Stocks fell again on Monday, following four straight weeks of declines, as investors grew increasingly concerned higher energy prices stemming from the Russia-Ukraine conflict would slow the economy and raise inflation.
The Dow Jones Industrials slumped 797.42 points, or 2.4%, to 32,817.38, dragged down by a nearly 8% loss in American Express.
The S&P 500 faltered 127.78 points, or 3%, to 4,201.04, falling deeper into correction territory
The NASDAQ Composite swooned 482.48 points, or 3.6%, to 12,830.96, and now sits in bear market territory, more than 20% from its all-time close.
As the Russia-Ukraine war continues, investors are monitoring the potential economic ramifications of disruptions in the global supply of energy. Energy stocks rose alongside the price of oil.
Baker Hughes added 4.7%. Chevron added 2.1%. Exxon Mobil rose 3.6%.Meanwhile, bank stocks were among the biggest losers, on Monday with Citigroup down 1.8% and U.S. Bancorp down 3.9% as investors grew concerned about slowing economic growth.
McDonald’s, Starbucks and Nike fell on Monday on concern about $4 gas prices hitting consumers’ wallets. On Sunday, gas prices surged to their highest level since 2008, with the national average hitting $4.06 a gallon, according to AAA. Airlines, cruise lines and travel stocks decline for the same reason.
Bed, Bath & Beyond soared 34.2% after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer, through his investment company RC Ventures
U.S. Secretary of State Antony Blinken said Sunday that the U.S. and its allies are considering banning Russian oil and natural gas imports in response to the country’s attack on Ukraine.
Prices for the 10-year Treasury lost ground, pulling yields back up again to Friday’s 1.78%. Treasury prices and yields move in opposite directions.
Oil prices vaulted $4.28 to $119.96.
Gold prices shone brighter $3.50 to $2,000.10.