A message from our CIO, Scott Phillips:
"G'day Fools. If you're like us, you're dismayed by the events taking place in Ukraine. It is an unnecessary humanitarian tragedy. Times like these remind us that money is important, but other things are far more valuable. And yet the financial markets remain open, shares are trading, and our readers and members are looking to us for guidance. So we'll do our best to continue to serve you, while also hoping for a swift and peaceful end to war in Ukraine."
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Thursday was a disastrous day on the ASX as the S&P/ASX 200 Index (ASX: XJO) recorded one of its worst performances in years.
The index crashed 2.99% to 6,990.6 on the market's close after Russia invaded Ukraine and some of the exchange's heavyweights posted disappointing earnings.
According to The Australian, the crash has seen $73 billion of value wiped from the market.
Let's take a look at closer look at Thursday's carnage on the market.
Image source: Getty Images
Did Russia's invasion spark an ASX sell off?
The ASX 200 Index tumbled nearly 3% and the All Ordinaries Index (ASX: XAO) fell 2.95% after Russia officially begins military operations in Ukraine on Thursday.
According to live reporting by the ABC, Russian President Vladimir Putin appeared in a televised announcement declaring that the nation would invade Ukraine just before the ASX closed for the day.
Expectations that tensions between the two countries could escalate likely weighed on the market for most of Thursday's trade after Australia joined nations around the globe in placing sanctions on Russia in an effort to dissuade it from attacking Ukraine yesterday.
Prime Minister Scott Morison also announced that the government would be "fast track[ing]" Ukrainian visa applications ahead of the conflict's commencement.
The Moscow Exchange suspended all trading for an undetermined amount of time shortly after Putin announced the invasion.
As The Motley Fool Australia reportedly earlier today, experts have previously said a Russian invasion could bring heightened volatility to global markets and cause some commodity prices to surge.
ASX giants tumble on earnings
Additionally weighing on the ASX today, the Qantas Airways Limited (ASX: QAN) share price plummeted 5% after it announced a $5.5 billion after tax loss for the first half of financial year 2021.
The Flight Centre Travel Group Ltd (ASX: FLT) share price also fell 10% on its half year results.
The tech sector was also hammered, with the S&P/ASX All Technology Index (ASX: XTX) tumbling 5.3% and the S&P/ASX 200 Information Technology Index (ASX: XIJ) falling 6.4%.
Both Life360 Inc (ASX: 360) and Appen Ltd (ASX: APX) saw their share price fall 28% on the release of their respective full year results, making them the 2 worst performing ASX 200 shares on Thursday.
Meanwhile, stock in the ASX's biggest company, BHP Group Ltd (ASX: BHP) fell 6% as it traded ex-dividend.
