Dow futures collapse 700 points after Russia declares military action against Ukraine

Early Thursday, U.S. market futures fell after Russia launched an attack on Ukraine.

Dow futures were down 720 points, or 2.19 %, while S&P 500 futures were down 2.26 %. Futures for the Nasdaq 100 fell 2.73 %.

Meanwhile, oil prices soared, with West Texas Intermediate futures trading at $96.97 a barrel, up 5.29 percent. Brent crude rose 5.39 percent to $102.06 a barrel, breaking through the $100 barrier for the first time since 2014.

These steps came as Russian President Vladimir Putin announced that Russia will take military action in Ukraine. NBC News reported shortly after that declaration that explosions had been heard in Kyiv.

President Joe Biden issued a statement condemning the strike, adding that “the world hold Russia accountable.”

“Russia alone is responsible for the death and destruction this attack will bring, and the United States and its Allies and partners will respond in a united and decisive way,” Biden stated.

The announcement came after another downbeat Wall Street session, as traders tried to make sense of the escalating Russia-Ukraine confrontation.

The Dow Jones Industrial Average fell 464 points, or 1.3 percent, during normal trade. The S&P 500 index plummeted 1.8 percent, deepening the correction and finished the day around 12% down than its record closing on Jan. 3. The Nasdaq Composite, which is heavily weighted in technology, fell 2.6 percent.

Stocks have been struggling recently, as investors have become concerned about the possibility of tighter Federal Reserve monetary policy.

“Market volatility is normal, but the truth is that the decline we have seen so far is much less than might have been expected,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. “That is due to the strength of the fundamentals, which should continue.”

Several major corporations are expected to report profits on Thursday. Before the opening bell, Anheuser-Busch, Alibaba, Discovery, and Moderna will report. After the close, Coinbase, Block, Dell, Etsy, and Beyond Meat are all up.

Investors are anticipating GDP and unemployment claims before the opening bell on Thursday, as well as new home sales data later in the morning.