The daily business briefing: February 23, 2022

The S&P 500 falls into correction territory but futures rebound, U.S. women's soccer team players win equal-pay settlement, and more

Megan Rapinoe and Alex Morgan
(Image credit: Richard Heathcote/Getty Images)

1. S&P 500 falls into correction territory

The S&P 500 on Tuesday fell into correction territory, defined as 10 percent below its recent high, as Russia recognized two breakaway regions in Ukraine and sent in troops as "peacekeepers," escalating the Ukraine crisis. The S&P dropped 1 percent to close at its lowest level in four months. It had been down 2 percent earlier in the day, but rebounded some after President Biden called Putin's moves an "invasion" and announced new sanctions against Russia. The Dow Jones Industrial Average closed the day down 1.4 percent. The tech-heavy Nasdaq Composite fell 1.2 percent. The Dow is now 8.7 percent below its January record, and the Nasdaq has fallen 17 percent from its November peak. Stock futures rebounded early Wednesday, with those tied to the S&P 500 up 0.6 percent at 6:30 a.m. ET.

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