Investing.com – U.S. stocks fell at the open on Tuesday as Russian forces moved in on the Ukraine capital of Kyiv and oil prices surged.
The S&P 500 fell 0.4% as of 9:55 AM ET, while the Dow Jones Industrial Average slipped 0.7% and NASDAQ Composite fell 0.3%. West Texas Intermediate, the U.S. benchmark oil price, rose 6%, to $101.35 a barrel.
Reuters reported that a Russian armored column bore down on Kyiv, while Russia’s defense minister said Moscow will continue its military operation in Ukraine until it achieves its goals.
Large retailers reported earnings, beating expectations and providing positive outlooks. Target (NYSE:TGT) stock surged 11%, while Kohl’s (NYSE:KSS) rose 4.6%. Shares of electric vehicle maker Lucid fell 16% after it reported earnings Monday evening.
President Joe Biden was set to give his first State of the Union address later on Tuesday and was expected to highlight his administration’s success with infrastructure last year and set his goals for the coming year, including fighting inflation.
The Federal Reserve meets later this month to decide how much to raise rates to push back against those inflationary fears.
