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||30775.43||-253.88||-0.82%|
|AXP||AMERICAN EXPRESS CO.||138.63||-0.32||-0.23%|
|TRV||THE TRAVELERS COS. INC.||169.13||+3.32||+2.00%|
The Dow Jones Industrial Average was little changed, kept afloat by financials, including American Express, Travelers and Visa.
|I:COMP||NASDAQ COMPOSITE INDEX||11028.735703||-149.16||-1.33%|
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.
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.||80.36||-2.57||-3.10%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||32.74||-0.74||-2.21%|
|GLD||SPDR GOLD SHARES TRUST - EUR ACC||168.43||-1.06||-0.63%|
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.||430.30||+11.77||+2.81%|
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.||11.13||-0.38||-3.26%|
|GM||GENERAL MOTORS CO.||31.80||-1.53||-4.61%|
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.||113.71||-2.33||-2.01%|
In cryptocurrencies, Bitcoin hovered around the $38,000 level.
The Associated Press contributed to this report.