US open: Stocks flat as Russia-Ukraine tensions remain in focus

Wall Street stocks were little changed early on Wednesday after the S&P 500 closed out the previous session in correction territory.

As of 1520 GMT, the Dow Jones Industrial Average was down 0.07% at 33,574.67, while the S&P 500 was 0.02% firmer at 4,305.81 and the Nasdaq Composite came out the gate 0.05% weaker at 13,374.90.

The Dow opened 21.94 points lower on Wednesday, adding to losses recorded in the previous session amid escalating tensions between Russia and Ukraine.

In response to Russia's move to recognise breakaway regions in Ukraine, US president Joe Biden announced a first wave of sanctions against Moscow late on Tuesday, taking aim at Russian banks, the country's sovereign debt and three particular individuals.

In addition to this, the US has also been coordinating with Germany to ensure that the NordStream 2 pipeline between Russia and Germany will not become operational.

Amid the building tensions between Russia and Ukraine, bond yields retreated, with the yield on the benchmark 10-year Treasury note falling below 2% as market participants look towards safe-haven assets due to the resulting geopolitical uncertainty.

On the macro front, mortgage applications in the US sank 13.1% in the week ended 18 February to the lowest level since December 2019, according to the Mortgage Bankers Association. The fall was also the biggest since April 2020 and comes amid rising interest rates, low inventory and high purchasing prices. Applications to refinance a mortgage declined 15.6%, while ones to purchase a home dropped 10.1% as fixed 30-year mortgage rates increased one basis point to 4.06%.

In the corporate space, alcoholic drinks manufacturer Molson Coors delivered double-digit top and bottom-line growth on Wednesday and raised its quarterly dividend by 12%, while home retail giant Lowe's beat earnings forecasts as quarterly sales rose 5%.

Shares in reopening plays like American Airlines and Norwegian Cruise Line were in the green early on in the session, while Netflix and Meta Platforms both traded more than 2% higher shortly after the opening bell.

Still to come, Booking Holdings, Hertz Global, eBay and Live Nation will all report earnings after the close.

Dow Jones - Risers

Intel Corp. (INTC) $45.26 1.51%
Chevron Corp. (CVX) $134.76 1.25%
Boeing Co. (BA) $200.54 1.17%
Goldman Sachs Group Inc. (GS) $345.31 0.80%
Dow Chemical Co. (DOW) $60.77 0.76%
Nike Inc. (NKE) $139.03 0.68%
Travelers Company Inc. (TRV) $172.53 0.64%
Walt Disney Co. (DIS) $148.44 0.57%
Microsoft Corp. (MSFT) $288.91 0.49%
Merck & Co. Inc. (MRK) $76.04 0.33%

Dow Jones - Fallers

Coca-Cola Co. (KO) $61.68 -0.75%
Home Depot Inc. (HD) $313.86 -0.42%
Caterpillar Inc. (CAT) $190.45 -0.36%
3M Co. (MMM) $146.29 -0.32%
Procter & Gamble Co. (PG) $157.44 -0.31%
Verizon Communications Inc. (VZ) $53.63 -0.28%
Cisco Systems Inc. (CSCO) $56.15 -0.11%
Walmart Inc. (WMT) $136.26 -0.09%
McDonald's Corp. (MCD) $252.46 -0.06%
International Business Machines Corporation (CDI) (IBM) $123.83 -0.02%

S&P 500 - Risers

Cadence Design Systems Inc. (CDNS) $147.65 9.20%
Fluor Corp. (FLR) $21.11 5.81%
Lowe's Companies Inc. (LOW) $224.81 4.76%
Public Storage (PSA) $357.68 4.47%
Molson Coors Beverage Co. Class B (TAP) $50.64 4.22%
Apache Corp. (APA) $32.20 3.74%
Coterra Energy Inc. (CTRA) $23.38 3.63%
Devon Energy Corp. (DVN) $54.48 3.44%
Diamondback Energy Inc. (FANG) $132.04 3.13%
Pioneer Natural Resources Co. (PXD) $229.42 2.79%

S&P 500 - Fallers

TJX Companies Inc. (TJX) $60.76 -6.87%
HollyFrontier Corp (HFC) $32.33 -6.13%
Ross Stores Inc. (ROST) $88.84 -3.69%
Macy's Inc. (M) $23.73 -2.83%
Verisk Analytics Inc. (VRSK) $181.56 -2.62%
Norfolk Southern Corp. (NSC) $251.86 -2.51%
Charter Communications Inc. (CHTR) $581.89 -2.29%
Comcast Corp. (CMCSA) $45.88 -2.27%
Deere & Co. (DE) $346.08 -2.18%
Foot Locker Inc. (FL) $40.59 -2.14%

Nasdaq 100 - Risers

Cadence Design Systems Inc. (CDNS) $147.65 9.20%
Mercadolibre Inc. (MELI) $949.51 6.94%
Synopsys Inc. (SNPS) $296.85 2.55%
Applied Materials Inc. (AMAT) $132.63 1.82%
Hologic Inc. (HOLX) $71.69 1.65%
Fiserv Inc. (FISV) $95.03 1.61%
Cerner Corp. (CERN) $93.15 1.44%
Skyworks Solutions Inc. (SWKS) $136.70 1.36%
Illumina Inc. (ILMN) $324.16 1.34%
Intel Corp. (INTC) $45.26 1.28%

Nasdaq 100 - Fallers

Trip.com Group Limited (TCOM) $26.63 -3.69%
Ross Stores Inc. (ROST) $88.84 -3.69%
Verisk Analytics Inc. (VRSK) $181.56 -2.62%
Charter Communications Inc. (CHTR) $581.89 -2.29%
Comcast Corp. (CMCSA) $45.88 -2.27%
T-Mobile Us, Inc. (TMUS) $121.07 -1.98%
Tesla Inc (TSLA) $806.69 -1.81%
Starbucks Corp. (SBUX) $91.86 -1.34%
Biomarin Pharmaceutical Inc. (BMRN) $84.34 -1.21%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $363.86 -1.16%