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Stocks fell Thursday after failed peace talks between Ukraine and Russia spooked investors about how the geopolitical conflict could impact global growth.
The Dow Jones Industrial came off its lows of much of the day, but trailed Wednesday’s close by 112.18 points to 33,174.07.
The S&P 500 dropped 18.36 points to 4,259.52.
The NASDAQ Composite faltered 125.58 points, or 1%, to 13,129.96, dragged down by losses in Apple and Meta Platforms.
Energy stocks Chevron gathered 2.7%, and Exxon Mobil rose 2.1%,
Other commodities that have seen significant rallies since the war in Ukraine, that pulled back Wednesday, where higher again on Thursday. Silver and gold rose, as investors worry about the impact of high prices on economic growth.
Amazon shares jumped 5.4% after the company announced a 20-for-1 stock split and $10 billion buyback. CrowdStrike rallied 12.5% following an earnings beat and raising its outlook.
Elsewhere in tech was a sea of red. Zoom Video fell 5.3% and Microsoft dipped 1%. Apple swooned 2.7% and Meta Platforms fell 1.7%, respectively. Tesla ticked 2.4% lower.
Goldman Sachs dropped 1.1% after announcing it is shuttering its Russia business, becoming one of the first major global investment banks to do so after the country invaded its neighbor Ukraine last month.
Negotiations between Russian and Ukrainian foreign ministers ended with little progress on matters including a cease-fire or a safe passage for civilians trying to flee the besieged city of Mariupol.
Other commodities that have seen significant rallies since the war in Ukraine, that pulled back Wednesday, where higher again on Thursday. Silver, palladium and wheat rose. Investors have been worried about the impact of high prices on economic growth.
The consumer price index, a key inflation gauge, showed a wide-ranging basket of goods and services increased 7.9% in February, a fresh 40-year high. This was a touch higher than the estimate of 7.8% for the year, according to economists surveyed by Dow Jones.
On a month-over-month basis, the CPI gain was 0.8%, compared to the estimate of 0.7% for the month.
Treasury prices faded, raising yields to 1.99% from Wednesday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices stepped back $2.42 to $106.28 U.S. a barrel.
Gold prices picked up $14.30 to $2,002.50 U.S. an ounce.
