Dow Jones Futures Plunge As Putin Launches Russian Military Action In

Dow Jones futures tumbled overnight, along with S&P 500 futures and Nasdaq futures, as Russian President Vladimir Putin launched military operations in eastern Ukraine, with President Joe Biden saying there will be “further consequences” vs. Russia.  The ailing stock market tried to bounce Wednesday, but then sold off hard, with the Dow Jones, S&P 500 and Nasdaq undercutting their Jan. 24 lows.

X

Putin announced early Thursday local time a “special military operation” that he said was “aimed at demilitarization and denazification of Ukraine.” Russian forces apparently will enter eastern Ukraine. Ukraine officials said that several cities, including the capital Kyiv were under attack, with Russian troops crossing the border.

President Biden said Putin has chosen a “premeditated war” and vowed there will be “further consequences.” Biden said he will speak to Americans Thursday afternoon.  The U.S. could impose far-reaching economic sanctions vs. Russia’s banks and energy sector. On Wednesday, The Biden administration signaled that it’s gearing up to impose technology export bans on Russia, among other penalties, if there was  a “further invasion” of Ukraine.

Earlier Wednesday, America warned that a further Ukraine invasion appeared imminent. “They’re ready to go,” a senior Defense Department official said.

Tesla (TSLA) was the S&P 500’s worst performer on Wednesday, tumbling below 2022 lows after failing to reclaim key support. Recent investors should already be out, but even long-term TSLA stock holders should consider scaling out.

After the close, Booking Holdings (BKNG), Live Nation (LYV), NetApp (NTAP), Ultra Clean Holdings (UCTT) and eBay (EBAY) reported earnings.

Alibaba (BABA) and LNG play Cheniere Energy (LNG) are due early Thursday.

Tesla stock is on IBD Leaderboard.

Dow Jones Futures Today

Dow Jones futures tumbled 2.2% vs. fair value. S&P 500 futures retreated 2.2% and Nasdaq 100 futures plunged 2.6%.

The 10-year Treasury yield fell 9 basis points to 1.89%. Crude oil prices rose 3%.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks on IBD Live

Stock Market Wednesday

The stock market opened higher, sold off and bounced back to break-even before tumbling again to close at session lows. The Dow Jones Industrial Average fell 1.4% in Wednesday’s stock market trading. The S&P 500 index retreated 1.8%. The Nasdaq composite tumbled 2.6%. The small-cap Russell 2000 lost 1.9%.

The 10-year Treasury yield rose 3 basis points to 1.98%. Crude oil futures rose 0.2% to $92.10 a barrel in an up-and-down session.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) fell 2.5%, while Innovator IBD Breakout Opportunities (BOUT) dipped 0.4%. The iShares Expanded Tech-Software Sector ETF (IGV) retreated 2.5%. VanEck Vectors Semiconductor (SMH) skidded 2.1%.

SPDR S&P Metals & Mining (XME) rose…