Dow plunges 500 points in premarket trading

Stocks on Wall Street extended losses in premarket trading with the Dow Jones plunging more than 500 points as investors remained concerned about the situation in Ukraine and rising inflation.

In his speech on the anniversary of World War II Victory Day, Russian President Vladimir Putin claimed his country was provoked to start a “preemptive” military intervention in Ukraine amid threats from the West. However, he continued to refer to Russia’s action in Ukraine as a special military operation and did not declare war on the country as Kiev had warned.

The Dow Jones slid 1.58% or 517 points at 7:02 am ET, the tech-heavy Nasdaq 100 plummeted 2.26% and the S&P 500 dropped 1.83%. The euro lost 0.09% against the dollar to sell for 1.05366 at 7:05 am ET.

Baha Breaking the News (BBN) / NP