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 31500.68 +823.32 +2.68%
SP500 S&P 500 3911.74 +116.01 +3.06%
I:COMP NASDAQ COMPOSITE INDEX 11607.620416 +375.43 +3.34%

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. 81.24 +2.23 +2.82%
BNO UNITED STS BRENT OIL FD LP UNIT 32.65 +0.89 +2.79%
UGA UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS 72.39 +2.47 +3.53%

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

Ticker Security Last Change Change %
GLD SPDR GOLD SHARES TRUST - EUR ACC 170.09 -0.17 -0.10%

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. 117.32 +3.40 +2.98%
GS THE GOLDMAN SACHS GROUP INC. 302.72 +16.56 +5.79%
BAC BANK OF AMERICA CORP. 32.32 +0.24 +0.75%

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. 136.87 -4.78 -3.37%

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. 38.61 +1.20 +3.21%
MU MICRON TECHNOLOGY INC. 58.44 +2.22 +3.95%

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. 144.27 +1.01 +0.71%

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. 45.01 +0.55 +1.24%
DHI D.R. HORTON INC. 67.76 +0.35 +0.52%
LEN LENNAR CORP. 71.99 +1.22 +1.72%

CLICK HERE TO READ MORE ON FOX BUSINESS

Bitcoin traded around $42,000.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

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