Dow skids nearly 800 points to end in correction territory as oil spikes and Russia’s war in Ukraine deepens

By Joy Wiltermuth and Mark DeCambre

Strategists at Citi cut their year-end S&P 500 target to 4,700 from 5,100. The bank’s chief investment office also said it was making changes to its equity allocations , including adding to stocks tied to energy, minerals and agriculture.

See: Wall Street is beginning to cut S&P 500 forecasts as oil prices surge

Which companies were in focus?

• Airline companies faced severe selling, with Delta Air Lines Inc. /zigman2/quotes/200327741/composite DAL -2.26% , United Airlines Holdings Inc. /zigman2/quotes/205037281/composite UAL -3.30% and Southwest Airlines /zigman2/quotes/201071949/composite LUV -2.33% all ending sharply lower and the exchange-traded fund U.S. Global Jets ETF /zigman2/quotes/207744796/composite JETS -2.49% , a popular way to garner exposure to the airline industry, down 11.1% on Monday.

• Shares of Bed Bath & Beyond /zigman2/quotes/209801102/composite BBBY +11.77%  surged after  GameStop. Corp. /zigman2/quotes/203755179/composite GME -3.96%  Chairman Ryan Cohen took a big stake in the home-goods retailer and urged it to explore strategic alternatives, including a full sale of the company. Its stock rose 34.2%.

• Shares of Apple Inc. /zigman2/quotes/202934861/composite AAPL +0.88% were down 2.4% ahead of an event on Tuesday, where the technology firm was set to roll out new products, including a cheaper iPhone.

How did other assets do?

• The yield on the 10-year Treasury note  TMUBMUSD10Y  rose 2.6 basis points Friday to around 1.748%. Yields move opposite to debt prices.

• The ICE U.S. Dollar Index  DXY , a measure of the currency against a basket of six major rivals, was up 0.5% at around 99, a near two-year peak.

• Gold futures  GC00  rose 1.5% Monday to settle at $1,995.90 an ounce, the highest since August 2020, after briefly surpassing $2,000 over night.

• Bitcoin  BTCUSD  was down 5.6% around $37,360.

• In European equities, the Stoxx Europe 600  SXXP  closed 0.9% lower Monday. London’s FTSE 100  UKX  fell 0.2%.

• In Asia, the Shanghai Composite  SHCOMP  closed down 2.2% overnight Monday. The Hang Seng Index  HSI  tumbled 3.9% in Hong Kong. Japan’s Nikkei 225  NIK  gave up 2.9%.

— Steve Goldstein contributed to this article.

/zigman2/quotes/200327741/composite

Add to watchlist DAL

Delta Air Lines Inc.

US : U.S.: NYSE

$ 34.54

-0.80 -2.26%

Volume: 7.98M

Aug. 17, 2022 4:00p

P/E Ratio

37.49

Dividend Yield

0.00%

Market Cap

$22.66 billion

Rev. per Employee

$503,566

/zigman2/quotes/205037281/composite

Add to watchlist UAL

United Airlines Holdings Inc.

US : U.S.: Nasdaq

$ 38.96

-1.33 -3.30%

Volume: 8.56M

Aug. 17, 2022 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$13.16 billion

Rev. per Employee

$423,543

/zigman2/quotes/201071949/composite

Add to watchlist LUV

Southwest Airlines Co.

US : U.S.: NYSE

$ 38.94

-0.93 -2.33%

Volume: 5.49M

Aug. 17, 2022 4:00p

P/E Ratio

24.73

Dividend Yield

0.00%

Market Cap

$23.66 billion

Rev. per Employee

$383,884

/zigman2/quotes/207744796/composite

Add to watchlist JETS

U.S. Global Jets ETF

US : U.S.: NYSE Arca

$ 18.77

-0.48 -2.49%

Volume: 5.26M

Aug. 17, 2022 4:00p

/zigman2/quotes/209801102/composite

Add to watchlist BBBY

Bed Bath & Beyond Inc.

US : U.S.: Nasdaq

$ 23.08

+2.43 +11.77%

Volume: 261.70M

Aug. 17, 2022 4:00p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

$1.65 billion

Rev. per Employee

$230,543

/zigman2/quotes/203755179/composite

Add to watchlist GME

GameStop Corp. Cl A

US : U.S.: NYSE

$ 40.52

-1.67 -3.96%

Volume: 9.77M

Aug. 17, 2022 4:00p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

$12.85 billion

Rev. per Employee

$509,358

/zigman2/quotes/202934861/composite

Add to watchlist AAPL

Apple Inc.

US : U.S.: Nasdaq

$ 174.55

+1.52 +0.88%

Volume: 79.54M

Aug. 17, 2022 4:00p

P/E Ratio

28.84

Dividend Yield

0.53%

Market Cap

$2780.72 billion

Rev. per Employee

$2.52M