Dow skids 449 points while oil hits $114, gold gains
GameStop Chair Ryan Cohen now owns 11.9% of the company
Hugh Johnson Economics chief economist Hugh Johnson and Comerica Wealth Management CIO John Lynch react to the Fed's inflation plan on 'The Claman Countdown.'
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 | 41794.6 | -257.59 | -0.61% |
| SP500 | S&P 500 | 5712.69 | -16.11 | -0.28% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18179.984429 | -59.93 | -0.33% |
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 - USD ACC | 74.29 | +2.27 | +3.15% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 29.98 | +0.92 | +3.17% |
| UGA | UNITED STATES GASOLINE FUND - USD ACC | 62.51 | +1.71 | +2.80% |
Gold continued its march higher to $1,936.60 an ounce level.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GLD | SPDR GOLD SHARES TRUST - USD ACC | 252.83 | +0.36 | +0.14% |
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. | 219.79 | -3.14 | -1.41% |
| GS | THE GOLDMAN SACHS GROUP INC. | 511.47 | -7.88 | -1.52% |
| BAC | BANK OF AMERICA CORP. | 41.33 | -0.43 | -1.03% |
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. | 22.33 | -0.08 | -0.36% |
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. | 22.52 | -0.68 | -2.93% |
| MU | MICRON TECHNOLOGY INC. | 101.73 | +2.00 | +2.01% |
Intel CEO Patrick Gelsinger speaks with ‘Mornings with Maria’ ahead of his testimony before the U.S. Senate Commerce Committee where he will make the case for government subsidies to boost semiconductor manufacturing.
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. | 53.54 | -1.09 | -2.00% |
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. | 147.80 | +1.30 | +0.89% |
| DHI | D.R. HORTON INC. | 170.74 | +3.10 | +1.85% |
| LEN | LENNAR CORP. | 172.63 | +2.97 | +1.75% |
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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.