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- Stocks fell Thursday on escalating tensions between Russia and Ukraine.
- NATO said there’s no indication Russian troops are pulling back from Ukraine’s border.
- Walmart gained ground on its financial outlook and dividend hike.
US stocks fell Thursday as investors sorted through heightened tensions between Russia and Ukraine and downbeat economic data alongside strong earnings reports including from retail behemoth Walmart.
A loss for the S&P 500 would follow two days of gains that helped trim the index’s year-to-date loss to about 6%. The Nasdaq Composite and the Dow Jones Industrial Average were looking at declines for a second consecutive day.
A flurry of headlines from Europe highlighted worsening conditions in the standoff between Russia and former Soviet republic Ukraine as the latter holds aspirations of joining NATO. Ukraine on Thursday accused Russia of “provocative shelling,” while militants backed by Russia accused Ukraine of provoking the country. Earlier this week, Russian President Vladimir Putin said certain groups of troops would return to their bases.
“Despite Moscow’s claims, we have seen no signs of withdrawal or de-escalation so far. On the contrary, Russia’s build-up appears to continue,” Jens Stoltenberg, NATO’s secretary general, said at a press conference Thursday.
Here’s where US indexes stood at 9:30 a.m. on Thursday:
- S&P 500: 4,444.66, down 0.68%
- Dow Jones Industrial Average: 34,702.72, down 0.66% (231.55 points)
- Nasdaq Composite: 13,990.05 (down 0.90%)
Meanwhile, weekly US jobless claims rose by 248,00, which was more than expected, and manufacturing activity in the Philadelphia region weakened more than expected in February.
But Dow gainers included Walmart, which raised its annual dividend and backed its long-term outlook for adjusted earnings growth in the face of high inflation. Its fourth-quarter earnings and revenue also surpassed Wall Street’s targets.
Cisco shares also rose after an earnings beat and an positive outlook
Outside the indexes, DoorDash soared following a record number of quarterly food-delivery orders and monthly active users, indicating people are still getting take-out meals even as pandemic-related restrictions have eased.
Billionaire investor Carl Icahn warned red-hot inflation spells trouble for markets, saying the government is incapable of controlling price increases.
Oil prices fell. West Texas Intermediate crude lost 1% to $92.70 per barrel. Brent crude, the international benchmark, declined 1.1% at $93.81.
Gold rose 0.9% to $1,889.00 per ounce. The 10-year yield fell 4 basis points to 2%.
Bitcoin lost 2.7% to $43,410.08.
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