U.S. stocks tumbled Tuesday, in another volatile session, as the Russia-Ukraine situation continues to drive market uncertainty, pushing U.S. oil prices above $106 per barrel, even after a coordinated release of stockpiles by the U.S. and others.
The Dow Jones Industrial Average fell nearly 600 points, or 1.8%, while the S&P 500 and Nasdaq Composite slipped 1.5% and 1.6%, respectively.
|I:DJI||DOW JONES AVERAGES||31500.68||+823.32||+2.68%|
|I:COMP||NASDAQ COMPOSITE INDEX||11607.620416||+375.43||+3.34%|
|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%|
U.S. Crude Closes at $104.97 per barrel
Benchmark U.S. crude rose to $106 per barrel before easing to close up 7.1% to $104.97 per barrel. Brent Crude closed 8% higher to $1.03.41. The U.S. and its allies announced a release of 60 million barrels of oil from global stockpiles, with 30 million coming from America, yet experts note it only covers a day's worth of consumption, very little to move the needle.
Gold also hit the highest level since January, closing at $1,942.40 an ounce.
|GLD||SPDR GOLD SHARES TRUST - EUR ACC||170.09||-0.17||-0.10%|
In earnings news, Target shares jumped as the retailer boosted its profit and sales forecast for 2022 after posting an 8.9% jump in same-store sales while noting 95% of fourth-quarter sales took place in stores. This follows Walmart's solid forecast last month. Kohl's also lifted 2022 projections, and those shares rose as well.
Visa and Mastercard became the latest companies to pare dealings with Russia. "Visa is taking prompt action to ensure compliance with applicable sanctions, and is prepared to comply with additional sanctions that may be implemented" the company disclosed in a statement.
|MC||MOELIS & CO.||39.92||+1.01||+2.61%|
Additionally, Harley-Davidson agreed to halt production to Russia, joining a host of companies taking the stance.
After the close, Ross Stores, Nordstrom and Urban Outfitters are expected to announce earnings. In addition, watch for results from Dow member Salesforce.com.
|ROSS||ROSS ACQUISITION CORP. II||9.80||-0.01||-0.10%|
|URBN||URBAN OUTFITTERS INC.||21.03||+1.23||+6.21%|
President Biden will also deliver his State of Union address at 9 p.m. ET with much of the focus expected to be on the U.S. economy and inflation.
In cryptocurrencies, Bitcoin traded firmly higher to the $44,000 level.
The Associated Press contributed to this report.