The Dow Jones Industrial Average fell over 500 points or 1.4%, while the S&P 500 and Nasdaq Composite were down 1.7% and 2.7%, respectively.
"The reason the president convened our closest allies and partners from across the NATO alliance and the European Union is because we believe he [Russian President Vladimir Putin] very well may give the final go order. That is a very distinct possibility" said national security adviser Jake Sullivan on Friday afternoon.
|I:DJI||DOW JONES AVERAGES||33212.96||+575.77||+1.76%|
|I:COMP||NASDAQ COMPOSITE INDEX||12131.131075||+390.48||+3.33%|
Oil spiked to $93.10 per barrel, the eighth straight weekly gain, on the developments.
|USO||UNITED STATES OIL FUND L.P.||85.46||+0.87||+1.03%|
The yield on the 10-year Treasury closed at 1.95% Friday after topping 2% on Thursday for the first time since August 2019 after inflation surged and St. Louis Federal Reserve President James Bullard suggested rates should be one full percentage point higher by July.
On Friday, Goldman Sachs became the latest firm to predict seven rate hikes this year.
In earnings news, shares of Under Armour slipped despite raising its outlook after a strong quarter as investors focused on the supply chain warning. "Given continued uncertainty related to COVID-19, particularly the ongoing and evolving impact on the company's suppliers and logistics providers, there could be further material impacts on Under Armour's full-year business results in 2021, as well as future periods," the company disclosed.
|UA||UNDER ARMOUR INC.||9.37||+0.24||+2.63%|
Newell Rubbermaid was the S&P's top stock, rising 11% after strong profit and sales numbers.
|NWL||NEWELL BRANDS INC.||21.88||+0.90||+4.29%|
Goodyear Tire and Rubber's profits and sales beat estimates however higher material costs will increase by as much as $800 million, sending the shares down 27%.
|GT||GOODYEAR TIRE & RUBBER CO.||12.68||+0.38||+3.09%|
Shares at Zillow closed over 13% higher after the company reported a quarterly adjusted loss of 42 cents per share for the quarter ended in December. That was better than the estimate for a loss of $1.15 per share. The housing platform also announced plans for a 'housing super app] as more Americans move, despite rising interest rates.
|EXPE||EXPEDIA GROUP INC.||130.97||+0.68||+0.52%|
Shares of Expedia fell 2.7% despite better-than-expected earnings report.
In economic news, the University of Michigan preliminary index of consumer sentiment fell to 61.7, the lowest since October 2011 vs. January’s final reading of 67.2, which was the lowest in more than a decade.
Bitcoin pulled back following the stock selloff to the $42,000 level.
Ken Martin and The Associated Press contributed to this report.