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Market Snapshot: Dow falls nearly 600 points as Russia says it will begin attacks on Kyiv

U.S. stock futures declined on Tuesday as Russia stepped up its attacks on Ukraine, six days into its invasion.

What’s happening

Futures on the Dow Jones Industrial Average
YM00,
-0.69%

declined 207 points, or 0.6%, to 33633

Futures on the S&P 500
ES00,
-0.77%

fell 0.7%, or 32 points, to 4336

Futures on the Nasdaq 100
NQ00,
-0.84%

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
DJIA,
-0.49%

fell 166 points, or 0.49%, to 33893, the S&P 500
SPX,
-0.24%

declined 11 points, or 0.24%, to 4374, while the Nasdaq Composite
COMP,
+0.41%

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.

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