U.S. stocks declined on Thursday, a day after the S&P 500 jumped the most in more than a month, as Wall Street weighed reports that Russia was considering a measure that would allow its courts to seize foreign assets.
"To us that would signal a threat from the Kremlin that the Russian-U.S.-Europe conflict economically might take a turn for the worse, should it be enacted. They are signaling that unless concessions or negotiations take place, we're prepared to do this," said Jim Russell, senior equity strategist for US Bank Wealth Management. "It's a turn for the worse, it's an unwelcome signaling from the Kremlin that this, a limitation on capital flows to Russia, is a possibility. Maybe the markets are reacting to it," Russell said.
The Dow dropped 200.33 to 17009.73 by mid-morning. The broader S&P 500 retreated 24.96 to 1973.04 and the Nasdaq slipped 76.64 to 4478.58. Apple fell as the iPhone maker withdrew an update for its operating system after the software cut cell service for some users.
-- Kate Gibson, CNBC