Markets plunged yet again on Thursday as top federal officials warned that tensions between Russia and Ukraine had reached a “crucial moment” with an invasion likely “imminent,” leading nervous investors to dump stocks and turn to safe-haven assets.
Stocks had their worst day so far in 2022 amid more bad news from the Russia-Ukraine border: The Dow Jones Industrial Average fell 1.8%, over 600 points, while the S&P 500 lost 2.1% and the tech-heavy Nasdaq Composite 2.9%.
The US Ambassador to the United Nations warned that the conflict had reached a “crucial moment” on Thursday morning after Ukraine accused pro-Russian separatists of attacking a village near the border.
President Joe Biden, meanwhile, told reporters that “every indication” points to Russia invading Ukraine in the “next several days,” with evidence pointing to more military buildup, not deescalation, near the border.
Thursday’s ensuing selloff was widespread—hitting nearly all S&P 500 sectors, with financials and tech shares leading the declines and investors turning to safe-haven assets like gold.
Investors also digested a slew of corporate earnings reports: Shares of Palantir fell roughly 15% after lackluster quarterly profits, while Nvidia’s stock dropped 8% on lower-than-expected margin guidance.
Shares of Walmart rose nearly 4% after topping expectations, Cisco jumped 3% after raising its financial guidance and DoorDash saw its stock surge 9% after posting record order numbers.