U.S. stock futures declined on Tuesday as Russia stepped up its attacks on Ukraine, six days into its invasion.
Futures on the Dow Jones Industrial Average
declined 207 points, or 0.6%, to 33633
Futures on the S&P 500
fell 0.7%, or 32 points, to 4336
Futures on the Nasdaq 100
dropped 1%, or 138 points, to 14090
On Monday, the first trading day after Western nations started to block Russian bank access to the SWIFT messaging system, the Dow Jones Industrial Average
fell 166 points, or 0.49%, to 33893, the S&P 500
declined 11 points, or 0.24%, to 4374, while the Nasdaq Composite
gained 57 points, or 0.41%, to 13751.
What’s driving markets
Russia on Tuesday stepped up its shelling of Kharkiv, Ukraine’s second-largest city. There wasn’t any tangible progress made in direct talks between Russia and Ukraine held in Belarus, though the two sides agreed to keep talking.
“The choppy back and forth action and large moves are likely going to be the norm until this situation is settled. Also, keep in mind that any settlement is likely to tank the areas of the market that have been outperforming,” said Matthew Tuttle, chief executive and chief investment officre of Tuttle Capital Markets.
Renewable energy stocks soared on Monday in both the U.S. and Europe.
Besides the Ukraine news, there’s also the key Institute for Supply Management manufacturing index due for release. On Tuesday night, President Joe Biden will deliver the State of the Union address, and on Wednesday, Federal Reserve Chair Jerome Powell will testify on monetary policy.