The Dow shed more than 160 points on Monday, while the Nasdaq and S&P 500 also kicked off the holiday-shortened week with losses. Much of the optimism surrounding potential interest rate cuts has faded, with the chip sector also taking a breather after China said it would block the use of Intel (INTC) and Advanced Micro Devices (AMD) chips in government computers and servers.
OIL MOVES HIGHER ON RUSSIA-UKRAINE TENSION
Oil prices settled higher on Monday, as tensions between Russia and Ukraine escalated and the U.S. rig count declined. May-dated West Texas Intermediate (WTI) added $1.32, or 1.6%, to settle at $81.95 per barrel on the day.Gold prices also finished higher, as investors continued to hope for three interest rate cuts and ahead of this week’s inflation data. April-dated gold rose $16.70, or 0.7%, to settle at $2,174.80 per ounce on the day.More By This Author:Stocks Lower as Tech Sector Selloff AcceleratesDow, S&P 500 See Best Week Of 2024; VIX Marks WorstDow, SPX Head For Best Week Of 2024
