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Wall Street Opens Sharply Lower, Oil Spikes After Russia Invades Ukraine

By Liz Moyer

Investing.com--Stocks tumbled at the open in New York on Thursday, hours after Russia launched an invasion of Ukraine as Western nations prepared to announce more sanctions on Moscow.

The Dow Jones Industrial Average fell 850 points, or 2.6%, while the S&P 500 fell 2.5%. The NASDAQ Composite fell 3.2%, bringing it to a level 20% below its record high.

Oil prices surged more than 7.3%, bringing the price of Crude Oil WTI Futures, the U.S. benchmark, to $99 a barrel.

Big technology stocks also plunged. Shares of Advanced Micro Devices Inc (NASDAQ:AMD) fell 2.6%, NVIDIA Corporation (NASDAQ:NVDA) fell 3.8%, and Microsoft Corporation (NASDAQ:MSFT) and Amazon.com Inc (NASDAQ:AMZN) each fell 1.8%.

Alibaba ADRs (NYSE:BABA) slumped 5% Thursday after a 10% rise in third quarter revenue marked the slowest growth for the internet giant since going public in September 2014. It is a sharp reversal in fortunes for a company used to a 40% plus growth and underscores the effect of the crackdown on its operations by the Chinese government. Consumer spending slowed while competition grew.

Allbirds (NASDAQ:BIRD) stock plunged 9% after posting a quarterly loss that was wider than estimated, held back by costlier raw materials. The company uses naturally derived materials like wool and other plant-based alternatives to make footwear and eco-friendly apparel that resonate with the young, particularly those in Silicon Valley.

--Dhirendra Tripathi contributed to this report

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