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At 16:08 ET (20:08 GMT), the Dow Jones Industrial Average was down 12 points or less than 0.1% while the S&P 500 was down 0.4% and NASDAQ Composite was down 1.2%.
Investors have sent stocks lower in recent trading sessions on fears that the Federal Reserve’s aggressive stance on interest rates could lead the economy into a recession.
Tech stocks weakened on Friday, breaking the Nasdaq’s eight-week upward swing, while the S&P broke a five-week winning streak. But Monday, investors were weighing what effect turmoil in Russia could have on markets.
Market sentiment is also being clouded after an attempted revolt by Russian paramilitary operatives, which marched on Moscow over the weekend only to abruptly call off their advance. The incident is calling into question President Vladimir Putin’s hold on power.
Oil prices stabilized on Monday, however. Traders were keeping an eye on Europe for any signs oil supplies could be disrupted.
Investors are also focused on the next move in interest rates. While the Fed paused on rate hikes this month, Chair Jerome Powell has said that doesn’t mean the central bank is done tightening further, with the possibility of two more rate increases this year.
The Fed is determined to get interest rates back on a path toward the 2% annual target rate. Friday’s personal consumption expenditures index for May is expected to show prices rising 4.6% for the year.
Futures traders put a 74% probability on the Fed raising rates a quarter of a percentage point when it meets next month.
More economic data this week include consumer confidence, new home sales, durable orders, and weekly jobless claims. The next reading of gross domestic product is due out Thursday.
The White House announced a $42 billion initiative to get high-speed internet access to American households by 2030. The money has already been allotted by Congress in the infrastructure bill, and will be divided among states in the next few years. Each state will get a minimum of about $107 million, though 19 states will get more, including Alabama, California, Georgia, Louisiana, Michigan, Missouri, North Carolina, Texas, Virginia, and Washington.
Shares of Pfizer Inc. (NYSE:PFE) fell 3.7% after it said it would stop developing an experimental obesity and diabetes drug because of elevated liver enzymes found in some patients in its studies.
Lucid Group, Inc. (NASDAQ:LCID) shares rose more than 1.5% after the electric vehicle maker struck a deal with U.K. automaker Aston Martin (LON:AML).
Carnival Corporation (NYSE:CCL) shares fell 7.6% after the cruise operator lowered its annual loss forecast. Higher ticket prices and a steady demand for cruises are driving results.
