Stocks closed lower on Wall Street Monday as the US moved to close its embassy in Ukraine amid heightened geopolitical tensions over the thousands of Russian troops that have been amassing on the border. Financial, health care, and energy companies were among the biggest weights dragging the market lower. Moderna slid 11.7%. The broader market took a sharp turn lower Friday after the White House warned that Russia could invade Ukraine soon. European markets fell sharply and crude oil prices rose. The S&P 500 fell 16.97 points, or 0.4%, to 4,401.67. The Dow Jones Industrial Average fell 171.89 points, or 0.5%, to 34,566.17. The Nasdaq fell 0.24 points, or less than 0.1%, to 13,790.92.
The price of US crude oil climbed 2.5%, while natural gas prices jumped 6.4%. Russia is a major energy producer, and any military action that disrupts supplies could send shockwaves through energy markets and global industry, the AP reports. The price of gold, traditionally a safe haven during geopolitical uncertainty, rose 1.5%. The crisis in Ukraine is yet another concern for investors as they try to figure out how rising inflation and looming interest rate hikes will impact investments and the economy. Inflation stands at a four-decade high and the Federal Reserve is planning to raise interest rates to help cool inflation.
Investors are also reviewing the latest round of corporate earnings, in part to get a better understanding of how companies are dealing with high inflation. Some of the more notable companies reporting earnings this week include Airbnb on Tuesday, DoorDash on Wednesday, and Walmart on Thursday. Investors will also get more updates on inflation and how that might be impacting spending. The Labor Department will release its January report for prices at the wholesale level on Tuesday and the Commerce Department will release its January retail sales report on Wednesday.
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