US stock futures slump, Oil soars as Russia-Ukraine crisis intensifies

• S&P 500 futures slide by 1.5%

• 10-year Treasury notes decline to 1.913 %  

• Brent crude futures climb to $103.28 a barrel

The Stock futures in the United States tumbled early Monday, as investors are anxious about the economic consequences of the war between Russia and Ukraine.

Dow Jones Industrial Average futures decreased 1.3 % on Monday. The S&P 500 futures ticked down 1.5%, while the Nasdaq futures plummeted 1.34 %.

On the regular trading on Friday, Dow Jones Industrial Average added about 748 points, or 2.3%, to trade at 33,972. The blue-chip average is on track for its best day since late 2020. The S&P 500 was up by 83 points, or 1.9%, to trade around 4,371. The Nasdaq Composite rose by 172 points, or 1.3%, to trade at 13,646.

Read more: Germany puts on hold gas pipeline amid Russia-Ukraine crisis

The financial markets have been more concerned as tensions over Moscow's invasion of Ukraine have escalated. Last week, U.S. equities were volatile as investors altered their bets on the situation in Europe and how it would influence the Federal Reserve's intentions to raise interest rates, WSJ stated.

The Russian invasion into Ukraine was throughout the weekend. Russian military vehicles have arrived in Kharkiv, Ukraine's second-largest city. Meanwhile, Russia's nuclear-deterrence forces have been placed on high alert, said President Vladimir Putin.

The United States, the European Union, Canada, and the United Kingdom said over the weekend that they planned to cut several Russian banks off from the Swift network, a global payment system that connects foreign banks and allows cross-border financial transfers.

Read more: White House pledges to avoid future sanctions on Russian crude oil

Bond Market 

The yield on the benchmark 10-year Treasury notes slid to 1.913 %. The 30-year Treasury yield slumped to 2.236%. Yields move in the opposite direction of prices, and one basis point equals 0.01 %.

Oil Prices

Oil prices climbed on fears that a conflict would reduce the supply of Russian oil to global markets that are already short of major spare supplies.

Brent crude futures, the global oil benchmark climbed 5.46 % to $103.28 a barrel. WTI Crude oil prices advanced 5.5 % to $96.66 per barrel.

Read more: US Stocks revive from previous losses as investors shrug off Russia’s invasion of Ukraine

For the first time since 2014, Brent oil prices and WTI crude soared to almost $100 per barrel last week as Russia invaded Ukraine.

Picture Credits: ABC News