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Wall Street stocks tumbled and oil prices surged as White House warnings of a possibly imminent Russian invasion of Ukraine reverberated through financial markets.
Markets lurched on Friday during a briefing by US National Security Advisor Jake Sullivan, who said a Russian invasion could “begin at any time,” including during the Beijing Winter Olympics.
“If a Russian attack on Ukraine proceeds, it is likely to begin with aerial bombing and missile attacks that could obviously kill civilians,” Sullivan said.
“Any American in Ukraine should leave as soon as possible, and in any event in the next 24 to 48 hours.”
Investors had become less worried about an imminent invasion of Ukraine in recent days following Western diplomacy with Russian President Vladimir Putin.
But stocks tumbled after Sullivan’s remarks, with the S&P 500 ultimately losing 1.9 percent.
Analysts said the sell-off was likely heightened by the timing just before the weekend, with investors shifting into a “risk-off” mode to reduce their exposure for the two days when there is no trading.
“The Russia-Ukraine tensions have hovered over already shaky investor sentiment,” said John Lynch, chief investment officer for Comerica Wealth Management. “Investors have been counting on a diplomatic resolution, but recent developments indicate this may be wishful thinking and therefore, not fully priced into the markets.”
