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Overnight Markets: Wall Street falls amid Ukraine concerns

Overnight Markets: Wall Street falls amid Ukraine concerns

Wall Street declined on Monday as concern tension in Ukraine could lead to deeper sanctions against Russia kept investors on the sidelines before major earnings reports.

The Dow Jones industrial average fell 48 points or 0.28%, to end at 17,052. The S&P 500 declined five points or 0.23%, to finish at 1,974. The Nasdaq Composite fell seven points or 0.17%, to close at 4,425.

Market participants kept watch on the uncertain situation in Ukraine, where fighting flared in the city of Donetsk. Last week a Malaysian Airlines jet was shot down over Ukraine, adding to an already tense situation between the country and Russia.

The US and the European Union announced further economic sanctions against Russian interests last week before the Malaysian Airlines jet was shot down, and sanctions could become even more stringent.

Meanwhile, violence escalated in the Gaza Strip despite growing international calls for a cease-fire. The Palestinian death toll rose above 500 while Israel's losses also mounted.

In corporate news, Netflix Inc rose 0.7% after the bell after reporting a quarterly profit that more than doubled from a year ago.

Chipotle Mexican Grill Inc jumped 9.3% after the market closed after reporting second-quarter revenue that sharply exceeded Wall Street's expectations.

Texas Instruments Inc also reported second-quarter revenue that beat expectations after the market closed, but shares were flat at $49.17 in extended trading.

During the regular session, Herbalife Ltd dropped 11% after Pershing Square's Bill Ackman, who is short the stock, told CNBC he would present evidence on Tuesday that the company is an "incredible fraud".

McDonald's Corp shares slid 1.5% and Yum Brands Inc shares fell 4.2% as the fast-food restaurant chains face a new food safety scare in China, denting efforts to shore up reputations hurt by a 2012 safety scandal in one of their biggest markets.

Asian stocks gained on Tuesday as Japanese markets reopened after a holiday. Materials and energy firms led the advance.

The MSCI Asia Pacific Index gained 0.3% to 147 as of 9:42 a.m. in Hong Kong. Japan’s Topix index rose 0.6%. South Korea’s Kospi index added 0.1%. Australia’s S&P/ASX 200 Index and Taiwan’s Taiex Index were little changed. Singapore’s Straits Times Index and New Zealand’s NZX 50 Index lost 0.1%.

Hong Kong’s Hang Seng Index added 0.4%, while the Shanghai Composite Index retreated 0.1%.

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