Wall Street crashes with Ukraine crisis, Wells Fargo loses 6% – Money Times

Wall Street On Tuesday, financial stocks took the brunt of the damage for a second day in a row, as the Russia-Ukraine crisis deepened and sparked anxiety among investors.

All 11 major sectors in Standard & Poor’s (SPXUSD), with financial data down 4.3% and tracking the largest daily percentage drop since June 2020.

a Wells Fargo (WFC) lost 6.1%, while the broader banks index fell 5.7% as US 10-year Treasury yields fell to their lowest in five weeks amid a flight into safe haven debt.

The Chevron Corporation (CLC) rose 2.7% to a record after the oil company also raised its share repurchase program and operating cash flow forecast to 2026, and as oil prices soared.

Russia warned Kyiv residents to flee their homes and fired rockets into the city of Kharkiv, as Russian leaders intensified their bombing of urban areas in Ukraine.

The conflict triggered strong retaliatory reactions from the West, including blocking some Russian banks from accessing the international payment system Swift.

“Investors are swimming in a soup of fear and don’t know how to incorporate geopolitical news into their prices,” said Mike Zygmont, head of research and trading at Harvest Volatility Management in New York. “We are dealing with a purely emotional response from an investor.”

At 16:58 (GMT), the S&P 500 fell 1.27% to 4318.36 points, while the Dow Jones fell 1.95% to 33,232.81 points. The Nasdaq Technology Composite Index fell 1.13 percent to 13,595.65 points.