Wed. May 11th, 2022

(CNBC) — The Dow Jones Industrial Average and S&P 500 retreated on Monday as investors evaluated concerns about the Federal Reserve’s plan for interest rate hikes and tensions between Russia and Ukraine.

The Dow fell 171.89 points to 34,566.17, dragged down by losses in Walgreens Boots Alliance and Chevron. The S&P 500 fell 0.4% to 4,401.67, while the technology-heavy Nasdaq Composite closed less than one point lower at 13,790.92. The Nasdaq was up nearly 1% earlier in the session.

Investors have been monitoring headlines related to the Russia-Ukraine conflict. Oil prices were lower for most of the trading day Monday, but an afternoon run sent West Texas Intermediate futures up 2.6% to above $95 per barrel, and stocks lower. It was not immediately clear what drove the late-session action, but the U.S. is closing the Kyiv embassy. Secretary of State Antony Blinken cited the “dramatic acceleration in the buildup of Russian forces” on Ukraine’s border.

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