By Liz Moyer
Investing.com -- Stocks were mixed in early morning trading in New York Tuesday after a long holiday weekend in the U.S., climbing back from falling at the open despite worries about tensions in Ukraine.
The Dow Jones Industrial Average fell 127 points, or 0.4%, while the S&P 500 reversed earlier losses and was up 0.07% and the NASDAQ Composite also reversed losses to trade up 0.07% as of 9:58 AM ET.
Russian President Vladimir Putin recognized the independence of two breakaway regions in eastern Ukraine on Monday, sending troops to the area. Those actions prompted swift condemnation by Western powers, with sanctions ordered by the U.S. and European nations. Germany stopped the Nord Stream 2 gas pipeline, which had been designed to transport gas from Russia. Reuters reported that the U.S. and European Union were prepared to announce additional sanctions later on Tuesday.
Big tech stocks such as Apple Inc (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), and Amazon.com Inc (NASDAQ:AMZN) traded lower, while the price of oil spiked. Crude Oil WTI Futures, the U.S. benchmark, jumped 3% in morning trading, while Brent Oil Futures, the international standard, rose 1.7%.
The surge in crude prices lifted shares of big energy companies Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CVX), each up 0.3%.
Department store operator Macy’s Inc (NYSE:M) jumped 7% after reporting earnings earlier Tuesday, beating expectations for same store sales during the crucial holiday season.
The stock of Digital World Acquisition Corp (NASDAQ:DWAC), the blank-check company behind former President Donald Trump's Truth Social, jumped 9% after the social media app appeared in the Apple App Store.