US stocks rebound after West holds back on its most potent sanctions against Russia

By CNN Business

Updated 10:26 PM ET, Thu February 24, 2022
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8:38 a.m. ET, February 24, 2022

Fear grips the global markets and volatility soars

From CNN Business' Paul R. La Monica

Stocks around the world are tumbling and US market futures are plunging following Russia's attack on Ukraine. Investors are afraid. Very afraid.

The VIX, a market volatility indicator that's often referred to as Wall Street's fear gauge, soared 20% Thursday morning. The VIX has skyrocketed more than 50% in just the past week and has more than doubled so far this year.

The surging VIX is one reason the CNN Business Fear & Greed Index, a measure of investor sentiment that looks at volatility and six other market indicators, is now hovering near Extreme Fear levels. Four of the index's seven components are already in Extreme Fear territory.

"Russia is very interconnected with firms throughout the world. The consequences of Russia being cut off from the global financial system are unclear, and this uncertainty could prove disastrous," said Peter Kelly, assistant professor of finance in the University of Notre Dame’s Mendoza College of Business.

Still, some think today is the day to go bargain hunting.

"The reaction to the global events is panic selling which will create a major buying opportunity," said Ivan Feinseth, chief market strategist of Tigress Financial Intelligence

7:51 a.m. ET, February 24, 2022

Oreo maker and Coke bottler close up shop in Ukraine

From CNN Business' Jordan Valinsky

A number of companies have suspended production or limited manufacturing output in Ukraine because of the Russian invasion early Thursday.

Companies that made those announcements include Carlsberg, a Coca-Cola bottling company, snack maker Mondelez (MDLZ) and steel manufacturer ArcelorMittal (AMSYF). They join a number of airlines that have already suspended operations to Ukraine as its airspace has been closed.

Russia's invasion of its neighbor has roiled global stock markets and sent its currency to record-low levels.

7:24 a.m. ET, February 24, 2022

Dow futures tumble 800 points as Russia invades Ukraine

From CNN Business' David Goldman

US stock futures tumbled after Russia launched a full-scale attack against Ukraine Thursday. Investors fled stocks for safer havens, including oil, gold and bonds.

US oil rose more than 8% to nearly $100 a barrel for the first time since 2014, and Brent crude hit $105 a barrel.

Gold surged 3% to more than $1,970 a troy ounce.

The 10-year Treasury yield grew to 1.98%.

Dow futures were down 800 points or 2.4%.

S&P 500 futures tumbled 2.39%.

Nasdaq futures were 3% lower, and that index is set to open in bear-market territory.

7:25 a.m. ET, February 24, 2022

Bitcoin price falls after Russia attacks Ukraine

From CNN Business' Michelle Toh and Rob McLean

The price of bitcoin fell below $35,000 early Thursday after Russian President Vladimir Putin announced a military operation in the Donbas region of Ukraine.

Bitcoin was trading at $34,969 as of 1:22 a.m. ET, according to CoinMarketCap. That's a decline of more than 8% compared to a day earlier.

The world's most valuable cryptocurrency fell below $40,000 over the weekend, and has continued to slide as the Ukraine crisis intensifies.

The currency has lost almost half its value since its November high of $68,990 due to geopolitical tensions, the prospect of interest rate hikes by the US Federal Reserve and curbs by some major economies on digital assets.

Other cryptocurrencies also dropped hard early Thursday. Ethereum tumbled more than 12%, according to CoinMarketCap, while dogecoin was down more than 14%.

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7:25 a.m. ET, February 24, 2022

Global stocks plunge as Russia attacks Ukraine

From CNN Business' Laura He

Global stocks plunged after President Vladimir Putin launched a military attack on Ukraine, drawing condemnation from the West and making punishing sanctions all but certain.

European stocks tumbled in the opening minutes of trading on Thursday. The FTSE 100 fell 2.5% in London, while France's CAC 40 dropped 4% and Germany's DAX 30 shed 4%. Russian stocks crashed, with the country's main index dropping 45%.

In Asia, Hong Kong's Hang Seng Index (HSI) dropped 3.2%, its biggest daily loss in five months. Korea's Kospi fell 2.6%. Japan's Nikkei 225 (N225) lost 1.8%. China's Shanghai Composite moved 1.7% lower.

The pain spread beyond stocks. The Russian ruble briefly crashed about 10% to a record low of 90 against the US dollar.

Brent crude, the world benchmark, climbed above $100 a barrel for the first time since 2014. US crude jumped 5.4% to $97.05 a barrel.

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7:25 a.m. ET, February 24, 2022

Russian stocks crash and ruble plunges to record low

From CNN Business' Mark Thompson and Chris Liakos

Russian stocks crashed by more than 40% and the ruble hit a record low against the dollar on Thursday.

The Moscow market rout was triggered by news that Russian troops had launched an attack on Ukraine, a move that is likely to trigger a new wave of "full scale" sanctions aimed at President Vladimir Putin's inner circle and Russia's oil-dependent economy.

A broad offensive by Russian forces targeted military infrastructure across Ukraine as well as several airports. The assault began hours before dawn and quickly spread across central and eastern Ukraine as Russian forces attacked from three sides. Putin warned of bloodshed unless Ukrainian forces lay down their arms.

The Moscow stock exchange had suspended trading earlier on Thursday but when dealing resumed, stocks went into free-fall.

The MOEX index plunged as much as 45%, while the RTS index — which is denominated in dollars — was down more than 40% at 4.15 a.m. ET. The crash wiped about $75 billion off the value of Russia's biggest companies.

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7:10 a.m. ET, February 24, 2022

Global oil prices soar above $100 and could go much higher

From CNN Business' Matt Egan

Oil prices surged above $100 per barrel after Russia launched an invasion of Ukraine, piling pressure on a global economy already reeling from rampant inflation.

Brent crude, the global benchmark, added 8.5% to trade at $105.40 per barrel by 5:30 a.m. ET on Thursday. Brent last traded above $100 per barrel in 2014. US oil prices increased 8% to over $100 per barrel.

Russia is the world's No. 2 oil producer and a major exporter of natural gas. Supply disruptions could drive retail prices higher, making it more expensive for people around the world to fuel their cars and for Europeans to heat their homes. Gasoline prices are already at record levels in parts of Europe.

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