Stocks fall in volatile session, oil sits at $123 and gold at $2,040
Gold surged to $2,040, highest since August 2020
Dow enters correction territory
Adviser Investments CIO Jim Lowell joined 'Mornings with Maria' to discuss the markets and risk of recession this year amid international uncertainties.
U.S. stocks, in a volatile session, ended lower as investors debated whether President Biden's U.S. ban on Russian oil imports will lower oil prices over the long-term.
RUSSIA INVADES UKRAINE: LIVE UPDATES
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44296.51 | +426.16 | +0.97% |
| SP500 | S&P 500 | 5969.34 | +20.63 | +0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
The Nasdaq Composite, which entered a bear market Monday, fell 0.3%, while the S&P 500 slipped 0.7%, and the Dow Jones Industrial Average over 185 points or 0.6%.
Equities swung between losses and gains after Biden's announcement. Sen. Rob Portman, R-Ohio, tells FOX Business the markets briefly weighed whether the announcement signals the U.S. will focus on their own natural resources, even with the ongoing crackdown on pipelines and drilling.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XLE | ENERGY SELECT SECTOR SPDR ETF | 97.26 | +0.12 | +0.12% |
Oil remained higher but eased to $123.70 per barrel.
ENERGY INDUSTRY SWIPES BACK AT PSAKI 'RED HERRING' COMMENT ON OIL AND GAS LEASES
A gallon of regular gas now costs an average of $4.17 across the country after breaching the $4 barrier on Sunday for the first time since 2008, per AAA.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 74.25 | +1.05 | +1.43% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 29.82 | +0.25 | +0.85% |
| UGA | UNITED STATES GASOLINE FUND - USD ACC | 63.11 | +0.27 | +0.43% |
In related news, Shell Oil confirmed it will withdraw from involvement in all Russian hydrocarbons due to the country's invasion of Ukraine.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SHEL | SHELL PLC | 66.03 | -0.24 | -0.36% |
WORLD BANK ASSEMBLING $725M EMERGENCY PACKAGE TO UKRAINE
Gold also rose above the $2,040 mark in a flight-to-safety move, now at the highest level since August 2020.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GLD | SPDR GOLD SHARES TRUST - USD ACC | 249.85 | +3.22 | +1.31% |
In other stock news, Dick's Sporting Goods reported better than expected profits, earning $3.16 per share, while sale store sales jumped 5.9%, also exceeding estimates.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DKS | DICK'S SPORTING GOODS INC. | 210.18 | +8.29 | +4.11% |
Apple ended lower after rolling out more 5G connectivity to its cheaper iPhone SE while the iPad Air got upgraded with faster chips.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 229.87 | +1.35 | +0.59% |
In deal news, Google LLC is buying Mandiant, a "leader in dynamic cyber defense and response," in a deal valued at $5.4 billion or $23 per share. "The acquisition of Mandiant will complement Google Cloud’s existing strengths in security," Google noted in the announcement.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET INC. | 164.76 | -2.87 | -1.71% |
| MNDT | NO DATA AVAILABLE | - | - | - |
U.S. companies continued to distance themselves from Russia on Tuesday, as McDonald's, Pepsi, Starbucks and Amazon joined the movement, along with dating app Bumble.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MCD | MCDONALD'S CORP. | 290.28 | +1.81 | +0.63% |
| PEP | PEPSICO INC. | 162.00 | +1.66 | +1.04% |
| SBUX | STARBUCKS CORP. | 102.50 | +2.44 | +2.44% |
| AMZN | AMAZON.COM INC. | 197.12 | -1.26 | -0.64% |
| BMBL | BUMBLE INC. | 8.18 | +0.27 | +3.41% |
In cryptocurrencies, Bitcoin hovered around $38,000.
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The Associated Press contributed to this report.