Stocks moved sharply lower on Tuesday after President Joe Biden announced he will be imposing sanctions on Russia's banks, sovereign debt, and some wealthy individuals and their families. The U.K. imposed similar measures after Russian President Vladimir Putin said he would recognize two separatist regions of eastern Ukraine as independent over the Presidents' Day holiday. In turn, the Dow shed 482 points, and alongside the Nasdaq, logged a fourth-straight daily loss. The S&P 500 settled deep in the red as well.

Though Russia-Ukraine headlines dominated the news cycle, investors also unpacked modest jumps in the IHS Markit manufacturing purchasing managers' index (PMI) and services PMI. In addition, they digested a batch of big-name earnings and monitored surging oil prices.

The Dow Jones Average (DJI - 33,596.61) fell 482.6 points or 1.4% for the day. McDonald's (MCD) led the gainers with a 0.8% pop, while Home Depot (HD) paced the laggards with an 8.9% drop.

The S&P 500 Index (SPX - 4,304.76) shed 44.1 points or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,381.52) dropped 166.6 points or 1.2% for today's session.

Lastly, the Cboe Market Volatility Index (VIX - 28.81) lost 1.1 points or 3.8% for the day.

GOLD LOGS HIGHEST CLOSE SINCE JUNE

Oil prices moved higher on Monday, as investors grew concerned Russia's move into separatist regions of eastern Ukraine could impact global crude supplies. In response, March-dated crude rose $1.28 cents, or 1.4%, to settle at $92.35 per barrel for the day.

Gold prices were also higher, notching their highest close since June, while holding ground above the psychologically significant $1,900 level. Interest in the safe-haven commodity has been strong amid the increase in geopolitical tensions. April-dated gold added $7.60, or 0.4%, to finish at $1,907.40 per ounce.