US stocks moved higher as the trading week begins as commodity prices eased off recent highs and investors look ahead to the Federal Reserve’s likely rate hike on Wednesday.
|I: DJI||DOW JONES AVERAGES||32944.19||-229.88||-0.69%|
|I: COMP||NASDAQ COMPOSITE INDEX||12843.808072||-286.15||-2.18%|
This comes after all three indexes finished the week in the red after Friday’s selloff driven by uncertainty over Russia and Ukraine.
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Ukrainian President Volodymyr Zelenskyy vowed to keep negotiating with Russia as Russian forces bombed 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.
OIL PRICES FALL IN EARLY ASIAN TRADING MONDAY
US crude prices retreated to $ 104 per barrel, while Brent, the global benchmark, traded around $ 108. Gold also slipped below the $ 2,000 level.
|USO||UNITED STATES OIL FUND LP||76.40||+2.34||+ 3.16%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||31.13||+0.71||+ 2.33%|
|GLD||SPDR GOLD SHARES TRUST – EUR ACC||185.09||-1.31||-0.70%|
GOLD APPEAL LESSENED AS WAS IN UKRAINE DRAGS ON
In the US, 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.
|LMT||LOCKHEED MARTIN CORP.||439.04||-5.32||-1.20%|
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.
|F||FORD MOTOR CO.||16.04||-0.29||-1.78%|
|GM||GENERAL MOTORS CO.||41.51||-0.34||-0.81%|
Chinese shares have also come under selling pressure due to the threat of de-listings of major Chinese companies on US stock exchanges. A report in the state-run newspaper Economic Daily said Monday that regulators are negotiating to resolve a dispute over auditing rules.
|BABY||ALIBABA GROUP HOLDING LTD.||86.70||-6.19||-6.66%|
|DIDI||DIDI GLOBAL INC||1.89||-1.49||-44.08%|
|NIO||NIO INC. (CHINA)||16.07||-1.70||-9.57%|
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In cryptocurrencies, Bitcoin hovered around the $ 38,000 level.
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The Associated Press contributed to this report.