Dow futures drop more than 400 points as tensions between Russia and Ukraine brew
Stock futures fell sharply on Monday night, as traders continue to monitor brewing tensions between Russia and Ukraine.
Futures tied to the Dow Jones Industrial Average were down by 476 43 points, or 1.4%. S&P 500 futures slid 1.7%, and Nasdaq 100 futures were off by 2.2%. The U.S. stock market was closed Monday due to the President's Day holiday.
Oil prices rose, with West Texas Intermediate futures jumping 3.6% to $94.30 per barrel.
Russian President Vladimir Putin said Monday that he would recognize the independence of two breakaway regions in Ukraine, potentially undercutting peace talks with President Joe Biden. That announcement was followed by news that Biden was set to order sanctions on separatist regions of Ukraine, with the European Union vowing to take additional measures.
Putin later ordered forces into the two breakaway regions.
The news came after the White House said Sunday that Biden has accepted «in principle» to meet with Putin in yet another effort to deescalate the Russia-Ukraine situation via diplomacy. White House press secretary Jen Psaki said the summit between the two leaders would occur after a meeting between Secretary of State Antony Blinken and his Russian counterpart Sergey Lavrov.
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The Russia-Ukraine conflict has put pressure on market sentiment recently, with the major averages posting back-to-back weekly losses. The Dow fell 1.9% last week, and the S&P 500 and Nasdaq Composite slid 1.6% and 1.8%, respectively.
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