% to 33,892.60 and the Nasdaq composite rose 0.4% to 13,751.40, recovering from a 1.1% slide.
Oil futures rose on Tuesday morning, following a volatile start to the week, as the market weighed a coordinated international release of crude inventories against Russian supply disruptions in the wake of Moscow's invasion of Ukraine.
May Brent crude futures, which began trading as prompt on Tuesday, gained about 1% at 0141 GMT to $98.90. The benchmark touched a seven-year high of $105.79 after Russia's invasion of Ukraine began last week.
U.S. West Texas Intermediate (WTI) April crude futures were up about 0.8% at $96.53. That contract touched a high of $99.10 a barrel the previous day, and had settled up more than 4%.
Websites for the Russian Foreign Ministry as well as the country’s largest stock exchange and a key state-owned bank were offline Monday, as loosely organized groups of volunteer hackers pledged to retaliate against the Kremlin for its invasion of Ukraine.
An "IT army" created by the Ukrainian government urged more than 200,000 followers on its Telegram channel Monday to attempt to take down the website of the Moscow Exchange.
Thirty-one minutes later, the channel’s administrators shared a screenshot suggesting the exchange’s website had been knocked offline.
"Mission accomplished!" they wrote in English.
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