US stock futures tumbled and oil prices surged Monday morning as investors grew increasingly concerned about the consequences of Russia's invasion of Ukraine
On Wall Street, Dow futures plunged nearly 600 points, or 1.7%. S&P 500 futures fell 2% and Nasdaq futures were 2.7% lower.In Asia, markets mostly declined. Hong Kong's Hang Seng lost 1.4%, Japan's Nikkei 225 shed 0.3%, while China's Shanghai Composite slid 0.1%. Korea's Kospi erased earlier gains and was nearly flat.Global markets had been turbulent last week after Russian President Vladimir Putin launched an invasion of Ukraine, and the pain has spread beyond stocks.
Putin's threat came after the White House and several EU nations announced the expulsion of certain Russian banks from the SWIFT banking system Saturday evening. Removing some Russian banks from SWIFT could effectively disconnect them from the international financial system, hindering their ability to do global business.But that action could hurt European countries' ability to buy Russian energy.
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