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.
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.
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.
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