Russian forces shelling Ukrainian nuclear power plant; stock futures plunge (NYSEARCA:SPY)

Update 9:55pm: Adds latest details on fire, radiation levels.

U.S. stock index futures are plunging following reports that Russian forces have attacked Europe’s largest nuclear power plant, in Ukraine, raising fears of a nuclear disaster.

According to reports, the plant in the southern Ukrainian city of Enerhodar was shelled by Russian troops, and the facility was on fire; firefighters cannot get to the scene because of the fighting.

NBC News reports that Ukrainian President Zelenskyy spoke with President Biden tonight, telling him that the Zaporizhzhia nuclear plant was under siege by Russian forces and said “if it blows up, it will be 10 times larger than Chernobyl.”

A fire broke out in a training building outside the nuclear plant’s perimeter after an attack by Russian troops, Reuters reported, citing a state emergency service statement. A nuclear power plant spokesperson told RIA that background levels of radiation hadn’t changed.

The International Atomic Energy Agency tweeted that there has been no change reported in radiation levels at the nuclear power plant. The organization also tweeted that the fire has not affected “essential” equipment, plant personnel are taking mitigatory actions.

Dow Jones futures sank ~500 points immediately after the first reports of the attack, but recovered somewhat and were last down about 200 points, while S&P 500 and Nasdaq 100 also were lower, according to MarketWatch.

U.S. Treasurys rallied, sending the 10-year yield down as much as 14 bps to 1.70%; bonds also advanced in Japan and Australia, while the dollar and yen both strengthened.

WTI crude oil jumped almost 5%, and other commodities futures look to extend this week’s rally; wheat futures reportedly jumped by the exchange limit in Chicago to $12.09 per bushel after hitting another 14-year high in Thursday’s session.