Wall Street ends with modest losses as oil prices fall

NEW YORK: US stocks posted modest losses at the end of a choppy session on Monday as talks to end the Russian invasion of Ukraine sent oil prices lower.
Investors also are bracing for the Federal Reserve policy announcement on Wednesday which will see interest rates rise for the first time since the pandemic began to contain inflation that has been picking up speed.
Major indices gained ground early in the day but retreated later, and the benchmark Dow Jones Industrial Average ended flat at 32,945.24.
The broad-based S&P 500 fell 0.7 percent to close at 4,173.11, while tech shares were mostly in the red, sending the Nasdaq Composite Index down two percent to 12,581.22.
“Markets remained at the mercy of headlines surrounding the war in eastern Europe, while this week’s upcoming monetary policy decision from the Fed looms,” analysts at Charles Schwab investment bank said.
Meanwhile oil prices, which had soared in recent days due to the war and the US move to ban Russian oil imports, dropped on Monday, falling about six percent.
“Energy issues saw solid pressure amid a tumble in crude oil prices, as a fresh set of talks between Russia and Ukraine were delayed until tomorrow, with officials upbeat about the upcoming negotiations over the weekend,” Schwab said.
And new lockdowns of Chinese cities, including tech hub Shenzhen, provided evidence the Covid-19 pandemic has not been defeated.
Apple lost 2.7 percent after Foxconn, a major supplier of its components, suspended its operations in Shenzhen.
Boeing slipped 0.4 percent after announcing that Caribbean airline startup Arajet has ordered 20 of the 737 MAX aircraft and placed options for 15 more planes.