- US stocks edged lower on Monday after oil prices rebounded amid the ongoing Russia-Ukraine conflict.
- Ukraine rejected Russia's demand on Sunday that it surrender the city of Mariupol.
- Boeing dragged the Dow Jones lower as it fell 6% after one of its commercial planes crashed in China.
US stocks were mostly lower on Monday as oil prices rebounded amid the ongoing conflict between Russia and Ukraine.
Both Russia and Ukraine are showing signs of digging-in rather than progressing towards peace, with Russia demanding that Ukraine surrender the besieged city of Mariupol on Sunday. Ukraine rejected the notion that it would surrender Mariupol, and said surrendering any city in Ukraine is not an option.
Boeing stock dragged the Dow Jones lower on Monday as its stock fell as much as 9% following the crash of one of its commercial planes in China. The plane, a 737-800, has 132 people on board. The plane is not Boeing's MAX jet, which had been grounded in late 2018 due to two separate crashes.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Monday:
- S&P 500: 4,468.18, up 0.11%
- Dow Jones Industrial Average: 34,727.05, down 0.08% (27.88 points)
- Nasdaq Composite: 13,881.95, down 0.06%
The volatility in nickel prices continues after it briefly soared to more than $100,000 per ton earlier this month, but this time the volatility was to the downside. Nickel prices fell 15% on the London Metal Exchange and triggered a limit down halt.
Warren Buffett is putting some of Berkshire Hathaway's nearly $150 billion cash pile to work with its purchase of Alleghany. Berkshire will purchase the insurer for nearly $12 billion.
Legendary fixed-income investor Bill Gross warned investors that the Federal Reserve will "crack the economy" by hiking interest rates aggressively. Based on the Fed's latest dot plot, the potential for a total of seven rate hikes in 2022 remains a possibility.
West Texas Intermediate crude oil rose as much as much as 4.14% to $107.36 per barrel. Brent crude, oil's international benchmark, rallied as much as 4.31% to $112.58.
Bitcoin rose 1.21% to $41,343. Ether prices gained 2.81% to $2,926.
Gold fell as much as 0.29% to $1,922.90 per ounce. The yield on the 10-year Treasury added eight basis points to 2.24%.