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The Dow Jones Industrial Average dropped about 450 points, dragged down by a 9% loss in Home Depot.

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• The Dow Jones Industrial Average dropped about 450 points, dragged down by a 9% loss in Home Depot. The S&P 500 was down 1%, and the Nasdaq Composite slipped more than 1.3%. The U.S. stock market was closed Monday due to the President’s Day holiday.

• Stocks sold off broadly after Russian President Vladimir Putin said Monday that he would recognize the independence of two breakaway regions in Ukraine, potentially undercutting peace talks with President Joe Biden.

• That announcement was followed by news that Biden was set to order sanctions on separatist regions of Ukraine, with the European Union vowing to take additional measures.

• “The Russia/Ukraine situation remains very fluid, and tensions remain high, and in the short term that will remain a headwind on stocks, said Tom Essaye, founder of Sevens Report.

• U.K. Health Minister Sajid Javid said Tuesday that “the invasion of Ukraine has begun.” U.S. President Joe Biden has not yet used the word “invasion” to describe the current activity. The U.K. has also started targeted economic sanctions against five Russian banks and three wealthy individuals.

• The news came after the White House said Sunday that Biden has accepted “in principle” to meet with Putin in yet another effort to deescalate the Russia-Ukraine situation via diplomacy.

• White House press secretary Jen Psaki said the summit between the two leaders would occur after a meeting between Secretary of State Antony Blinken and his Russian counterpart Sergey Lavrov.

• Oil prices rose, with West Texas Intermediate futures jumping 3% to $95.19 per barrel.

• The Russia-Ukraine conflict has put pressure on market sentiment recently, with the major averages coming off of back-to-back weekly losses.

• The Dow fell 1.9% last week, and the S&P 500 and Nasdaq Composite slid 1.6% and 1.8%, respectively.

SOURCE: CNBC