(Bloomberg) — Futures tracking the S&P 500 Index headed for a technical correction as intensifying tensions between the West and Russia over Ukraine drove investors out of riskier assets.
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March contracts on the S&P 500 were down 1.4% at 8:38 a.m. in London after earlier slumping as much as 2.2% from their Feb. 18 close and taking losses from an early-January high to more than 10%. U.S. equity markets were shut Monday for a holiday. Nasdaq 100 futures tumbled almost 3% before trading down 2.1%, while Dow Jones futures were 1.2% lower.
Global equities also tumbled as Western condemnation grows after Russian President Vladimir Putin officially recognized two self-proclaimed republics in eastern Ukraine and ordered his forces to go into the regions. It follows weeks of warnings from the U.S. and its allies that Putin could be planning to invade Ukraine, something…
