Dow Jones Industrial Average: -0.50% or -169.64 points to 33,722.96

Stocks fell lower on the first day of March as oil prices jumped higher and investors grew concerned over further developments in the conflict between Russia and Ukraine. The Dow Jones Industrial Average dropped nearly 600 points, while the S&P 500 and Nasdaq Composite fell by about 1.5% and 1.6%, respectively.

Stocks tumbled into the red after satellite cameras captured a convoy of Russian military vehicles apparently traveling towards Kyiv, Ukraine's capital.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): -1.55% or -67.68 points to 4,306.26

Dow Jones Industrial Average (DIA  ): -1.76% or -597.65 points to 33,294.95

Nasdaq Composite Index (QQQ  ): -1.59% or -218.94 points to 13,532.46

Apple halts sales in Russian Apple Stores:

Apple (AAPL  ) confirmed Tuesday it has halt sale of its products through the Apple Store in Russia in response to the nation's invasion of Ukraine.

"We have taken a number of actions in response to the invasion. We have paused all product sales in Russia. Last week, we stopped all exports into our sales channel in the country. Apple Pay and other services have been limited. RT News and Sputnik News are no longer available for download from the App Store outside Russia. And we have disabled both traffic and live incidents in Apple Maps in Ukraine as a safety and precautionary measure for Ukrainian citizens," an Apple spokesperson told CNBC in a statement.

Oil prices jump to highest level since June 2014:

Oil prices jumped on Tuesday, with U.S. crude climbing to its highest level since June 2014 as Russia moves to attack Ukraine's capital.

U.S. benchmark West Texas Intermediate (USO  ) rose 11.5% at session highs to $106.78 per barrel. However, contracts eased in late afternoon trading, ending the session at $103.41 for a gain of over 8%. International benchmark Brent crude (BNO  ) hit a high of $107.57 per barrel, its highest level since July 2014. The contract ended the day at $104.97 per barrel, a gain of over 7%.

Prices first topped the $100 mark last Thursday when Russia first invaded Ukraine, as market sentiment grew concerned of future energy supply disruptions amid an already tight market.

Manufacturing activity picks up in February:

U.S. manufacturing activity increased at a more-than-expected rate during the month of February as new COVID infections continue to fall after Omicron's peak in mid-January.

The Institute for Supply Management's (ISM) latest print of its national factory activity index rose to a reading of 58.6 in February, according to the firm's report published Tuesday. That total was above January's print of 57.6, which was the lowest figure since November 2020.

A reading above the neutral level of 50 indicates expansion in a sector.

Here's how market benchmarks started trading soon after open:

S&P 500 Index: -0.26% or -11.34 points to 4,362.60