Dow falls for a 4th day in 5 as traders assess geopolitical risks, next Fed move

U.S. stocks dipped Wednesday as traders assessed geopolitical risk and awaited the release of minutes from the Federal Reserve's last meeting.

The Dow Jones Industrial Average fell about 100 points, or 0.3%. The S&P 500 shares eased 0.4% and the Nasdaq Composite fell 0.8%.

ViacomCBS was the biggest loser Wednesday, with shares falling more than 18% after the company said it is rebranding itself as Paramount Global to focus on streaming. At the same time, the company reported lower-than-expected quarterly earnings.

Shares of Wynn Resorts dipped 2.3% after the casino operator beat on revenue, but posted a larger-than-expected loss per share.

Markets have been driven largely by concerns over the Russia-Ukraine conflict and the Federal Reserve's plan to hike interest rates.

"Traders continue to monitor the situation in Ukraine and look ahead to the Fed minutes release," Sevens Report's Tom Essaye said in a note Wednesday morning.

In the most recent geopolitical developments, NATO officials accused Russia of massing troops at the Ukrainian border.

Energy prices, which have been sensitive to the news, moved sharply higher Wednesday, with natural gas up more than 5% and oil prices climbing more than 1%.

The Cboe Volatility Index — known as Wall Street's "fear gauge" — rose 3% above the 26 level.

President Joe Biden on Tuesday afternoon addressed the latest developments between Russia and Ukraine, reiterating that the U.S. will defend NATO territory.

"If Russia proceeds, we will rally the world," Biden said, adding that Washington's allies were ready to impose powerful sanctions that will "undermine Russia's ability to compete economically and strategically."

The comments came after the Russian government said earlier Tuesday in the day that some troops who had been on the Ukrainian border had returned to their bases.

This helped boost sentiment on Wall Street, with the major averages snapping a three-day losing streak Tuesday.

On the data front, retail sales surged 3.8% in January, the Census Bureau reported Wednesday. Economists expected the report to show sales rose 2.1% in January after a 1.9% decline in December.

As inflation runs hot, Wall Street is looking ahead to the minutes from the Federal Reserve's January meeting, which will be released Wednesday at 2 p.m. ET.

The summary could be viewed as stale considering the meeting happened before the most recent economic releases. However, investors will be searching for any new insights into the number and size of rate hikes, as well as details of a balance sheet reduction plan.