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Benchmark US indices fell sharply on Thursday, February 17, on Ukraine tension after Western officials warned that the Russian military build-up on the border continued.
The S&P 500 fell 2.12% to 4,380.26. The Dow Jones declined 1.78% to 34,312.03. The NASDAQ Composite fell 2.88% at 13,716.72, and the small-cap Russell 2000 was down 2.47% to 2,027.95.
Traders weighed a potential escalation of the crisis after warnings from western officials. The growth segments of the market saw more selloffs, dragging down the indices.
On the economic front, the Labor Department released its latest weekly unemployment benefits claims data on Thursday. The claims rose by 23,000 to a seasonally adjusted 248,000 in the week ended February 12. Also, the US economy added 467,000 jobs in January.
Nine out of the 11 sectors of the S&P 500 Index closed in the red on Thursday. Consumer staples and utility sectors advanced while the bottom movers were technology, communication services, and consumer discretionary.
Apple Inc. (AAPL) stock fell nearly 2%, and Microsoft Corporation (MSFT) stock lost more than 2.5% in intraday trading. Software company Palantir Technologies Inc. (PLTR) stock fell 14.57% after missing profit estimates and weak guidance on profit margin in the earnings call.
The Cisco Systems, Inc. (CSCO) stock surged over 3% after better-than-expected quarterly results. It reported robust sales in the reporting quarter.
The Walmart Inc. (WMT) stock rose 3.4% in intraday trading after beating earnings estimates and better-than-expected full-year profit forecast.
Nvidia Corporation (NVDA) stock fell over 7% after reporting strong results the day before.
In the consumer staples sector, Procter & Gamble Company (PG) stock gained 1.22%, PepsiCo Inc. (PEP) increased by 0.30%, and Costco Wholesale Corporation (COST) jumped 0.59%. Shares of Philip Morris International Inc (PM) increased by 0.32.
In the utility sector, Duke Energy Corporation (DUK) stock surged 0.14%, Southern Company (SO) rose 0.06%, and Dominion Energy (D) increased by 0.50%. NextEra Energy Inc. (NEE) and American Electric Power Company Inc. (AEP) increased by 0.19% and 0.09%, respectively.
In other technology stocks, Nvidia Corporation (NVDA) plunged 7.56%, Broadcom Inc (AVGO) fell 3.05%, and Adobe Inc. (ADBE) plummeted 4.18%. Oracle Corporation (ORCL) and Saleseforce.com Inc. (CRM) decreased by 4.63% and 5.55%, respectively.
The global cryptocurrency market declined 6.67% to US$1.86 trillion, as per coinmarketcap.com at 3:56 pm ET. Bitcoin (BTC) price fell 7.04% to US$41,071.73 in the last 24 hours.
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Futures & Commoditie
Gold futures surged 1.54% to US$1,900.40 per ounce. Silver futures increased by 1.01% to US$23.843 per ounce, while copper futures declined 0.81% to US$4.4998.
Brent oil futures decreased by 2.07% to US$92.85 per barrel and WTI crude futures were down by 2.22% to US$91.58.
Bond Market
The 30-year Treasury bond yields decreased 2.89% to 2.296, while the 10-year bond yields were down 4.00% to 1.963.
US Dollar Futures Index grew 0.13% at US$95.820.
