Political | Process

Investors grew increasingly concerned higher energy prices stemming from the Russia-Ukraine conflict would slow the economy while raising inflation.

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• The Dow Jones Industrial Average lost about 700 points, or 2%. The S&P 500 declined 2.2%, falling deeper into correction territory. The Nasdaq Composite was lost 2.2%, also in a technical correction.

• As the Russia – Ukraine war continues, investors are monitoring the potential economic ramifications of disruptions in the global supply of energy.

• “Consequently, ‘stagflation’ is rapidly becoming the central focus in portfolio strategies,” said Jim Paulsen, chief investment strategist for the Leuthold Group. “Preparing for slower growth and more persistent inflation is driving investor fears and actions.”

• Overnight on Sunday, U.S. oil prices hit their highest level since 2008 amid an ongoing war between Russia and Ukraine. West Texas Intermediate crude futures, the U.S. oil benchmark hit $130 per barrel at one point before pulling back. WTI Crude is now up 1.5% around $117 per barrel.

• The international benchmark, Brent crude, spiked to to $139.13 per barrel — its highest since July 2008 — before pulling back to around $121.

• Energy stocks rose alongside the price of oil. Baker Hughes added 5%. Valero Energy and ConocoPhillips rose 2% each. Exxon Mobil rose 2%.

• Meanwhile, bank stocks were among the biggest losers, on Monday with Citigroup down 3.9% and U.S. Bancorp down nearly 3% as investors grew concerned about slowing economic growth.

• McDonald’s, Starbucks and Nike fell on Monday on concern about $4 gas prices hitting consumers’ wallets. On Sunday, gas prices surged to their highest level since 2008, with the national average hitting $4.06 a gallon, according to AAA. Airlines, cruise lines and travel stocks decline for the same reason.

• Bed, Bath & Beyond soared more than 65% after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer, through his investment company RC Ventures.