US pre-open: Futures point to heavy losses as Russia invades Ukraine

Wall Street futures were firmly in the red ahead of the bell on Thursday after Russian soldiers invaded Ukraine overnight.

As of 1230 GMT, Dow Jones futures were down 2.23%, while S&P 500 and Nasdaq-100 futures had the indices opening 2.20% and 2.72% lower, respectively.

The Dow closed 464.85 points lower on Wednesday as investors reacted to Washington's imposing of the first round of sanctions on Moscow after Russian president Vladimir Putin ordered troops into rebel-held areas of eastern Ukraine.

The pre-market losses come after Russian president Vladimir Putin said he would launch a military action in Ukraine, with explosions already reportedly heard in Kyiv. US president Joe Biden condemned the attack, stating the world would "hold Russia accountable" for its actions.

"Russia alone is responsible for the death and destruction this attack will bring, and the United States and its allies and partners will respond in a united and decisive way," Biden said.

In response, oil prices surged, with West Texas Intermediate futures rising 8.6% higher to just short of $100 per barrel, while Brent jumped 8.75% to $105.31 per barrel.

Bank stocks were also under pressure, with Bank of America shares down 4% and Bank of New York Mellon falling 6.3% ahead of the bell.

In terms of earnings, CBRE and SeaWorld will report prior to the opening bell, while Beyond Meat, Dell Technologies and Etsy will publish their latest quarterly results after the close.

On the macro front, a second estimate of the US' fourth-quarter gross domestic product will be published at 1330 GMT, as will this week's jobless claims report and the Chicago Fed's January national activity index, while January new home sales data will follow at 1500 GMT.