U.S. stocks ended the Monday session mostly lower as commodity prices eased off recent highs and investors look ahead to the Federal Reserve’s likely rate hike on Wednesday. The Russia-Ukraine conflict also remains a driver of volatility.
|I:DJI||DOW JONES AVERAGES||34754.93||+274.17||+0.80%|
|AXP||AMERICAN EXPRESS CO.||190.75||+3.77||+2.02%|
|TRV||THE TRAVELERS COS. INC.||180.36||-0.70||-0.39%|
The Dow Jones Industrial Average was little changed, kept afloat by financials, including American Express, Travelers and Visa.
|I:COMP||NASDAQ COMPOSITE INDEX||13893.837331||+279.06||+2.05%|
While the S&P 500 and Nasdaq Composite were lower by 0.7% and 2%, trading remained volatile, pushing the tech-heavy composite deeper into a bear market and now at the lowest level since December 2020.
Ukrainian President Volodymyr Zelenskyy vowed to keep negotiating with Russia as Russian forces bombarded a military training base near the Polish border, killing nine and wounding dozens of people. Talks aimed at reaching a cease-fire failed again over the weekend. Zelenskyy is set to address U.S. lawmakers Wednesday.
OIL PRICES FALL IN EARLY ASIAN TRADING MONDAY
U.S. crude prices retreated below $100 per barrel, before closing at $103, while Brent, the global benchmark, traded around $106.90. Gold also slipped, closing down over 1% to $1,959.60.
|USO||UNITED STATES OIL FUND L.P.||74.64||+0.96||+1.30%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||29.77||+0.32||+1.07%|
|GLD||SPDR GOLD SHARES TRUST – EUR ACC||179.23||-1.59||-0.88%|
GOLD APPEAL LESSENED AS WAR IN UKRAINE DRAGS ON
In the U.S., the Federal Reserve is holding its policy meeting this week. “Markets are bracing for two diametrically opposed forces, which will obfuscate the picture,” Mizuho Bank said in a commentary. “One is geo-political uncertainty that may leash fresh convulsions of ‘risk off’ and the other, a hawkish Fed that is poised to hike” interest rates by at least 0.25 percentage points.
In stocks, Lockheed Martin shares moved higher after Reuters reported Germany will buy its F-35 fighter jets.
|LMT||LOCKHEED MARTIN CORP.||426.27||-2.46||-0.57%|
Shares of Ford and General Motors slipped after Jeffries lowered price targets, citing headwinds, including supply-chain issues, inflation and European exposure as the Russia-Ukraine conflict continues.
|F||FORD MOTOR CO.||16.86||+0.28||+1.69%|
|GM||GENERAL MOTORS CO.||44.83||+1.17||+2.68%|
Chinese shares have also come under selling pressure due to the threat of de-listings of major Chinese companies on U.S. stock exchanges. A report in the state-run newspaper Economic Daily said Monday that regulators are negotiating to resolve a dispute over auditing rules.
|BABA||ALIBABA GROUP HOLDING LTD.||108.27||+7.84||+7.81%|
|DIDI||DIDI GLOBAL INC||4.09||+1.53||+59.77%|
|NIO||NIO INC. (CHINA)||20.86||+2.05||+10.90%|
TEXAS DRILLER PRODUCES US OIL INDUSTRY ‘MIRACLE’
In cryptocurrencies, Bitcoin hovered around the $38,000 level.
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The Associated Press contributed to this report.