On Wednesday, US stock indices fell due to the prospect of new Western sanctions against Russia and rising oil prices.

US President Joe Biden headed to Brussels for a meeting with members of the G-7 and North Atlantic Treaty Organization on the situation in Ukraine.

The White House and its allies are preparing to announce additional sanctions, including against members of the Russian parliament. Oil prices have returned to nearly $120 a barrel, adding to fears that higher fuel prices will undermine the economic recovery just as the U.S. Federal Reserve begins to wind down its stimulus program.

Groceries and other everyday items have already risen in price, and some states have repealed their own gasoline tax to lower gas station prices for U.S. drivers.

Fed officials reiterated the need for more decisive interest rate hikes this week, reinforcing expectations that the central bank will raise interest rates by half a point twice in its next 2 meetings. The Fed typically raises rates by a quarter-point, as it did last week for the first time since pandemic-era stimulus began.

Here are 3 events that could impact the market on Thursday:

1. meme stocks

Meme stocks seem to be coming to life lately. GameStop Corp . shares jumped on Wednesday after the company’s director, Ryan Cohen, increased his stake by buying another 100,000 shares.

The purchase increases Cohen’s stake in the video game retailer to 11.9% as he tries to steer the company in the right direction in light of changes in the market. GameStop’s stock gains complemented a nearly 30% rally during Tuesday’s trading session.

According to the statement, Cohen, who co-founded pet store Chewy (NYSE:CHWY), purchased the stock through his investment company RC Ventures and paid between $96.81 and $108.82 for it.

2. Homebuilders

KB Home (NYSE:KBH) shares fell 5.7% in extended trading, adding to a 4.6% loss in the afternoon session after the company reported earnings that fell short of expectations.

The homebuilder announced earnings per share of $1.47 on revenue of $1.4 billion.Analysts polled by Investing.com had expected earnings per share of $1.54 on revenue of $1.5 billion.The company said supply chain issues intensified and the already limited number of construction workers was even smaller, which increased construction time and delayed completion and scheduled deliveries.

3. Oil prices

Oil recovered above $120 a barrel after U.S. government data showed weekly consumption well above market estimates, while major oil producer Russia pointed to disruptions in a Caspian pipeline that got on traders’ nerves.

U.S. benchmark West Texas Intermediate, or WTI, rose about 9% for the week.