Markets latest as of 5:30 a.m. Eastern * DJIA futures down around 500 points * Crude surging by around $5 per barrel * Russian central bank hiked rates to 20% from 9.5% * Russian stock market closed for the day
U.S. stock-index futures tumbled Monday after President Vladimir Putin raised Russia’s nuclear alert level following stinging new sanctions from the West over the Russian invasion of Ukraine.
For the week, the Dow dipped by less than 0.1% while the S&P 500 rose 0.8% and Nasdaq Composite climbed 1.1%. The S&P 500 and Nasdaq benchmarks wiped out losses from earlier in the week.What’s driving markets The U.S. and its allies on Saturday vowed to remove major Russian banks from the SWIFT interbank messaging network, effectively cutting them off from the global financial network. Some experts speculated about runs on Russian banks as the value of the ruble sinks against the U.S.
The Central Bank of Russia hiked its key interest rate to 20% from 9.5% and halted stock market trading.
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