Nasdaq hits December 2020 low, S&P slides as oil hits $103

FedEx and Gamestop are set to report earnings this week

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. 

Ticker Security Last Change Change %
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%
V VISA INC. 196.95 -2.51 -1.26%

The Dow Jones Industrial Average was little changed, kept afloat by financials, including American Express, Travelers and Visa. 

Ticker Security Last Change Change %
SP500 S&P 500 3785.38 -33.45 -0.88%
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. 

RUSSIA INVADES UKRAINE: LIVE UPDATES

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. 

Ticker Security Last Change Change %
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%

GOLD APPEAL LESSENED AS WAR IN UKRAINE DRAGS ON

Jerome Powell

Federal Reserve Chair Jerome Powell speaks during a news conference in Washington on March 3, 2020.  (AP Photo/Jacquelyn Martin / AP Newsroom)

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. 

stock exchange trading floor

U.S. stocks were trending higher early Monday morning as oil took a downward turn.  (Allie Joseph/New York Stock Exchange via AP)

Ticker Security Last Change Change %
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. 

Ticker Security Last Change Change %
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. 

Ticker Security Last Change Change %
BABA ALIBABA GROUP HOLDING LTD. 113.71 -2.33 -2.01%
DIDI n.a. n.a. n.a. n.a.
NIO NIO INC. 21.75 -0.12 -0.53%
JD JD.COM INC. 64.22 -0.63 -0.97%

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.