The Dow Jones Industrial Average (DJI) is 335 points higher this afternoon, looking to snap a two-day losing streak. Commodity prices are cooling despite the intensifying war between Russia and Ukraine, with conflict in Kyiv ramping up as Moscow looks to China for military and economic aid. Russia is now on the brink of defaulting on its debt due to severe sanctions, though economists are still weighing what global economic impact this may have. 

Elsewhere, the S&P 500 Index (SPX) is higher, while the Nasdaq Composite (IXIC) is pacing for a loss, with investors expecting the Federal Reserve to hike interest rates at the conclusion of the central bank's two-day meeting on Wednesday.

Pfizer Inc. (NYSE: PFE) is seeing an uptick in bullish options activity today. So far, 135,000 calls have already been exchanged, which is five times the intraday average, and more than four times the amount of puts exchanged. The March 53 call is the most popular, followed by the 55 call in the same series, with new positions being opened at the former. PFE was last seen 4.4% higher at $52.49 after the biopharmaceutical giant announced plans to end all investments with Russian local suppliers. And though it will still send medicine to the region, those profits will go towards humanitarian support for Ukraine. Pfizer stock is now pacing for its fourth-straight daily win and its first close above the 40-day moving average since mid-January.

The best performing stock on the New York Stock Exchange (NYSE) so far today is Turquoise Hill Resources Ltd (NYSE: TRQ). The equity was last seen up 32.6% to trade at $26.68 after Rio Tinto (RIO) offered to buy the remaining 49% of the companyit doesn't already own for $2.7 billion -- a 32% premium to the stock's Friday close. TRQ is currently trading at its highest level since August 2018 and boasts a 72.3% year-over-year lead.

Meanwhile, near the bottom of the NYSE is Peabody Energy Corporation (NYSE: BTU), last seen down 14.9% at $19.56. The stock has trended lower since Russia's invasion of Ukraine, as the direction of the global energy market remains unpredictable. Steadily falling from its roughly three-year high of $27.28, BTU still sports a more than 420% in the last 12 months and boasts a 96.5% year-to-date lead.