The stock market traded moderately higher Monday morning as Russia-Ukraine peace talks continued and investors faced the probability of a Federal Reserve rate hike this week.
X
The Nasdaq rose 0.4%, the S&P gained 0.7% and the Dow Jones Industrial Average rose 0.9%. The Russell 2000 index of small cap stocks rose 0.05%.
Volume rose on both the Nasdaq and the S&P 500 compared to the same time Friday.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33281.90 | +337.71 | +1.03 |
| S&P 500 | (0S&P5) | 4234.52 | +30.21 | +0.72 |
| Nasdaq | (0NDQC ) | 12896.01 | +52.20 | +0.41 |
| Russell 2000 | (IWM) | 196.82 | +0.09 | +0.05 |
| IBD 50 | (FFTY) | 36.57 | -0.44 | -1.19 |
| Last Update: 10:30 AM ET 3/14/2022 | ||||
Meanwhile, Rio Tinto (RIO) shares plunged 2.8% after the mining company offered to pay $2.7 billion to buy out minority shareholders in Canada’s Turquoise Hill Resources (TRQ), which controls a big copper-mining operation in Mongolia, according to a report in Bloomberg. Shares of Turquoise Hill shot up 32%.
Shares in Occidental Petroleum (OXY) and Chevron (CVX) both plunged Monday morning after they were both downgraded at Morgan Stanley. OXY shares slid more than 6%, and Chevron shares declined 3%.
Oil Prices Tumble, Yields Surge
U.S. oil prices tumbled more than 6% Monday, as West Texas Intermediate crude traded below $102 a barrel.
Russian and Ukrainian diplomats reportedly planned to meet by videoconference Monday, as cease-fire talks continued. So far, previous rounds of talks have yielded few results.
On Sunday, a Russian airstrike hit a Ukrainian military training base near the Polish border. In response, U.S. national security adviser Jake Sullivan said in an interview Sunday that any attack on Poland would bring “the full force of the NATO alliance to bear in responding to it.”
Investors are equally concerned with the Federal Reserve’s monetary-policy meeting, which wraps up Wednesday. The Fed is expected to raise interest rates for the first time since 2018 to combat rising inflation.
The 10-year U.S. Treasury yield surged 10 basis points Monday to 2.10%, its highest point since July 2019.
Casino owner Las Vegas Sands (LVS) dropped 7% after authorities in China imposed strict lockdowns due to rising coronavirus infections.
Follow Michael Molinski on Twitter @IMmolinski
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