The S&P 500 fell on Monday to kick off an important week, as oil prices fell sharply and traders monitored the latest developments from the Ukraine-Russia war. Investors are also anticipating the first rate hike by the Federal Reserve this week.
The broad market index fell 0.7% to 4,173.07, while the tech-heavy Nasdaq Composite slid 2% to 12,581.22. Both finished their seventh negative session in the past eight. Meanwhile, the Dow Jones Industrial Average finished flat, up 1 point, after climbing as much as 450 points earlier in the day.
“Investor sentiment is as bad as it gets. People have their positions and they’re reluctant to sell out altogether because they’re hoping there’ll be a pretty massive snapback rally,” said Tom Martin, senior portfolio manager at Globalt Investments.