US stocks tumble as Ukraine conflict rattles investors

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S&P 500 falls 3% in worst day since October 2020, Dow drops 2.4% and Nasdaq 100 slips 3.7%

U.S. stocks tumbled amid fears that rising energy costs would put the brakes on global economic growth. The dollar extended gains, while the Treasury curve flattened sharply.US stocks tumbled on Monday amid fears that rising energy costs related on Russia's invasion of Ukraine would put the brakes on global economic growth.

could add to economic pressure as more companies pull out of the country in response to Moscow’s invasion of Ukraine. EU governments were divided over whether to join the US. Bitcoin fell below $38,000, touching its lowest price in a week. The largest cryptocurrency dropped as much as 4.8% in New York trading hours. Ether, on the other hand, declined as much as 7% to trade at its lowest since February 24. Other popular tokens such as Solano, Cardano and Avalanche tumbled.

More businesses pulled back on their operations in Russia, including streaming giant Netflix and social media service TikTok, which is owned by China-based ByteDance.

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