US Stock Market: DJIA, S&P500, Nasdaq and Russell fell over 1% on Tuesday

Stocks fell broadly on Tuesday as Russia pushed troops into Ukraine’s east, prompting the United States, European Union, and the United Kingdom to impose economic sanctions.

Rising global tensions tense financial markets, sending the S&P 500 into a correction – Wall Street speak for a decline of at least 10% from its previous top, but no more than 20%.

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The benchmark index fell 44.11 points, or 1%, to 4,304.76. That puts it 10.3% below the all-time high it set on Jan. 3. The last correction for the index was in the spring of 2020, as the pandemic upended the global economy. That correction worsened into a bear market — a decline of 20% or more — as the S&P 500 sank nearly 34% in about a month.

The Dow Jones Industrial Average and Nasdaq composite also lost more than 1%.

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The latest losses come as investors closely watched the crisis in Ukraine a day after Russia recognized the independence of several regions in Eastern Ukraine and decided to send in forces.

U.S. crude oil prices jumped 1.4% after earlier rising more than 3% as energy markets remained volatile. European natural gas prices jumped after Germany withdrew a key document needed for certification of the Nord Stream 2 gas pipeline from Russia.

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The Dow Jones Industrial Average fell 482.57 points, or 1.4%, to 33,596.61. The blue-chip index had been down more than 700 points in the early going. The Nasdaq slid 166.55 points, or 1.2%, to 13,381.52.

Home Depot was the biggest weight on the Dow and the biggest decliner in the S&P 500. It slumped 8.9% as concerns over the home-improvement retailer’s profit margins outweighed an otherwise solid quarterly financial report.

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Technology stocks, which have an outsized impact on market indexes because of their pricey valuations, also weighed heavily on the S&P 500. Apple shed 1.8%.

Small-company stocks fared worse than the broader market. The Russell 2000 index fell 29.16 points, or 1.5%, to 1,980.17.

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Bond yields rose. The yield on the 10-year Treasury rose to 1.93% from 1.92% late Friday. Stock and bond markets were closed on Monday for the Presidents Day holiday.

Investors also focused on the latest round of corporate report cards, especially from department stores. Shares in Macy’s and Dillard’s initially rose after reporting solid quarterly results, but ultimately shed their gains. Macy’s fell 5% and Dillard’s slid 4.4%.

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Mattress maker Tempur Sealy International fell 19.4% after reporting disappointing financial results.

Deal-making also helped lift several stocks. Television station owner Tegna rose 7.1% following a report that it’s being bought by Standard General. Book publisher Houghton Mifflin Harcourt rose 15% on news it’s being bought by Veritas Capital.