U.S. stock futures fall, oil prices jump as Russia-Ukraine tensions rise
Dow Jones Industrial Average futures YM00, -0.27%, S&P 500 futures ES00, -0.52% and Nasdaq-100 futures NQ00, -1.06% all slid late Sunday. Oil prices CLH22, +1.81% BRNJ22, +1.21% jumped as well, as a potential war could send oil prices over $100 a barrel, analysts have warned.U.S. markets will be closed Monday in observance of Presidents Day.
Stocks have fallen for two consecutive weeks amid fears of a land war in Europe combined with rising inflation and the likelihood of multiple hikes in interest rates. On Friday, the Dow DJIA, -0.68% dropped 232.85 points, or 0.7%, to close at 34,079.18; the S&P 500 index SPX, -0.72% fell 31.39 points, or 0.7%, to end at 4,348.87; and the Nasdaq Composite Index COMP, -1.23% declined 168.65 points, or 1.2%, to finish at 13,548.07, forming a bearish “death cross” chart for the first time in two years.
The U.S. and its Western allies have vowed to impose tough sanctions against Russia if it invades, and Russia could retaliate by cutting oil and gas exports. Speaking at the Munich Security Conference on Sunday, Vice President Kamala Harris warned that U.S. consumers could be affected, paying higher energy prices.
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