Dow skids 449 points while oil hits $114, gold gains

GameStop Chair Ryan Cohen now owns 11.9% of the company

U.S. stocks fell Wednesday with investors keeping a close eye on Russia and Ukraine as President Biden heads to a NATO meeting and EU Summit Thursday in Europe.

RUSSIA INVADES UKRAINE: LIVE UPDATES

The Dow Jones Industrial Average fell over 449 points or 1.3%, while the S&P 500 and Nasdaq Composite slid 1.2% and 1.3%, respectively. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 30775.43 -253.88 -0.82%
SP500 S&P 500 3785.38 -33.45 -0.88%
I:COMP NASDAQ COMPOSITE INDEX 11028.735703 -149.16 -1.33%

Oil rose over 5% with U.S. crude futures settling at $114.93 per barrel, while Brent, the global benchmark, hit $121.60.

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 80.36 -2.57 -3.10%
BNO UNITED STS BRENT OIL FD LP UNIT 32.74 -0.74 -2.21%
UGA UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS 67.80 -2.37 -3.38%

Gold continued its march higher to $1,936.60 an ounce level. 

Ticker Security Last Change Change %
GLD SPDR GOLD SHARES TRUST - EUR ACC 168.43 -1.06 -0.63%

The yield on the 10-year Treasury eased Wednesday to 2.32%, the second-highest level of 2022, putting the shares of banks and brokers in focus, which should benefit from higher yields. 

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 112.68 -2.56 -2.22%
GS THE GOLDMAN SACHS GROUP INC. 297.51 -5.65 -1.86%
BAC BANK OF AMERICA CORP. 31.18 -0.64 -2.01%

GameStop shares jumped 14% after the retailer’s chairman, Ryan Cohen, disclosed that his firm bought 100,000 shares of the company’s stock on Tuesday.

Ticker Security Last Change Change %
GME GAMESTOP CORP. 121.94 -0.91 -0.74%

Semiconductor makers are in focus with Intel CEO Patrick Gelsinger expected to tell Congress at a hearing Wednesday the industry needs more funding to address the chip crisis. Micron's CEO will also be in attendance. 

Ticker Security Last Change Change %
INTC INTEL CORP. 37.41 +0.12 +0.32%
MU MICRON TECHNOLOGY INC. 55.28 -0.74 -1.32%

Moderna will seek FDA approval for its COVID-19 vaccine in children 6 through 12 years of age. 

Ticker Security Last Change Change %
MRNA MODERNA INC. 142.85 +0.04 +0.03%

In economic data, sales of new single-family homes unexpectedly dropped 2% to a seasonally adjusted annual rate of 772,000 in February. That’s down from 801,000 in January, when sales fell more than expected as rising mortgage rates and higher prices kept some first-time homebuyers out of the market.

Ticker Security Last Change Change %
TOL TOLL BROTHERS INC. 44.33 +0.16 +0.36%
DHI D.R. HORTON INC. 65.90 -0.10 -0.15%
LEN LENNAR CORP. 70.36 +0.73 +1.06%

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Bitcoin traded around $42,000.

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FOX Business' Ken Martin and The Associated Press contributed to this report.