Dow futures fell 300 points as oil prices rose to a 13-year high due to the Russia-Ukraine war

US stock futures fell Sunday evening as US oil prices jumped to their highest level since 2008 amid the ongoing war between Russia and Ukraine.

Dow futures lost 302 points, or 0.9%, while S&P 500 and Nasdaq 100 futures fell 1.2% and 1.7%, respectively.

West Texas Intermediate crude futures contractsThe US benchmark, the US oil benchmark, traded up 10%, reaching $127.66 a barrel at one point before pulling back a bit. international standard, Brent crudeIt traded 9% higher to $128.60, also the highest price since 2008.

Secretary of State Anthony Blinken said the United States and its allies are considering a ban on Russian oil and natural gas imports in response to the country’s attack on Ukraine. gas prices She jumped to her highest level Since 2008, the national average has exceeded $4 a gallon, according to the AAA.

Planned evacuations from the cities of Mariupol and Volnovaka were called off Saturday after Russia violated the cease-fire agreement Fighting continued in or around both cities. Mariupol city council said Sunday that Russia Again violated the second attempt A temporary ceasefire allows civilians to leave.

On Friday, the Dow plunged 179 points, or 0.5%, to mark its fourth consecutive week of losses. The S&P 500 lost 0.7% and closed more than 10% of its record close, a technical correction. The Nasdaq Composite Index is down 1.6%.

The moves came as investors continued to monitor developments in the war between Russia and Ukraine, which weighed heavily on sentiment despite positive US economic data released on Friday.

“Investors aren’t just jumping in and out, what they’re doing is moving from Europe to the United States, from cyclical names to big-cap defensive names,” Lindsey Bell, Ally’s chief financial and markets analyst, told CNBC. . “This is a positive sign but what we will need to see is recycling back into the more developed and riskier areas of the market to show that maybe risk mode is back in again.”

Energy stocks were a bright spot in the market as oil prices rose. Occidental Petroleum gained 17%. Meanwhile, bank stocks – which benefit from higher interest rates – slumped as the 10-year Treasury benchmark fell to around 1.73%.

European stocks fell sharply It ended the week down 7%, posting its worst stretch since March 2020. VanEck Russia ETF, one of the few Russia-related funds still trading, It fell 2% to end the week down more than 60%..

Positive data from the US Department of Labor was not enough for investors to ignore concerns about the war between Russia and Ukraine. The Bureau of Labor Statistics reported Friday the economy Added 678,000 jobs in February. Monthly job gains exceeded economists’ expectations of 440,000, according to Dow Jones. The unemployment rate fell to 3.8%.

For the week, the Dow and S&P 500 indices are down about 1.3%. The Nasdaq Composite lost about 2.8%.

Jeff Sherman, deputy chief investment officer at DoubleLine Capital, said on Friday “close the bell.” “The Treasury market at the moment is not focusing on the backward economic data, it is looking at the current crisis we are facing, the situation in Ukraine.”

Several economic data reports are due over the next week, including the Consumer Price Index for February, due out on Tuesday. The main indicator is expected to show that inflation continues to rise sharply, which is Could keep the stock market choppy next week.

The February Vacancy and Employment Turnover Survey, or JOLTS, is expected Wednesday.

A quieter week of earnings on deck. Some big tech names like Oracle, CrowdStrike, and DocuSign are scheduled to report. Rivian Automotive, Ulta Beauty and Bumble will also report.