By Oliver Gray
Investing.com - U.S. stock futures fell slightly on early APAC deals on Tuesday after major benchmark indices tumbled during regular hours, with the S&P 500 posting its worst session October 2021. Investors continued to retreat amid surging Oil prices and the prospects of slower economic growth as Russia’s invasion of Ukraine enters its 12th day.
During Monday's regular trade, the Dow Jones Industrial Average tumbled 797.42 points or 2.37% to 32817.39, the S&P 500 dropped 127.78 points or 2.95% to 4201.1, while the tech-heavy NASDAQ Composite slid 482.48 points or 3.6% to 12830.96, down 20% from its record high from November.
Dow Jones Futures were down 0.26%, S&P 500 Futures fell 0.3% and Nasdaq 100 Futures lost 0.43%.
Among stocks, Devon Energy Corporation (NYSE:DVN) added 0.54%, Exxon Mobil Corp (NYSE:XOM) gained 3.6%, Chevron Corp (NYSE:CVX) lifted 2.14% and ConocoPhillips (NYSE:COP) added 1% as Oil prices spiked, with WTI Futures settling Monday’s session up 3.2% at $119.40, the highest close since September 2008. The international benchmark, Brent crude finished at $123.21 per barrel, its highest since July 2008.
Occidental Petroleum Corporation (NYSE:OXY) was down 1.37% after an SEC filing Friday revealed Berkshire Hathaway (NYSE:BRKa) has taken a $5 billion stake in the oil giant.
Oilfield-related stocks were buoyed, as Schlumberger NV (NYSE:SLB) soared 8.12%, Halliburton Company (NYSE:HAL) surged 6.18%, and Baker Hughes Co (NYSE:BKR) jumped 4.7%.
Travel-related companies were also hit amid spiking oil costs, with Boeing Co (NYSE:BA) down 6.45%, Southwest Airlines Company (NYSE:LUV) falling 8.58%, JetBlue Airways Corp (NASDAQ:JBLU) down 13.13%, Delta Air Lines Inc (NYSE:DAL) losing 12.78%, American Airlines Group (NASDAQ:AAL) down 11.99% and and United Airlines Holdings Inc (NASDAQ:UAL) tumbling 15.01%.
Meantime, Bed Bath & Beyond Inc (NASDAQ:BBBY) rallied 34.2% following news that GameStop’s Chairman Ryan Cohen had a nearly 10% stake in the retailer through his investment company RC Ventures.
Technology players suffered significant declines, with Block Inc (NYSE:SQ) falling 8.46%, Amazon.com Inc (NASDAQ:AMZN) down 5.62%, Microsoft Corporation (NASDAQ:MSFT) falling 3.78%, Meta Platforms Inc (NASDAQ:FB) down 6.29%, Apple Inc (NASDAQ:AAPL) losing 2.37%, Alphabet Inc (NASDAQ:GOOGL) down 4.19% and NVIDIA Corporation (NASDAQ:NVDA) retreating 6.91%.
EV makers were mostly lower, as Tesla Inc (NASDAQ:TSLA) lost 4.02%, Rivian Automotive Inc (NASDAQ:RIVN) dipped 10.47% while Lucid Group Inc (NASDAQ:LCID) added 2.39%.
On the bond markets, United States 10-Year rates were at 1.779%.