U.S. stock futures fell sharply Wednesday evening as tensions between Russia and Ukraine boiled over.
Dow futures fell 719 points, or 2.2%, while futures tied to the S&P 500 were down 2.1%. Nasdaq 100 futures declined 2.5%.
Meanwhile, oil prices popped, with West Texas Intermediate futures trading 2.9% higher at $94.79 per barrel. Global benchmark Brent jumped 2.8% to $99.50 per barrel and briefly touched the $100 mark.
Those moves came as Russian President Vladimir Putin said Moscow would launch a military action in Ukraine. Shortly after that announcement, NBC News reported that explosions were heard in Kyiv.
President Joe Biden condemned the attack, saying in a statement 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 said.
The news came after another downbeat market session on Wall Street, as traders grappled with the ongoing Russia-Ukraine conflict.
In the regular trading session, the Dow dropped about 464 points, or 1.3%. The S&P 500 fell 1.8%, moving deeper into correction and ending the day about 12% from its Jan. 3 record close. The tech-heavy Nasdaq Composite lost 2.6%.
Stocks have struggled recently, as the prospects of tighter Federal Reserve monetary policy have also dented investor sentiment.
“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.”
In earnings, several big companies are scheduled to report Thursday. Anheuser-Busch, Alibaba, Discovery and Moderna will report before the opening bell. Coinbase, Block, Dell, Etsy and Beyond Meat are up after the close.
On the economic data front, investors are looking ahead to GDP and jobless claims before the opening bell and new home sales figures later in the morning Thursday.
— CNBC’s Christine Wang contributed to this report.
