Stock Market Today: Futures Sag on Reports Russia Enters Ukraine

NEW YORK (TheStreet) -- U.S. stock index futures were slipping Thursday amid geopolitical caution after Ukraine President Petro Poroshenko said that Russia has invaded Ukraine. Poroshenko called an emergency meeting of the nation's security council and canceled a foreign trip, declaring that "Russian forces have entered Ukraine."

Dow Jones Industrial Average futures were down 50 points, or 59.01 points below fair value, to 17,043. S&P 500 futures were down 6.5 points, or 7.32 points below fair value, to 1,990.5. Nasdaq futures were down 11.5 points, or 10.93 points below fair value, to 4,061.3.

TheStreet's Jonathan Marino has a closer look at how global markets are faring Thursday:


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The search for safety and uncertainties about how the latest tensions between Russia and Ukraine would affect global oil exports prompted a a 0.23% spike in United States Oil Fund (USO) to $35.12 in premarket trading and a 1.09% rise in the SPDR Gold Trust (GLD) to $124.68.

In London, the FTSE 100 slipped 0.21% at 6,816.25. In Frankfurt, the DAX declined 0.69% at 9,503.61. The CAC in Paris gave up 0.46% to stand at 4,375.06 as of late morning.

"I have made a decision to cancel my working visit to the Republic of Turkey due to sharp aggravation of the situation in Donetsk region, particularly in Amvrosiivka and Starobeshevo, as Russian troops were actually brought into Ukraine," Poroshenko said in a press statement Thursday.

U.S. economic data was better than expected, with the second estimate of U.S. second-quarter GDP coming in at 4.2% vs. the 4% consensus estimate. Weekly initial jobless claims fell to 298,000 last week vs. the average estimate of 300,000.

In Thursday's corporate news, the FBI is investigating a computer-hacking attack on JPMorgan Chase (JPM) and as many as four other banks, The Wall Street Journal reported, citing people familiar with the probe. Shares were off 0.32% to $59.40. A federal judge rejected Apple's (AAPL) attempt to block the sale of several older Samsung smartphones that copied features in the iPhone. Apple was down 0.32% to $101.80.

Earnings reports were unsatisfactory. Abercrombie & Fitch (ANF) plunged 6.56% to $41.30 after reporting a 7% drop in total same-store sales and 6% decline in revenue to $891 million.

Dollar General (DG) slipped 1.1% in premarket trading to $63 after posting second-quarter earnings of 83 cents a share, which matched estimates. The company on Thursday reiterated its bid for rival Family Dollar (FDO) . Earlier this month, Dollar General bid about $8.95 billion for Family Dollar in an attempt to trump Dollar Tree (DLTR) , which agreed to acquire Family Dollar for $8.5 billion in July.

The S&P 500 ended Wednesday almost where it was after Tuesday's closing -- just above 2,000, after flitting in and out of positive territory throughout the day in the absence of any new economic catalysts.

Data on pending home sales for July is scheduled for release at 10 a.m. EDT on Thursday. 

--By Andrea Tse in New York

Follow @AndreaTTse

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