Stocks tumbled worldwide this morning after Russia’s attack against Ukraine sent fear coursing through markets and upped the pressure on the high inflation already squeezing the global economy.
On Wall Street, the S&P 500 sank 1.6% in early trading to continue its dismal start of the year. The benchmark index is now down 13.5% from its record set early this year. Stocks in Europe sank even more after officials called Russia’s moves a “brutal act of war,” with the German DAX down nearly 5%.
Beyond its human toll, the conflict looks set to send prices spiraling even higher at gasoline pumps and grocery stores around the world. Russia and Ukraine are major producers not only of energy products but also grains and various other commodities. War could upend global supplies, as could sanctions brought by the U.S. and its allies.
Oil prices on both sides of the Atlantic jumped toward or above $100 per barrel to their highest levels since 2014, up more than 6%. Wholesale prices also shot higher for heating oil, wheat and other commodities. The spot price in Europe for natural gas, for which the continent relies on Russia to supply, jumped as much as 31%. Read more.
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