Stocks sink, oil nears $100 per barrel as Biden sticks Russia with sanctions

U.S. oil prices were nearing $100 per barrel Tuesday as stocks, in a choppy session, fell across the board on Tuesday as investors weighed President Biden's sanctions against Russia following Vladimir Putin's ordering of troops into separatist regions of eastern Ukraine. 

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	43456.49	+48.02	+0.11%
SP500	S&P 500	5917.23	+0.12	+0.00%
I:COMP	NASDAQ COMPOSITE INDEX	18942.115496	-24.03	-0.13%

The Dow Jones Industrial Average closed down over 482 points, or 1.4%, erasing a deficit of around 700 points. The S&P lost 1% and the Nasdaq Composite 1.2%. 

Biden, late afternoon, announced a series of sanctions against Russian banks, sovereign debt, and three oligarchs who reportedly have close ties to Putin. 

West Texas Intermediate crude spiked to over $93 per barrel, before easing, while Brent, the global benchmark hit $97, as Germany announced plans to halt the process of certifying the Nord Stream 2 gas pipeline from Russia because of Moscow's actions in Ukraine, Chancellor Olaf Scholz announced. Natural gas prices jumped over 3%. 

Ticker	Security	Last	Change	Change %
USO	UNITED STATES OIL FUND - USD ACC	72.99	+0.96	+1.34%
BNO	UNITED STATES BRENT OIL FUND - USD ACC	29.49	+0.36	+1.24%
UNG	UNITED STATES NATURAL GAS FUND - USD ACC	15.23	+0.47	+3.22%

"Indeed, a full-scale invasion of Ukraine by Russia will leave many central banks with itchy hiking trigger fingers in a quandary," Jeffrey Halley of Oanda said in a report. "The immediate impact would be an exacerbation of the rampant inflationary pressures globally as oil hits $130.00+ a barrel."

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In the U.S., the reporting season continued with Home Depot revenue of $35.72 exceeding estimates, while same-store sales rose 8.1% and U.S. sales alone rose 7.6%. Still, shares fell as the retailer warned of supply-chain challenges. Rival Lowe's reports Wednesday. 

Ticker	Security	Last	Change	Change %
HD	THE HOME DEPOT INC.	405.02	+5.04	+1.26%
LOW	LOWE'S COMPANIES INC.	263.59	+0.56	+0.21%

Macy's shares gave up gains in the broader market selloff even after same-store sales jumped 28%, beating forecasts helped by a strong holiday shopping season. 

Ticker	Security	Last	Change	Change %
M	MACY'S INC.	14.70	+0.13	+0.89%

Elsewhere, shares of Digital World Acquisition, the company behind Donald Trump's social media app Truth, rallied on brisk downloads. 

Ticker	Security	Last	Change	Change %
DWAC	NO DATA AVAILABLE	-	-	-

In deal news, Meritor shares soared after agreeing to be acquired by Cummins in a deal worth $3.7 billion, which includes debt. 

Ticker	Security	Last	Change	Change %
MTOR	NO DATA AVAILABLE	-	-	-
CMI	CUMMINS INC.	364.12	+3.33	+0.92%

Shares of Fat Brands tumbled as the company disclosed CEO Andrew Wiederhorn is under investigation.

Ticker	Security	Last	Change	Change %
FAT	FAT BRANDS INC.	5.28	+0.06	+1.15%

The Securities and Exchange Commission is "formally seeking documents and materials concerning, among other things, the Company’s December 2020 merger with Fog Cutter Capital Group Inc., transactions between these entities and Mr. Wiederhorn, and compensation, extensions of credit and other benefits or payments received by Mr. Wiederhorn or his family" according to the filing. 

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In cryptocurrencies, Bitcoin slipped below $40,000 following stocks down. 

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Treasury yields have fallen as investors shift money into the safety of U.S. bonds. The yield on the 10-year Treasury, which affects rates on mortgages and other consumer loans, inched up to 1.92%. 

The Associated Press contributed to this report.