Wall Street trims losses as Joe Biden comments on Ukraine tensions

US stocks pared losses on Tuesday as US President Joe Biden announced the first wave of sanctions against Russia for what he said was the beginning of an invasion of Ukraine.

Biden also said he was hopeful diplomacy is still available.

Earlier on Tuesday, NATO Secretary-General Jens Stoltenberg said that the alliance believed Russia was still planning a big assault on Ukraine following Moscow's recognition of two separatist regions in the former Soviet republic's east.

Britain published a list of sanctions and Germany froze the Nord Stream 2 Baltic Sea gas pipeline project, which would have significantly increased the flow of Russian gas.

The Dow Jones Industrial Average fell 588.86 points, or 1.73%, to 33,490.32, the S&P 500 lost 62.35 points, or 1.43%, to 4,286.52 and the Nasdaq Composite dropped 227.33 points, or 1.68%, to 13,320.74.

The Dow and Nasdaq were down more the 2% shortly before the comments from Biden.