US Stock Correction Deepens as Ukraine Crisis Simmers

NEW YORK (AP) -- Stocks wavered between small gains and losses in morning trading on Wall Street Wednesday following a slump a day earlier as the crisis in Ukraine remains tense.

The S&P 500 fell 0.1% as of 10:21 a.m. Eastern. The Dow Jones Industrial Average fell 28 points, or 0.1%, to 33,565 and the Nasdaq fell 0.1%.

Technology stocks gained ground and helped temper losses elsewhere in the market. Adobe rose 1.7%. The sector is full of companies with pricey stock values that tend to hold more weight in swaying the market up or down.

U.S. crude oil prices rose 1.8% and lifted energy stocks. Chevron gained 2.2%.

Bond yields gained ground. The yield on the 10-year Treasury rose to 1.97% from 1.95% late Tuesday.

A slump for major indexes on Tuesday sent the benchmark S&P 500 into a "correction", or a loss of 10% from its recent peak. The last correction for the index was in the spring of 2020, as the pandemic upended the global economy. That correction worsened into a bear market -- a decline of 20% or more -- as the S&P 500 sank nearly 34% in about a month.

Wall Street has been closely watching developments in Ukraine, where Russia has amassed troops for a potential invasion. Russia has started evacuating its embassy in Kyiv. It has already sent soldiers into eastern regions of Ukraine after recognizing the independence of some rebel-held areas.

The U.S. and western nations have responded with sanctions and Germany withdrew a document needed for certification of the Nord Stream 2 gas pipeline from Russia. The tensions have made energy prices volatile as any conflict between Russia and Ukraine disrupt supplies.

The potential for a war in eastern Europe has only added to the concerns investors had about the global economy. Stocks have been slipping in 2022 as investors gauge how rising inflation will impact economic growth and whether the Federal Reserve's plan to raise interest rates this year will cool inflation.

Wall Street is also still reviewing how companies are dealing with supply chain problems and higher costs in their latest round of corporate report cards.

Lowe's rose 3.7% after raising its profit forecast for the year following a strong fourth-quarter financial report. Security software maker Palo Alto Networks rose 4.2% after raising its profit forecast on strong demand for cybersecurity.

TJX, the parent of T.J. Maxx and Marshalls, fell 7.5% after reporting disappointing fourth-quarter financial results.