Asian and European markets plunged after Russia launched its attack on Ukraine and markets in the US are following suit, with the Dow Jones Industrial Average set to open down more than 800 points, or 2.5%, CNN reports. S&P futures also dropped around 2.5% and Nasdaq futures were down more than 3%. With a major assault on Ukraine underway and a state of emergency in place, numerous companies have declared a halt to production in the country, including Carlsberg and ArcelorMittal. Oil prices surged 8% after the invasion began, bringing the benchmark Brent crude price above $100 for the first time since 2014, reports CNBC.
Analysts say markets are likely to see a continued rush to safety Thursday, with investors selling stocks and buying gold and government bonds, the Wall Street Journal reports. Tech stocks could be hit especially hard—with the possible exception of cybersecurity companies. "Growing concern that massive cyberwarfare could be on the near-term horizon which would certainly catalyze an increase in spending around preventing sophisticated Russian-based cyber attacks,” analysts with Wedbush Securities told clients, per the AP. (Read more stock market stories.)