Nasdaq 100 futures fell 2.4% in early New York trading, putting the index on track to shed 20% of its record high November close in a bear market, the first instance like this since the sale in March 2020, at the height of the pandemic.
Russian missiles rain down on Ukrainian cities. Ukraine reported columns of troops pouring across its borders into the eastern regions of Chernihiv, Kharkiv and Luhansk, and landing by sea in the cities of Odessa and Mariupol in the south.
Dow Jones futures also signaled that the blue chip index was poised to confirm a correction from its all-time closing high on January 4, after the market opened.
A correction is confirmed when an index closes 10% or more below its record closing level.
As of 3:54 a.m. ET, Dow e-minis were down 671 points, or 2.03%, S&P 500 e-minis were down 83.25 points, or 1.97%, and Nasdaq 100 minis were down 327.75 points, or 2.43%.
War fears in Eastern Europe have hammered stocks in recent days, putting the major indexes on course for their worst week in a month, down 2.8% to 3.8% at Wednesday’s close.
“At this stage, it is impossible to bet on any scenario. We can only follow the latest developments closely and be ready for more volatility,” said Ipek Ozkardeskaya, principal analyst at Swissquote Bank.
The CBOE Volatility Index, also known as the Wall Exchange’s Fear Gauge, traded at 36.41, its highest level since Jan. 24.