US stock market opens lower as Ukraine crisis intensifies

By Ovunc Kutlu​​​​​​​

ANKARA (AA) - Major indices in the US stock market opened lower on Monday as crisis between Russia and Ukraine has intensified.

The Dow Jones fell 134 points, or 0.4%, to 34,603 at 9.36 a.m. EDT (1436GMT). The S&P 500 lost 9 points, or 0.2%, to 4,409.

The Nasdaq was almost flat at 13,790 points.

Diplomatic steps taken over the weekend were not enough to boost investor confidence after US officials' statements on Friday that warned of an imminent military aggression by Moscow in Ukraine.

US President Joe Biden on Sunday assured his Ukrainian counterpart Volodymyr Zelensky that Washington would "respond swiftly and decisively" to any further Russian aggression against Ukraine. Zelensky thanked Biden for America's "unwavering support" and invited him to visit Ukraine.

Amid rising geopolitical risks, VIX volatility index soared 8.1% to 29.6.

The dollar index rose 0.2% to 96.28, and the yield on 10-year US Treasury notes jumped 2% to 1.989%.

Precious metals, which are regarded as safe haven for investors, were on the rise. Gold added 0.2% to $1,861 per ounce and silver increased 1.2% to $23.85.

Rising risks have continued to push crude oil prices higher, but they showed some pullback from their highest level in almost eight years.

Brent crude was trading at $94 per barrel at the time, while US benchmark West Texas Intermediate was at $92.85.