Stocks rise as oil and gold retreat

Stocks rise as oil and gold retreat

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.

Ticker Security Last Exchange Change %
I: DJI DOW JONES AVERAGES 32944.19 -229.88 -0.69%
SP500 S&P500 4204.31 -55.21 -1.30%
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.

RUSSIA INVADES UKRAINE: LIVE UPDATES

Ukrainian President Volodymyr Zelenskyy vowed to keep negotiating with Russia as Russian forces bombarded 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.

Ticker Security Last Exchange Change %
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 WAR IN UKRAINE DRAGS ON

In this March 3, 2020, file photo, Federal Reserve Chair Jerome Powell speaks during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington. (AP Photo/Jacquelyn Martin/AP Newsroom)

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.

stock exchange trading floor

US stocks were trending higher early Monday morning as oil took a downward turn. (Allie Joseph/New York Stock Exchange via AP)

Ticker Security Last Exchange Change %
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.

Ticker Security Last Exchange Change %
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.

Ticker Security Last Exchange Change %
BABA 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%
J.D. JD.COM INC. 47.99 -4.53 -8.63%

TEXAS DRILLER PRODUCES US OIL INDUSTRY ‘MIRACLE’

In cryptocurrencies, Bitcoin hovered around the $38,000 level.

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The Associated Press contributed to this report.