U.S. stock futures fall, oil prices jump as U.S. says Russia has decided to invade Ukraine

Read: What a Russian invasion of Ukraine would mean for the stock market, oil and other assets

U.S. markets will be closed Monday in observance of Presidents Day.

Stocks have fallen for two consecutive weeks amid fears of a land war in Europe combined with rising inflation and the likelihood of multiple hikes in interest rates.

On Friday, the Dow
DJIA,
-0.68%
dropped 232.85 points, or 0.7%, to close at 34,079.18; the S&P 500 index
SPX,
-0.72%
 fell 31.39 points, or 0.7%, to end at 4,348.87; and the Nasdaq Composite Index
COMP,
-1.23%
 declined 168.65 points, or 1.2%, to finish at 13,548.07, forming a bearish “death cross” chart for the first time in two years.

For the week, the Dow dropped 1.9%, the S&P 500 fell 1.6% and the Nasdaq declined 1.8%.

Tensions around Ukraine continued to ratchet higher Sunday, as Russia reneged on a pledge to withdraw tens of thousands of troops from neighboring Belarus at the conclusion of military exercises. U.S. officials said Sunday that Russia has decided to invade Ukraine, based on intelligence that field commanders have been given final to prepare for an attack. Diplomatic efforts to avoid war continue, however.

The U.S. and its Western allies have vowed to impose tough sanctions against Russia if it invades, and Russia could retaliate by cutting oil and gas exports. Speaking at the Munich Security Conference on Sunday, Vice President Kamala Harris warned that U.S. consumers could be affected, paying higher energy prices.