The Dow swung wildly before settling flat
It was another volatile day for the major indexes, which saw all three swing wildly in both directions before logging mixed settlements. The Dow was eyeing a triple-digit lead during midday trading as investors monitored the most recent developments between Russia and Ukraine, though the blue-chip index eventually gave back most of these gains to settle flat. The two countries resumed peace talks on Monday, though a ceasefire remains elusive as attacks near Ukraine's capital ramp up.
Meanwhile, the Nasdaq turned in a triple-digit drop, weighed upon by concerns that China's new Covid-19 restrictions could once again impact the supply chain. The S&P 500 also fell lower as Wall Street gears up for the Federal Reserve's imminent decision to hike the fed funds rate later this week.
Continue reading for more on today's market, including:
- This pharma stock could stage a rebound soon.
- The finance giant options traders were targeting last week.
- Plus, 7 pot stocks to watch; CITI hit with bear note; and behind RIO's billion-dollar proposal.
The Dow Jones Average (DJI - 32,945.24) added 1.1 point, or 0% for the day. American Express (AXP) led the gainers with a 2.9% jump, while Nike (NKE) paced the losers with a 4.1% drop.
The S&P 500 Index (SPX - 4,173.11) dropped 31.2 points, or 0.7% for the day, while the Nasdaq Composite (IXIC - 12,581.22) shed 262.6 points, or 2% for today's session.
Lastly, the Cboe Market Volatility Index (VIX - 31.77) added 1 point, or 3.3% for the day.
5 Things To Know Today
- Mainland China is seeing its highest spike in Covid-19 cases since 2020, causing the city of Shanghai to close its schools and Shenzhen to close all non-essential businesses. (CNBC)
- Meanwhile, fully vaccinated people will need to get their fourth booster later this year, according to the head of Pfizer (PFE). (MarketWatch)
- Big updates to the cannabis sector investors should be aware of.
- Behind Citigroup stock's latest analyst bear note.
- Checking in with Rio Tinto stock after the company's billion-dollar acquisition proposal.
There are no earnings of note today.
Oil Prices Cool as U.S. Looks Elsewhere to Fulfill Demand
Oil prices dropped lower as anxieties over potential supply shortages amid the Ukraine-Russia war abate slightly, and the U.S. begins looking elsewhere to meet oil demand, specifically Venezuela. April-dated crude lost $6.32 or 5.8%, to settle at $103.01 per barrel.
Gold prices continued to drop on Monday as investor interest in the "haven" commodity cools alongside the initial tremors Russia's invasion of Ukraine sent through Wall Street. April-dated gold dropped $24.20, or 1.2%, to settle at $1,960.80 per ounce.