Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

U.S. Opening Bell: Markets Tumble As Russia Invades; Oil To $100, Gold To $1,970

By (Pinchas Cohen/ OverviewFeb 24, 2022 07:41
U.S. Opening Bell: Markets Tumble As Russia Invades; Oil To $100, Gold To $1,970
By (Pinchas Cohen/   |  Feb 24, 2022 07:41
Saved. See Saved Items.
This article has already been saved in your Saved Items
  • Russia attacks Ukrainian targets
  • Energy, other commodity prices surge
  • Markets tank

Key Events

US futures for the Dow Jones, S&P 500, NASDAQ and Russell 2000 all took a dive on Thursday, along with global shares after Russian President Vladimir Putin ordered a military attack on Ukraine including air strikes on major cities as well as troops and tanks on the ground.

Treasury yields and gold rallied as investors sought out safe havens while oil vaulted higher.

Global Financial Affairs

Russian troops attacked Ukrainian targets on Putin's plans to "demilitarize" its neighbor. Putin asserted he has no intentions of "occupying" the Eastern European country but rather is responding to America and its Western European allies crossing his country's red line by attempting to expand the NATO alliance. Kyiv instituted martial law, and President Joseph Biden warned Russia of additional more "severe sanctions." As well, EU leaders said they will impose new, harsher sanctions on Thursday, likely targeting Kremlin financial interests after today's "barbaric attack."

With contracts on the tech-heavy NASDAQ 100 leading declines, dropping more than 3%, US futures slumped over 2%. The underlying benchmarks for the NASDAQ 100 will join the Russell 2000 in a bear market if prices remain at these levels at the start of today's US trading.

The STOXX 600 Index plunged as much as 3.25% in the first five minutes of trade. The pan-European benchmark hit its lowest level since May 2021, entering a market correction from its January record.

STOXX 600 Daily
STOXX 600 Daily

The European stock gauge topped out with an Ascending Broadening Wedge, demonstrating sellers' ambition to take control.

Again, Hong Kong's Hang Seng underperformed among regional peers, plunging 3.21%, followed by Australia's ASX 200 which fell 2.99%. As usual, China's Shanghai Composite outperformed, falling only 1.7%.

The rush into the safety of Treasuries pushed yields on the US 10-year note lower again.

10-year Treasuries Daily
10-year Treasuries Daily

Rates are retesting the bottom of the rising channel and preceding pennant, itself a breakout of a large symmetrical triangle.

The dollar surged as much as 0.9%.

Dollar Index Daily
Dollar Index Daily

The greenback moved to the top of a Diamond pattern, which tends to develop at tops.

Gold surged by more than 3%, breaking the $1,950 level for the first time in 13 months. The yellow metal's rise at the same time as a rally in the dollar demonstrates investors' eagerness for safe havens as risk-appetite evaporated. During normal times, the two assets tend to have a negative correlation.

Gold Daily
Gold Daily

The precious metal price has risen for the fourth consecutive month, for the first time since August 2021, having completed a large symmetrical triangle that dominated throughout 2021.

Russia is a significant producer of many major commodities. Traders are worried that further sanctions likely to be imposed by the US, UK and Europe will lead to disruption in supplies of wheat, aluminum and copper for example, raising their prices yet further.

Bitcoin dropped for the second day, demonstrating once again that cryptocurrencies aren't really safe havens but rather risk assets.

Bitcoin Daily
Bitcoin Daily

Once the digital token falls below the Jan. 24 low of $36,702, it will resume the previous downtrend, which completed a sizeable H&S top and is now heading to our $30,000 initial target.

Crude oil surged, hitting over $100 a barrel and continued volatility is expected.

Oil Daily
Oil Daily

Energy markets were roiled on risks that Russian energy supplies will be disrupted, which may profoundly impact the market. Russia is the second largest oil exporter after Saudi Arabia and the world's foremost natural gas producer. Crude broke out of a pennant and Brent hit over $105 while natural gas surged 4.25%

Up Ahead

Market Moves


  • Futures on the S&P 500 fell 1.7%
  • Futures on the NASDAQ 100 fell 2.3%
  • Futures on the Dow Jones Industrial Average fell 1.8%
  • The STOXX 600 fell 2.6%
  • The MSCI World Index fell 1.2%


  • The Dollar Index rose 0.6% to 96.77
  • The euro fell 1.17% to $1.1177
  • The British pound fell 0.6% to $1.3462
  • The Japanese yen rose 0.2% to 114.73 per dollar


  • The yield on 10-year Treasuries declined nine basis points to 1.90%
  • Germany's 10-year yield dropped six basis points to 0.12%
  • Britain's 10-year yield fell seven basis points to 1.41%


  • West Texas Intermediate crude catapulted 7.3% to $98.79 a barrel
  • Gold futures rose 1.7% to $1,942.80 an ounce
U.S. Opening Bell: Markets Tumble As Russia Invades; Oil To $100, Gold To $1,970

Related Articles

U.S. Opening Bell: Markets Tumble As Russia Invades; Oil To $100, Gold To $1,970

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Our Apps
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
  • Sign up for FREE and get:
  • Real-Time Alerts
  • Advanced Portfolio Features
  • Personalized Charts
  • Fully-Synced App
Continue with Google
Sign up with Email