U.S. stock futures fell sharply Wednesday evening as tensions between Russia and Ukraine boiled over.
Dow futures fell 820 points, or 2.5%%, while futures tied to the S&P 500 were down 2.4%. Nasdaq 100 futures declined 2.8%.
The ailing stock market tried to bounce Wednesday, but then sold off hard, amid Russia-Ukraine tensions. The Dow Jones, S&P 500 and Nasdaq composite undercut their Jan. 24 lows.
Russia's President Vladimir Putin announced late Wednesday night that the country's armed forces would carry out a "special military operation" in Ukraine.
Putin addressed the Russian people, at a time coinciding with a United Nations security council meeting, according to a report from the United Kingdom's The Guardian newspaper.
Putin said clashes between Ukraine and Russia are "inevitable" and only a "question of time."
The Russian leader said that further expansion of NATO and its use of Ukraine's territory is unacceptable.
Putin said the military operation is being conducted to "protect people" and circumstances demand "demand decisive action from Russia."
There are unconfirmed reports on social media of blasts being heard in the Ukrainian capital of Kyiv and Kharkiv, the country's second-largest city.
JUST IN:
— unusual_whales (@unusual_whales) February 24, 2022
Blasts heard in Kiev.
BREAKING: Blasts near Kharkiv, Ukraine's second-largest city.
— The Spectator Index (@spectatorindex) February 24, 2022