Stocks moved lower on Tuesday as investors remained concerned about rising commodity price and possible slowing economic growth due to Russia's invasion of Ukraine. The S&P 500 Index traded 0.7% lower, deepening its losses from its largest one-day decline in over a year set on Monday and into correction territory. The Nasdaq also fell about 0.3%, slumping more into bear market territory, while the Dow Jones Industrial Average slipped over 185 points lower into correction territory.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
U.S. to ban all imports of Russian oil:
President Joe Biden announced Tuesday the U.S. will ban all imports of Russian oil in further action against the nation for its invasion of Ukraine.
"Today I am announcing the U.S. is targeting the main artery of Russia's economy. We're banning all imports of Russian oil and gas and energy," Biden said at a White House press conference. "That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin's war machine."
The United Kingdom and European Union also issued their own restrictions of Russian oil on Tuesday.
McDonald's to close all locations operating in Russia:
McDonald's
Chief Executive Officer Chris Kempczinski wrote in a letter to franchisee and employees that the chain will pause all operation in Russia. However, it will continue to pay its 62,000 Russian employees and its Ronald McDonald House Charities will continue to operate.
"In the thirty-plus years that McDonald's has operated in Russia, we've become an essential part of the 850 communities in which we operate," Kempczinski wrote in his open letter. "At the same time, our values mean we cannot ignore the needless human suffering unfolding in Ukraine."
Small business confidence falls to lowest point in over a year in February:
U.S. small business confidence fell to the lowest level in over a year last month as signing inflationary pressures forced businesses to raise prices and weakened their economic outlook, according to a monthly survey conducted by the National Federation of Independent Business published Tuesday.
The organization's Small Business Optimism index dropped 1.4 points to 95.7 in February from 97.1 in January, marking the lowest print since January 2021. Under the headline, more than one quarter of businesses surveyed cited inflation as their main concern. Moreover, a record 68% said they were increasing their prices as a results, but the higher costs on goods still failed to improve bottom-line profit in most cases.
Here's how market benchmarks started trading soon after open:
S&P 500 Index: +0.11% or +4.81 points to 4,205.90
Dow Jones Industrial Average: +0.26% or +86.45 points to 32,903.83
Nasdaq Composite Index: -0.09% or -10.91 points to 12,820.05
