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 39797.61 +37.53 +0.09%
SP500 S&P 500 5255.81 +7.32 +0.14%
I:COMP NASDAQ COMPOSITE INDEX 16387.227019 -12.29 -0.07%

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. 77.51 +0.22 +0.28%
BNO UNITED STS BRENT OIL FD LP UNIT 31.90 +0.43 +1.37%
UGA UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS 71.06 +1.17 +1.68%

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

Ticker Security Last Change Change %
GLD SPDR GOLD SHARES TRUST - EUR ACC 205.68 +2.58 +1.27%

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. 199.52 +3.79 +1.94%
GS THE GOLDMAN SACHS GROUP INC. 415.25 +9.07 +2.23%
BAC BANK OF AMERICA CORP. 37.81 +0.72 +1.94%

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. 12.62 -0.55 -4.18%

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. 44.09 +0.33 +0.74%
MU MICRON TECHNOLOGY INC. 119.25 +0.45 +0.38%

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. 110.59 +3.18 +2.96%

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. 127.42 +1.53 +1.22%
DHI D.R. HORTON INC. 162.05 +2.78 +1.75%
LEN LENNAR CORP. 172.06 +3.55 +2.11%

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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.