Here's how market benchmarks started trading soon after open:
Stocks fell sharply on Wednesday as escalating tensions between Russia and Ukraine brought market benchmarks lower. The S&P 500 Index fell 1.8%, closing nearly 12% from its Jan. 3 record close as it fell deeper into correction territory. Moreover, the Nasdaq Composite fell 2.6%, pulling the benchmark near bear territory as it sits more than 18% from its November closing record. The Dow Jones Industrial Average also dropped over 460 points, closing below its lowest level so far this year.
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Mortgage applications fell for a third consecutive week:
Mortgage applications posted their third consecutive weekly decline last week, falling to their lowest level since Dec. 19 as interest rates inch higher.
Mortgage loan application volume fell 13.1% week-over-week for the period ended Feb. 18, according to the Mortgage Bankers Association's (MBA) report published on Wednesday. This decline followed a more than 5% drop during the prior week.
Refinances fell by 16% last week, posting a 56% drop from the same week last year. Purchases fell by 10% week-over-week on a seasonally adjusted basis, but fell 6% for the same week last year on a unadjusted basis.
"The 30-year fixed rate was 4.06%, almost a full percentage point higher than a year ago. Higher mortgage rates have quickly shut off refinances, with activity down in six of the first seven weeks of 2022," Joel Kan, MBA's associate vice president of economic and industry forecasting, said in a press statement. "Purchase applications, already constrained by elevated sales prices and tight inventory, have also been impacted by these higher rates and declined for the third straight week. While the average loan size did not increase this week, it remained close to the survey's record high."
Ukraine to declare 30-day state of emergency:
Ahead of a possible large-scale Russian invasion, Ukraine's government has introduced a 30-day state of emergency, which includes calling up all military reservists between the ages of 18 and 60-years-old and allowing citizens to carry firearms.
The state of emergency will apply to all of Ukraine except for the territory in the east that is currently occupied by Russian and pro-Russia separatist forces.
