Dow tanks 600 points, oil spikes to $106

Target and Kohl's boost 2022 profit and sales targets

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.  

RUSSIA-UKRAINE: LIVE UPDATES

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%

RUSSIA'S ECONOMY GETS NAILED: WHAT'S BEEN DONE

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%

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. 

Ticker Security Last Change Change %
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. 

Ticker Security Last Change Change %
TGT TARGET CORP. 150.42 +3.61 +2.46%
WMT WALMART INC. 123.72 +0.10 +0.08%
KSS KOHL'S CORP. 39.40 +1.02 +2.66%

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. 

Ticker Security Last Change Change %
V VISA INC. 205.47 +8.76 +4.45%
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. 

Ticker Security Last Change Change %
HOG HARLEY-DAVIDSON INC. 32.80 +1.11 +3.50%

After the close, Ross Stores, Nordstrom and Urban Outfitters are expected to announce earnings. In addition, watch for results from Dow member Salesforce.com.

Ticker Security Last Change Change %
ROSS ROSS ACQUISITION CORP. II 9.80 -0.01 -0.10%
JWT n.a. n.a. n.a. n.a.
URBN URBAN OUTFITTERS INC. 21.03 +1.23 +6.21%
CRM SALESFORCE INC. 186.03 +12.98 +7.50%

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. 

BIDEN'S STATE OF THE UNION EXPECTED TO FOCUS ON PRICES

RUSSIA DEFAULT 'EXTREMELY LIKELY' IF UKRAINE CRISIS WORSENS, BANKING LOBBY SAYS

In cryptocurrencies, Bitcoin traded firmly higher to the $44,000 level.  

 GET FOX BUSINESS ON THE GO BY CLICKING HERER

The Associated Press contributed to this report.