The stock market opened slightly lower on Tuesday, as investors continued to worry that surging energy prices could result in slower U.S. economic growth.
The S&P 500 had its worst sell-off since 2020.
The S&P 500 and the tech-laden Nasdaq lost 0.7% and 0.5%, respectively.
On Monday, the S&P 500 plunged 3%, its biggest drop since 2020, while the Dow lost 800 points.
The ongoing conflict between Russia and Ukraine has led to a surge in commodity prices, with experts worried that it could lead to a decline in global economic growth.
In the U.S. markets, investors have become increasingly risk-averse, turning to safe haven assets like Gold because of fears that soaring energy prices will make inflation worse.
The price of oil continued to rise on Tuesday as it was learned that the Biden administration is preparing to announce a ban on Russian oil imports in response to the country's actions in Ukraine.
Russia has warned that a ban on Russian oil would cause catastrophic consequences for the global market.
Edward Moya, senior market analyst at Oanda, says that the economic growth prospects will take a big hit as the Ukraine uncertainty persists.
A new ban on Russian coal, natural gas and oil imports is expected to be announced by President Joe Biden. Russia made up 21% of America's gasoline imports in 2021, even though it accounted for 3% of U.S. oil imports last year. On Tuesday, the price of gas in the US hit a new all-time high of more than $4.17 per gallon, according to data fromAAA.
The invasion of Ukraine has caused the stock market to fall 800 points.
Oil is near $120 per barrel as Russia's invasion of Ukraine continues.
War stocks are surging as the conflict in Russia rages on.
There is a surge in wheat prices amid Russia's invasion of Ukraine.
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