Wall Street ends sharply lower as Ukraine crisis sows fear

March 1 - Wall Street ended sharply lower on Tuesday, with financial stocks bearing much of the damage for a second straight day as the Russia-Ukraine crisis deepened and stirred anxiety among investors.

Most of the 11 S&P 500 sector indexes fell, led by financials.

Wells Fargo tumbled and the broader banks index declined sharply as U.S. 10-year Treasury yields slumped to five-week lows amid a flight to safe-haven debt.

Chevron Corp hit a record high after the oil major also raised its share buyback program and forecast for operating cash-flow through 2026, and as oil prices surged.

According to preliminary data, the S&P 500 lost 68.04 points, or 1.51%, to end at 4,305.90 points, while the Nasdaq Composite lost 220.47 points, or 1.60%, to 13,530.93. The Dow Jones Industrial Average fell 601.80 points, or 1.78%, to 33,290.80.

On a positive note, data showed U.S. manufacturing activity picked up more than expected in February as COVID-19 infections subsided, while construction spending surged in January.

"Given the fact that the U.S. economy is accelerating, the uncertainty will be relatively short lived and it wouldn't be a surprise if the market found its footing sometime over the next couple of weeks when clarity is restored," said Jeff Schulze, investment strategist at ClearBridge Investments.

Target Corp jumped after the big-box retailer forecast 2022 sales and profit above analysts' expectations.

Defense stocks added to recent gains, with Lockheed Martin Corp Northrop Grumman and L3Harris Technologies all rallying.

The CBOE volatility index, also known as Wall Street's fear gauge, rose to its highest since Feb. 24.

Zoom Video Communications Inc slid after it forecast downbeat full-year revenue and profit, signaling a hit from tough competition and lower sign-ups for its core Meetings platform.

Reuters