The stock market plunged on Thursday, with all three major indexes falling more than 2%, as investors dumped stocks and fled to safe-haven assets.
The price of oil is rising for the first time in three years.
The S&P 500 lost 2% and the tech-laden Nasdaq lost 2.6%, as the blue-chip index fell around 800 points.
The benchmark S&P 500 fell deeper into correction territory, now almost 15% below its record high at the beginning of 2022, while the Nasdaq fell into a bear market for the first time.
Russian President Vladimir Putin ordered a special military operation in Ukraine, causing stock market futures to plummet.
At least 40 Ukrainian soldiers and 10 civilians have been killed in the first hours of the Russian invasion, according to Ukrainian officials.
The world will hold Russia accountable, said US President Joe Biden in a statement.
Oil prices jumped in response to Russia's attack on Ukraine, with the price of crude jumping above $100 per barrel for the first time in three years.
The chief investment officer for Cornerstone Wealth says that investors are waking up to some hard truths as Russia moved on Ukraine. While markets should expect short-term volatility, rising oil prices are a problem, as they could add to inflation, which may keep pressure on the Fed to stay on course.
Jamie Cox, managing partner for Harris Financial Group, said that the Federal Reserve will likely only raise interest rates by 25 basis points at its March meeting.
S&P 500 falls deeper into correction territory as Ukraine declares state of emergency.
The Federal Reserve is more important for stocks than the Russia-Ukraine Conflict.
Oil prices surge after Putin orders troops into Eastern Ukraine.
As the Federal Reserve tries to fight inflation, experts say there are recession risks.
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